Grove City College
Student Loan
An affordable way to finance your education
from PNC Bank.[1]
The Grove City College Student Loan is not being offered or made by Grove City College, but by PNC Bank, National Association.
As one of the nation’s largest originator of student loans for more than 50 years, PNC Bank has been helping Grove City College students invest in their future since 1996.
Overview
To help you and your family meet the expected costs associated with a Grove City College education, we present the PNC Bank Grove City College Student Loan.[1]
The PNC Bank Grove City College Student Loan offers students:
- No application fees or origination fees
- Variable rate loan interest rates range from 7.18% with a cosigner to 8.48% without a cosigner (APRs from 6.82% with a cosigner to 7.98% without a cosigner). APRs displayed include a 0.50% discount for automated payments.[2]
- A 15 year repayment term[3]
- Interest may be tax deductible; consult your tax advisor
Financial Literacy Education
We believe an informed decision is a best decision when making determinations about your educational financing options, as well as your financial welfare in general.
What You Need to Apply
Before you start your application:
You (and your cosigner, if applicable) will need to provide personal information like:
- Social Security number, driver's license (or State ID), date of birth.
- Home phone number, home address and the number of years you lived there.
You'll also need specifics around the school:
- Your intended major.
- Academic term(s) that the loan will cover (full year, one semester, etc.) as well as expected graduation date.
More information you'll need:
You'll also need employment information for you (and the cosigner, if applicable)
- Name of employer, address, length of employment and phone number.
- Income documentation (if applicable) and any additional sources of income.
- Email for your cosigner (if applicable).
About the Grove City College Student Loan
This student loan is available only for students attending Grove City College. The following information is provided to assist you in understanding key loan terms before
submitting an application.
Eligibility and Credit Guidelines
Eligibility
You must:
- Be an undergraduate student enrolled at least half time in a degree program at Grove City College
You and your cosigner, if any, must:
- Be U.S. citizens or permanent residents
- Have lived in the U.S. for the previous two years
- Meet the credit guidelines, including debt-to-income requirements
Please note: A creditworthy cosigner is required for 17-year old students.
Applying with a creditworthy cosigner may increase chances of approval.
Credit Guidelines
You or your cosigner, if any, must:
- Have two years of satisfactory credit history, and two years of continuous income and/or employment history
- Have proof of current income
- If self-employed, have been in business for at least two years
Getting Started - What You Should Know
Application Processing
- You MUST allow at least 3 weeks for complete processing of your loan.
Interest Rate
Your rate is variable. Variable rates 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. For a variable rate loan, the monthly payment may increase or decrease if the interest rate increases or decreases.
Loan Limits
- $12,000 per year, freshman year
- $17,000 per year, sophomore, junior and senior years
- $63,000 lifetime cap
- Loan amounts cannot exceed the cost of education less other financial aid for any academic year
Ways to Save
- Get 0.50% off your interest rate with automated payments from a checking or savings account.[4]
- A borrower can make interest payments while in school and during any grace period after leaving school. Making interest payments while enrolled in school reduces the overall total cost of the loan.
Receiving and Maintaining Your PNC Bank Grove City College Student Loan offers students
Returning Student Borrower Eligibility Requirements at time of application:
- Must be making academic progress
- Must be in good academic standing with a Career Quality Point Average of 2.0 or greater
Disbursements
- Funds are sent directly to the school
- Loans are for the academic year with half disbursed for the fall semester and half disbursed for spring semester, unless otherwise specified by the school.
Counseling Requirement
Borrowers are required to attend two College-sponsored seminars on debt management. The first is held after receiving the first loan and prior to receiving any future loans. The second seminar is required for all second-year students who have borrowed in order to borrow in the future.
Grove City Student Loan Repayment Example
Example 1:[3]
|
WITH COSIGNER |
WITHOUT COSIGNER |
Loan Amount |
$12,000 |
$12,000 |
Variable Interest Rate[2] |
7.18% |
8.48% |
APR[5] |
6.82% |
7.98% |
Principal Amount of Loan at Repayment[6] |
$15,661.80 |
$16,324.80 |
Monthly Principal & Interest Payment (after deferral period)[7] |
$142.77 |
$161.12 |
Loan Term |
180 months (15 years) |
180 months (15 years) |
Total Paid Over Repayment Term[8] |
$25,700.86 |
$29,004.41 |
Example 2:
|
WITH COSIGNER |
WITHOUT COSIGNER |
Loan Amount |
$17,000 |
$17,000 |
Variable Interest Rate[2]6.687.18 |
7.18% |
8.48% |
APR[5]6.36 |
6.82% |
7.98% |
Principal Amount of Loan at Repayment[6] |
$22,187.55 |
$23,126.80 |
Monthly Principal & Interest Payment (after deferral period)[7] |
$202.26 |
$228.26 |
Loan Term |
180 months (15 years) |
180 months (15 years) |
Total Paid Over Repayment Term[8] |
$36,409.54 |
$41,089.59 |
Deferments
Repayment of this loan begins six months after you graduate, leave school, or drop below half-time enrollment status. The Grove City College Student Loan has a seven-year maximum in-school deferment period. This means you have up to seven years of enrollment at a four-year college or graduate/professional school before repayment on the loan is required. If you transfer to attend another college for a graduate degree, as long as you are enrolled at least half-time within your six-month grace period, you can defer repayment for this period.
A medical student in an approved medical internship/residency program can qualify for an additional three-year deferment.
