Apply Now[1]
Receive a preliminary decision within minutes.
Flexibility with Your Rate Structure
Choose your interest rate option:
variable or fixed rate
Medical Residency Loan
PNC Solution Loan® for Health Professions Residency.
Have Questions?
Speak to a student lending representative
Rate Ranges for PNC Solution Loan for Health Professions Residency[2]
| 5 Year | 10 Year | 15 Year | |
| Fixed APRs | 4.19 - 8.34% | 4.69 - 8.84% |
5.19 - 9.34% |
| Variable APRs | 1.96 - 6.11% |
2.46 - 6.61% |
2.96 - 7.11% |
| Monthly Principal & Interest Payment on a $15,000 loan | $262.87 - $307.64 | $141.27 - $189.40 | $103.42 - $155.78 |
Annual Percentage Rates (APRs) displayed are for the immediate repay option and include a 0.50% discount for automatic payments. Unlike interest rates, APRs represent interest rates inclusive of any fees and deferment periods. [3]
Key Advantages
Save Money
No application or origination fees. Also, get 0.50% off your rate with automated payments from your checking or savings account.[3]
Co-signer Release
Borrower can apply for a co-signer release after 48 consecutive on-time monthly payments.[4]
What You Need to Apply
Before you start your application
You (and your co-signer, 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 you want to attend:
- School's name and 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 co-signer, if applicable)
- Name of employer, address, length of employment and phone number.
- Income (if applicable) and any additional sources of income.
- Email for your co-signer (if applicable).
- Verification of Enrollment - A letter from the eligible school, a bill, class schedule or letter of acceptance.
Helping You Get the Most Out of Your Education
A collection of resources to guide you through the college experience
The cost of college is more than just tuition. Learn about other expenses to prepare for.
See Rates and Payments Information for PNC Medical Residency Loans
You’re a few steps away from finding your preferred option to funding your education. Use the tool below to see different rates and payment information.
Features & Benefits
With a PNC Solution Loan, you can:
- Receive a preliminary decision within minutes of applying online
- Apply up to a year before your residency begins
- Choose your interest rate option: variable or fixed rate
- Borrow up to $15,000
Health Professions Residency Loan Product Details
- Funds are sent directly to you
- Outstanding debt will be forgiven upon the death of the borrower
- For additional rate and loan cost information view loan Application and Solicitation Disclosures
Ways to Save
- No application or origination fees
- Get 0.50% off your rate with automated payments from your checking or savings account[3]
- Interest may be tax deductible; consult your tax advisor
Flexible Repayment
- 5, 10, and 15 year repayment terms available.[5]
- Borrower can apply for a co-signer release after 48 consecutive on-time monthly payments.[4]
- Immediate repayment, interest only payments while in school and full deferment of principal and interest options available[5]
- If you choose to defer payments, repayment begins six months after you graduate. Payments can be deferred during your residency (up to 4 years) and six months after your residency ends, or you can choose to begin repayment immediately to save on interest expense[5]
- One-time capitalization of interest at repayment
Deferment and Repayment
You may choose from immediate repayment, interest-only payments or full deferral while enrolled. Full principal and interest payments begin 180 days after you cease to be enrolled in a medical residency or internship. Interest will continue to accrue through any deferment and is capitalized at repayment[5].
Eligibility and Requirements
Eligibility
Student must:
- Be participating in a PNC-approved MD, DDS, DO or DVM residency program, or planning to participate in a residency program within a year. Contact us to obtain that information.
Student and co-signer, if any, must:
- Be U.S. citizens or permanent residents
- Have lived in the U.S. for the previous two years
Requirements
Student and co-signer, if any, must:
- Have satisfactory credit and proof of employment and income history
- Have been in business for at least two years if self-employed
- Meet debt-to-income requirements
Applying With a Co-signer?
Applying with a creditworthy co-signer may increase chances of approval.
Military Benefits
Supporting Our Servicemembers
The PNC Student Loan Center is grateful for your service and we would like to help you understand your benefits and protections under the Servicemembers Civil Relief Act (SCRA).
The SCRA provides eligible service members with financial relief and protections that apply to private and federal student loans. They may enable you to:
- Qualify for a reduced interest rate and a waiver of applicable fees
- Be eligible to apply for military deferment/forbearance options that are available to qualifying members of the service. Please note that during periods of deferment and forbearance, interest will continue to accrue and will be capitalized (added to the current principal balance) at the end of any such period.
