Key Features & Benefits
With a PNC Solution Loan you can use the funds for any education-related expense.
- 5, 10, and 15 year repayment terms available.
- Immediate repayment, interest-only payments while in school and full deferment of principal and interest options available.
- For deferred payments, repayment begins six months after you graduate or cease to be enrolled in school at least on a half-time basis.
Rate Ranges for PNC Solution for Health Professions Residency
||3.49 - 9.24%
||5.29 - 11.04%
||5.54 - 11.29%|
||3.89 - 9.64%
||5.09 - 10.84%
||5.34 - 11.09%
|Monthly Principal & Interest
Payment on a $10,000 loan
|$273.20 - $317.31
||$160.09 - $207.90
||$121.56 - $174.03|
What You Need to Apply
Before you start your application, review the list
of information you'll need to provide.
- Unpaid interest is capitalized one-time at start of repayment. This interest is added to the principal amount of your loan.
- Interest may be tax deductible; consult your tax advisor.
- Outstanding debt will be forgiven upon the death of the borrower.
- Borrow up to $15,000.
Applying with a creditworthy cosigner may increase chances of approval. A cosigner is typically required for undergraduate students; a creditworthy cosigner is required for 17-year old students.
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.
If you have any questions, our customer service
consultants are available to assist you.
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.
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 11/1/2022 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 6.25%. 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 5.29% APR to 11.04% APR for 10 years means you would make 120 payments that may range from $161.58 to $207.90. The monthly payment per $10,000 borrowed at a variable-rate range of 5.09% APR to 10.84% APR for 10 years means you would make 120 payments that may range from $160.09 to $206.18. 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 in school. Interest will continue to accrue during periods of deferment. You will receive quarterly interest statements during this 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.