Bank deposit products and services provided by PNC Bank, National Association. Member FDIC
Student Lending
Important Information About Rates & Fees
Fixed Annual Percentage Rates (APRs) are based on the creditworthiness of the borrower and cosigner, if any. For the fixed rate loan, the monthly payment will remain fixed for the term of the loan. Variable Annual Percentage Rates (APRs) are based on the Prime Rate index plus a margin depending on the creditworthiness of the borrower and cosigner, if any. The Prime index, adjusted monthly, is equal to the Prime Rate as published in the “Money Rates” section of The Wall Street Journal ‘(Eastern Edition)’ on the first business day of the immediately preceding calendar month. The Prime index is currently 8.50%. If the index increases or decreases, your rate will increase or decrease accordingly. The rate will not exceed 18%.
Solution Loan APRs shown are for the displayed loan amount, repayment term, repayment option, and interest rate. Solution Loan offers five loan programs: Undergraduate, Graduate, Health & Medical Professions, Health Residency, and Bar Study.
Annual Maximum loan amount are:
- $50,000 for Undergraduate;
- $65,000 for Graduate and Health & Medical Professions;
- $15,000 for Health Residency and Bar Study.
Repayment terms are 5, 10, or 15 years. Repayment options include immediate repayment, interest-only payments while in school and deferred payment of principal and interest. Rates may vary by loan program, repayment term and repayment option. APRs encompassing all loan programs, repayment terms, and repayment options currently range from 6.69% to 14.44% for a fixed-rate loan and from 8.44% to 16.19% for a variable-rate loan.
Student Refinance Loan APRs shown are for the displayed loan amount, repayment term and interest rate. The minimum loan amount is $10,000. The maximum loan amount is based on level of degree attained:
- $25,000 Did Not Graduate,
- $75,000 Associate Degree,
- $175,000 Undergraduate Degree,
- $200,000 Graduate Degree.
Repayment terms are 5, 10, 15 or 20 years. The 20-year repayment term is only available for borrowers with an Undergraduate or Graduate degree borrowing over $75,000. Rates may vary by loan amount, repayment term and level of degree attained. APRs encompassing all loan amounts, repayment terms and level of degree attained currently range from 6.99% - 16.39% for a fixed-rate loan and from 7.89% - 17.39% for a variable-rate loan.
The displayed rates are available to well-qualified applicants. Your actual APR will be based upon multiple factors such as credit qualifications, selection of fixed or variable rate option, loan program, loan amount, repayment term, index and margin (for a variable rate loan), repayment option (for a Solution Loan), level of degree attained (for a PNC Education Refinance Loan) and whether you elect the automated payment feature.
APRs include a 0.50% discount for automated payment. The rate discount will be applied at the time automated payment is established. If automated payment is discontinued at any time, the discount will be removed and the rate will increase by 0.50%.
Loan Payment Examples: Payment amounts displayed are estimated. Actual payment may vary based on APR, interest rate option, repayment option (for Solution Loans), repayment term and level of degree attained (for Refinance Loans). Repayment example ranges for each loan program, interest rate option, repayment term, immediate repayment option for Solution Loans and level of degree for Refinance Loan are also available on pnconcampus.com
Application and Solicitation Disclosures:
Credit is subject to approval. Certain restrictions and conditions apply. Rates are effective as of 5/1/2024. Rates, terms, and conditions are subject to change at any time. The display of any potential savings associated with the refinance loan is estimated based on inputted data. Actual savings, if any, may vary. For more information about our products, visit the Student Loan Center on pnc.com.
Certain Federal Benefits Will Be Lost or Not Available: If you refinance your federal loans through this PNC Education Refinance Loan, you will lose or not be able to select other payment plans available to federal student loan borrowers, such as income contingent repayment or income-based repayment. In addition, federal student loans offer deferment, forbearance and loan forgiveness options that may not be available under a PNC Education Refinance Loan. Please compare your current benefits with this program to ensure any loss of existing benefits is fully understood.
Refinancing: Refinancing at a longer repayment term may lower your monthly student loan payments but may also increase the total interest paid over the life of the loan. Refinancing at a shorter repayment term may increase your monthly student loan payments but may lower the total interest paid over the life of the loan. Contact us to discuss the option that best meets your needs.
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