|
Federal Direct Loans |
Federal Direct PLUS Loans
|
PNC Solution Loan®
|
Federal Direct Grad PLUS Loans
|
|---|---|---|---|
| Borrower | |||
Student |
Dependent student's biological or adoptive parent or stepparent |
Student |
Independent graduate student |
| Lender | |||
U.S. Government |
U.S. Government |
PNC Bank |
U.S. Government |
| Annual Loan Limit | |||
Undergraduates, $5,500/$12,500 (dependent/independent); graduate students, $20,500; medical school students, $40,500 |
Up to 100% of your cost of attendance minus other financial aid |
Undergraduates: $50,000 |
Up to 100% of your cost of attendance minus other financial aid |
| Interest Rate | |||
Undergraduate loans, 2.75%; Graduate loans, 4.30% |
5.30% |
Fixed from 4.19% to 9.34% (APRs from 4.19% to 9.34%) or variable from LIBOR + 3.26% to LIBOR + 8.41% (currently 1.96% to 7.11% APR) (effective 4/01/2021). The LIBOR index is currently 0.13%. |
5.30% |
| Origination Fees | |||
1.059% of loan amount |
4.236% of loan amount |
0% |
4.264% of loan amount |
| Interest Rate Discount for Automatic Payments | |||
0.25% |
0.25% |
0.50% |
0.25% |
| Payment Deferment While in School | |||
No payments due until 6 months after graduation or enrollment in school less than half time |
No payments due until 6 months after graduation or enrollment in school less than half time |
No payments due until 6 months after graduation or enrollment in school less than half time. Making interest-only payments while enrolled in school is also an option. |
No payments due until 6 months after graduation or enrollment in school less than half time |
| Repayment Plans | |||
10 years with flexibility to extend up to 25 years, and multiple repayment options (visit direct.ed.gov for more information) |
10 years with flexibility to extend up to 25 years, and multiple repayment options (visit direct.ed.gov for more information) |
5, 10 and 15 years standard repayment[1] |
10 years with flexibility to extend up to 25 years, and multiple repayment options (visit direct.ed.gov for more information) |
| FAFSA Required | |||
Yes |
Yes |
No |
Yes |
| Credit Check Required | |||
No |
Yes |
Yes |
Yes |
| Co-signer or Endorser Required | |||
No |
Borrowers with adverse credit history may be required to apply with an endorser |
No, unless borrower is under 17. Most PNC Solution Loan borrowers have applied with a co-signer, as applying with a co-signer may increase your chances of approval |
Borrowers with adverse credit history may be required to apply with an endorser |
| Co-signer or Endorser Release Available | |||
No |
No |
Yes, after 48 consecutive on-time payments; borrower must pass a credit check[2] |
No |
| Satisfactory Academic Progress Required | |||
Yes |
Yes |
No |
Yes |
Federal Direct Loans
Student
U.S. Government
Undergraduates, $5,500/$12,500 (dependent/independent); graduate students, $20,500; medical school students, $40,500
Undergraduate loans, 2.75%; Graduate loans, 4.30%
1.059% of loan amount
0.25%
No payments due until 6 months after graduation or enrollment in school less than half time
10 years with flexibility to extend up to 25 years, and multiple repayment options (visit direct.ed.gov for more information)
Yes
No
No
No
Yes
Federal Direct PLUS Loans
Dependent student's biological or adoptive parent or stepparent
U.S. Government
Up to 100% of your cost of attendance minus other financial aid
5.30%
4.236% of loan amount
0.25%
No payments due until 6 months after graduation or enrollment in school less than half time
10 years with flexibility to extend up to 25 years, and multiple repayment options (visit direct.ed.gov for more information)
Yes
Yes
Borrowers with adverse credit history may be required to apply with an endorser
No
Yes
PNC Solution Loan
Student
PNC Bank
Undergraduates: $50,000
Graduate Students: $65,000
Medical Residents and Bar Exam: $15,000
Fixed from 4.19% to 9.34% (APRs from 4.19% to 9.34%) or variable from LIBOR + 3.26% to LIBOR + 8.41% (currently 1.96% to 7.11% APR) (effective 4/01/2021). The LIBOR index is currently 0.13%.
0%
0.50%
No payments due until 6 months after graduation or enrollment in school less than half time. Making interest-only payments while enrolled in school is also an option.
5, 10 and 15 years standard repayment[1]
No
Yes
No, unless borrower is under 17. Most PNC Solution Loan borrowers have applied with a co-signer, as applying with a co-signer may increase your chances of approval
Yes, after 48 consecutive on-time payments; borrower must pass a credit check[2]
No
Federal Direct Grad PLUS Loans
Independent graduate student
U.S. Government
Up to 100% of your cost of attendance minus other financial aid
5.30%
4.264% of loan amount
0.25%
No payments due until 6 months after graduation or enrollment in school less than half time
10 years with flexibility to extend up to 25 years, and multiple repayment options (visit direct.ed.gov for more information)
Yes
Yes
Borrowers with adverse credit history may be required to apply with an endorser
No
Yes
Important Legal Disclosures and Information
-
View important disclosure and repayment information for the Undergraduate, Graduate Student, Health Professions, Health Professions Residency, or Bar Study loan.
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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.
PNC encourages students to explore all scholarship, grant and federal borrowing options before applying for a private loan. Private loans are subject to credit approval. Certain restrictions and conditions apply.
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.