PNC will also apply benefits and protections on eligible accounts, including:
- Auto loans
- Mortgage and home equity secured loans
- Line of credit, credit card and installment loans
- Commercial assets where the borrower is eligible for SCRA benefits or the guarantor is eligible for SCRA protection and PNC seeks recovery from the guarantor
- Equipment loans
- Deposit accounts (in limited situations)
- Safe deposit boxes (in limited situations)
To find out more, please contact us at:
- 844-PNC-SCRA (844-762-7272)
- Servicemembers@pnc.com
- PNC Bank / Servicemembers Operations Center, BR-YB58-01-U / PO Box 5570 / Cleveland OH 44101-0570
- Fax: 855-568-4532
For more information on PNC’s commitment to Active Military, Veterans and their families, please visit PNC’s Military Banking page
Have Questions?
If you have any questions, our customer service consultants are available to assist you. Please call us at 1-800-762-1001, Monday through Friday from 8 a.m. to 5 p.m. Eastern time, or submit a contact form here.
Important Legal Disclosures and Information
Application Process: When you are applying for a PNC Solution 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 co-signers will need to provide personal information including a driver’s license or state ID, employment and income information. PNC Solution Loan borrowers will need their financial aid award letter.
Loan Limits: Annuall Loan Limit Residency loan range: $1,000 to $15,000. Maximum aggregate educational debt (including both federal and private student loans): $225,000. Applicants may call the PNC Student Loan Center to confirm school eligibility.
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Fixed Annual Percentage Rates (APRs): Fixed rates are based on the creditworthiness of the borrower and co-signer, if any. Loan Payment Example: Estimated monthly payment per $15,000 borrowed at a fixed rate range of 4.69% APR to 8.84% APR for 10 years means you would make 120 payments which may range from $157.14 to $189.40. For the fixed rate loan, the monthly payment will remain fixed for the term of the loan.
Variable Annual Percentage Rates (APRs): Variable rates are based on the London Interbank Offered Rate (LIBOR) index plus a margin depending on the creditworthiness of the borrower and co-signer, if any. The LIBOR index, adjusted quarterly, is equal to the average of the one-month LIBOR rates as published in the “Money Rates” section of the Wall Street Journal on the first business day of each of the three (3) calendar months immediately preceding each quarterly adjustment date. The LIBOR index is currently .13%. If the index increases or decreases, your rate will increase or decrease accordingly. Loan Payment Example: Estimated monthly payment per $15,000 borrowed at a fixed rate range of 2.46% APR to 6.61% APR for 10 years means you would make 120 payments which may range from $141.27 to $171.63. For the variable rate loan, the monthly payment may increase or decrease if the interest rate increases or decreases.
APRs displayed are effective as of 4/1/2021 and include the 0.50% interest rate discount for automatic payments. The range of rates displayed are for immediate repayment option. The lowest APR is available to well-qualified applicants. Your actual APR will be based on your credit qualifications, selection of fixed or variable rate option, loan program, repayment term, repayment option and whether you elect the automatic payment feature. Payments vary for other rates, repayment terms and repayment options. Rates subject to change at any time.
For additional rate and loan cost information view loan Application and Solicitation Disclosures
Automatic Payment Discount: During repayment, an interest rate discount of 0.50% is available for automatic 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. Automatic payment can be established through the loan servicer American Education Services (AES). Advertised rates include the 0.50% automatic payment interest rate discount. The rate discount will be applied at the time automatic payment is established. If automatic payment is not established, the available rates will be 0.50% higher than the advertised rates. If automatic payment is established and discontinued at any time during repayment, the borrower will no longer receive an automatic 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.
Co-Signer Release: A request to release a co-signer 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 the minimum monthly payment must be made for the most recent forty-eight (48) months straight without any interruption. To qualify for a co-signer release, the borrower must submit a request, meet the consecutive, timely payment requirements, provide proof of income and pass a credit check.
Repayment Options: Three repayment options are available - Immediate repayment, interest only payments while in school and full deferment of principal & interest. Interest will continue to accrue during periods of deferment. You will receive quarterly interest statements during the deferment period. Paying the interest as it accrues each quarter will save you money over the repayment term of the loan because any accrued interest that you do not pay will be added to the principal balance at the end of the deferment.
Please Note: PNC reserves the right to discontinue any or all terms of this program at any time without notice. Loans may be sold to other financial organizations; however, the interest rate and term of the loan will not change if a loan is sold.
You are encouraged to explore all scholarship, grant and federal borrowing options before applying for a private loan.
PNC Solution Loans are subject to credit approval. Certain restrictions and conditions apply.
PNC does not provide accounting, tax or legal advice. Any calculators provided are intended for educational and estimation purposes only, and their accuracy is not guaranteed. The calculators, and any results displayed, do not constitute the advice of, or reflect actual products, services, rates and/or terms available from PNC Bank or its affiliates, and nothing contained in the calculators shall constitute an offer or solicitation of a product or service by PNC Bank or its affiliates.
PNC Solution Loan is a registered mark of The PNC Financial Services Group, Inc.
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.