Remember -- during any school deferment/forbearance period, interest will continue to accumulate. Therefore, any unpaid interest should be paid while in school to reduce your overall borrowing costs. American Education Services (AES) is the servicer of the Grove City College Student Loan. A quarterly interest statement will be sent by AES to notify you of the accruing interest. You have the option to pay the interest or continue to allow the interest to accumulate. Unpaid interest will be capitalized (added to principal) six months after you graduate, leave school or drop below half-time enrollment status. At any time, you can obtain the current loan balance, including accrued interest, by visiting www.aessuccess.org or calling 1-800-233-0557.
Forbearance
In-school Deferment Forbearance
If you return to school at least half-time after you have entered repayment, you may be eligible for an in-school deferment forbearance for up to three (3) years.
Hardship Forbearance
If you are having financial difficulties, you may be eligible for a hardship forbearance for up to 12 months over the life of the loan, in no more than 2-month increments.
Repayment
Once principal and interest repayment begins, a minimum $50 payment per month is required. The maximum repayment term for the loan is 15 years. If you are having difficulties at any time during repayment, please contact PNC Bank at 1-800-762-1001 to discuss your options. Repayment of this loan begins six months after you graduate, leave school or drop below half-time enrollment status.
Cosigner Release
A request to release a cosigner requires that, as of the date of the request, you have made at least forty-eight (48) consecutive timely payments of principal and interest with no periods of forbearance or deferment within the forty-eight (48) month timeframe. “Timely payment” means each payment is made no later than the 15th day after the scheduled due date of the payment. “Consecutive payment” means means the minimum monthly payment must be made for the most recent forty-eight (48) months straight without any interruption. To qualify for a cosigner release, the borrower must submit a request, meet the consecutive, timely payment requirements, provide proof of income and pass a credit check.
Have Questions?
If you have any questions, our customer service consultants are available to assist you.
NOTE: While the Grove City College Student Loan is a private student loan option that might meet your needs, there are other programs available from a variety of lenders. Check the Other Loan Sources section of the Student Loan page of the Grove City College Financial Aid Website for information on other private student loan programs.
Important Legal Disclosures and Information
-
Application Process: When you are applying for the PNC Grove City College Student Loan, you will be transferred to the website of one of our service providers. A list of information required to successfully complete your application will be provided during the application process. Borrowers and cosigners will need to provide personal information including a driver's license or state ID, employment and income information. All borrowers will need their financial aid award letter.
Loan Limits: $12,000 per year freshman year; $17,000 per year sophomore, junior and senior years; $63,000 lifetime cap.
Loans made through the PNC Grove City Student Loan Program are subject to credit approval. Certain restrictions and conditions apply. You are encouraged to explore all scholarship, grant and federal borrowing options before applying for a private loan.
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Variable Rates: Variable rates 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 7.50%. If the index increases or decreases, your rate will increase or decrease accordingly. The rate will not exceed 18%.
Rates disclosed are effective as of 3/1/2023 and include the 0.50% interest rate discount for automated payments. Your actual APR will be based on your credit qualification, whether you apply with a cosigner and whether you elect the automated payment feature. Rates subject to change at any time.
For additional rate and loan cost information view loan Application and Solicitation Disclosure.
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Repayment examples are for illustrative purposes only and are based on a four-year school term and six-month deferment period upon graduation before entering repayment. Actual rate and payment may vary. For a variable rate loan, the monthly payment may increase or decrease if the interest rate increases or decreases.
Automated Payment Discount: During repayment, an interest rate discount of 0.50% is available for automated payments. Borrower must be making scheduled payments that include both principal and interest. Interest-only payments do not qualify for the 0.50% interest rate discount. Automated payment can be established through the loan servicer American Education Services (AES). Advertised rates include the 0.50% automated payment interest rate discount. The rate discount will be applied at the time automated payment is established. If automated payment is not established, the available rates will be 0.50% higher than the advertised rates. If automated payment is established and discontinued at any time during repayment, the borrower will no longer receive an automated payment discount and the rate will increase by 0.50%. Discount may also be suspended during periods of forbearance or deferment. Payments may be made from a checking or savings account. PNC limits the number of transfers that may be made from a savings or money market account. Please see your account agreement for more information.
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Annual Percentage Rate (APR) is a measure of what a loan will cost and takes into account the interest rate, fees (if any), loan amount, repayment term, repayment option (whether payments are deferred) and the timing of all payments. As a result, the APR may be higher or lower than the interest rate. Annual percentage rate (APR) is a measure of what a loan will cost and takes into account the interest rate, loan amount, repayment term and the timing of all payments.
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Principal loan amount at repayment is the loan amount at disbursement plus interest that accrues during the deferment term. Deferred interest is capitalized (added to principal) at the time the loan enters repayment.
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Monthly Principal & Interest Payment is the estimated payment based on the loan amount, interest rate and repayment term disclosed in the chart. Payment example for repayment of principal and interest assumes the borrower remains in school for 45 months with a 6-month grace period prior to entering repayment. All examples assume 30 days to first payment upon entering repayment. For a variable rate loan, the monthly payment may increase or decrease if the interest rate increases or decreases. Minimum monthly payments will be $50.
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Total paid is the estimated amount of the loan upon repayment of the principal and interest over the repayment term.
PNC does not provide accounting, tax or legal advice. Financial literacy content and interactive calculators are provided for educational, informational and illustrative purposes only. The utilization of calculators and any results displayed do not represent an offer or solicitation for a product or service by PNC Bank or its affiliates. PNC does not guarantee the accuracy or applicability of these resources to your circumstances. Please consult a financial, tax or legal advisor regarding your specific situation.
Read a summary of privacy rights for California residents which outlines the types of information we collect, and how and why we use that information.
