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 | 2.99 - 8.74% | 3.99 - 9.74% |
4.14 - 9.89% |
| Variable APRs | 1.84 - 7.59% |
3.04 - 8.79% |
3.19 - 8.94% |
| Monthly Principal & Interest Payment on a $15,000 loan | $262.07 - $310.60 | $145.30 - $196.86 | $105.10 - $160.83 |
Annual Percentage Rates (APRs) displayed are for the immediate repay option and include a 0.50% discount for automated payments. [3]
Unlike interest rates, APRs represent interest rates inclusive of any fees and deferment periods.
Key Advantages
Save Money
No application fees or origination fees. Also, get 0.50% off your rate with automated payments from your checking or savings account.[3]
Cosigner Release
Borrower can apply for a cosigner release after 48 consecutive on-time monthly payments.[4]
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 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 cosigner, if applicable)
- Name of employer, address, length of employment and phone number.
- Income (if applicable) and any additional sources of income.
- Email for your cosigner (if applicable).
- Verification of Enrollment - A letter from the eligible school, a bill, class schedule or letter of acceptance.
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 fees 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.[2]
- Borrower can apply for a cosigner 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 cosigner, if any, must:
- Be U.S. citizens or permanent residents
- Have lived in the U.S. for the previous two years
Requirements
Student and cosigner, 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 Cosigner?
Applying with a creditworthy cosigner 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 cosigners 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.
PNC Solution Loans 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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Annual Percentage Rates (APRs): APRs include a 0.50% interest rate discount for automated payments and are for the immediate repayment option. Interest-only and full deferment repayment options are also available. Rates effective as of 7/1/2022 and are subject to change at any time.
Fixed Annual Percentage Rates (APRs): Fixed rates are based on the creditworthiness of the borrower and cosigner, if any.
Variable Annual Percentage Rates (APRs): 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 4%. If the index increases or decreases, your rate will increase or decrease accordingly. The rate will not exceed 18%.
The lowest APR is available to well-qualified applicants. Your actual APR will be based on your credit qualifications, loan program, interest rate option, repayment term, repayment option and whether you elect the automated payment feature.
Loan Payment Examples: The monthly payment per $10,000 borrowed at a fixed-rate range of 3.99% APR to 9.74% APR for 10 years means you would make 120 payments that may range from $101.36 to $131.24. The monthly payment per $10,000 borrowed at a variable-rate range of 3.04% APR to 8.79% APR for 10 years means you would make 120 payments that may range from $96.87 to $126.00. For the variable-rate loan, monthly payment may increase or decrease if the interest rate increases or decreases. Estimated loan payment examples assume 30 days to first payment and are for the immediate repayment option. Payments vary for other rates, loan amounts and repayment terms.
For additional rate and loan cost information view loan Application and Solicitation Disclosures
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.
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 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.
Repayment Options: Three repayment options are available - Immediate repayment of principal & interest, interest-only payments while in school and full deferment of principal & interest until six months after graduating or ceasing to be enrolled at least half time. 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 period.
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.
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.
