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Refinance Student Loans
Consolidate your student loans into one payment.
Simplify your college or grad school debt repayment with PNC's Education Refinance Loan (PERL) -- find out how you may be able to lower your monthly payment or shorten your term by refinancing[1] Read a Covid-19 related update.
Questions?
Speak to a student lending representative
Features & Benefits of Refinancing Your Student Loans with PNC
Watch our education refinancing videos
Refinancing your existing student loans allows you to combine multiple loans into a single loan, making payments more manageable. You may be able to save on interest over the life of your loan or lower monthly payments. That means greater financial flexibility to meet your goals.
Combine Loans into a Single Payment[3]
Simplify your payments when you combine your loans. You may be able to refinance multiple student loans into a single loan.
You’ll save time by making one payment each month instead of several. Plus, it's easier to remember a single payment date (not to mention a single online password) — so you don't have to worry about missing one.
Pay Off Loans Faster[1]
Paying off your student loan early could put you in a stronger financial position.
A shorter repayment term reduces the lifetime of the loan to help you meet your financial goals.
Reduce Monthly Payments[1]
Need more money to meet your budget needs? Refinancing now into a longer term loan can help lower your monthly payments and add flexibility to your budget.
Maybe you just need a little extra financial breathing room each month to feel comfortable. Lowering your monthly student loan payment may be the solution to ease your mind.
Take Control of Your Financial Future
Whether you want to buy a home, invest in the stock market or save for retirement, refinancing your student loan debt today may help you prepare for what's ahead.
Rate Ranges for the PNC Education Refinance Loan
| 5 Year | 10 Year | 15 Year | |
| Fixed APRs | 3.44 - 4.74% | 4.69 - 5.99% |
4.94 - 6.24% |
| Variable APRs | 2.22 - 3.52% |
3.47 - 4.77% |
3.72 - 5.02% |
Annual Percentage Rates (APRs) displayed include a 0.50% discount for automatic payments. [5]
Simplify Your Student Loan Repayment
Interest Rates
With a PNC Education Refinance Loan, you can choose between a fixed and variable-interest rate. The rate on a fixed-rate loan stays the same over the life of the loan. The rate on a variable-rate loan will fluctuate as the rate increases or decreases. All rates include a 0.50% interest rate discount for automatic payments.
Borrow from $10,000 to $75,000 at a 5-year, 10-year or 15-year repayment term:
- 3.44% to 4.74% Fixed APR at a 5-year repayment term [4]
- 4.69 % to 5.99% Fixed APR at a 10-year repayment term [4]
- 4.94% to 6.24% Fixed APR at a 15-year repayment term [4]
- 2.22% to 3.52% Variable APR at a 5-year repayment term [4]
- 3.47% to 4.77% Variable APR at a 10-year repayment term [4]
- 3.72% to 5.02% Variable APR at a 15-year repayment term [4]
View loan Application and Solicitation disclosure
Features and Benefits
- Combine higher-interest federal and private student loan debt into a single monthly payment[3]
- 0.50% rate discount on your refinanced loan when you set up automated payments from your checking or savings account[5]
- For co-signed loans a borrower can apply for a co-signer release after 48 consecutive on-time monthly payments[6]
- Financial independence by refinancing without a co-signer
- Convenient online application
- Outstanding debt will be forgiven upon the death of the borrower
- Interest may be tax deductible; consult your tax adviser
Please be aware of any loss of Federal benefits that comes with refinancing your Federal student loans.[3]
Refinance Requirements
Eligibility requirements for the PNC Education Refinance Loan include:
- At least 24 months of repayment history for federal or private student loans[7]
- A satisfactory credit profile
- Being a U.S. citizen or permanent resident.
- Two years of continuous income or employment history
Application Materials Checklist
What you need to apply:
- Provide personal information
- Including Social Security number, telephone number, current home address, employment, annual salary and gross income
- Tell us about the school you most recently attended
- Including school name, address and final date of attendance
- Tell us about your current loans
- Including lender’s names, account numbers, outstanding balances, monthly payments and interest rate type (fixed or variable) for each loan. Your most recent monthly billing statement will have all of this information
- Review and accept your application’s important terms and conditions
Watch These Refinancing Videos to Learn More
Select the tabs below to learn more about each topic
Why Refinance?
One way to help achieve your financial goals is to refinance your student loans. Whether you’re looking for the convenience of a single monthly payment or want to save money over the life of your student loan(s), PNC can help[1].
The PNC Education Refinance Loan (PERL) is specifically designed for refinancing student loans. To learn more about the options available to meet your unique needs, watch our series of videos on student loan refinancing.
Simplifying Payments
Consolidating your student loans can make managing your student debt simpler with only one service provider and one monthly payment
Adjusting Terms
You may want the security of knowing your rate is locked in for the life of your loan. Or, perhaps you'd prefer a lower rate right now, knowing you could pay more later on if rates go up. Whatever you decide, we've got you covered.
See Rates and Payments Information for PNC's Education Refinance Loan
Use the calculator below to see different rates and payment examples for PNC's Education Refinance Loan.
COVID-19 related update: Please read carefully before applying to refinance your federal student loans with PNC
PNC encourages customers and prospects with existing federal student loan debt to carefully consider their options before applying for a refinance loan at PNC. We recommend that you review and have a clear understanding of the CARES ACT and how it may impact your situation. When you refinance your existing federal student loan debt with PNC, you waive any current and potential future benefits and protections, if any, and replace those with the benefits of the PNC Education Refinance Loan.
How does student loan refinancing work?
When you refinance student loans, you can replace an existing loan or loans with a new loan that has new terms, including a new interest rate, monthly payment amount and repayment term.
What's the difference between student loan refinancing and student loan consolidation?
Although the terms are often used interchangeably, consolidation is basically combining multiple student loans into one loan. Student loan refinancing means you are applying for a loan with new terms and use that loan to pay off one or more existing student loans.
What are the credit qualifications to be eligible for the PNC Education Refinance Loan?
A satisfactory credit history is required in addition to two years of continuous income or employment, repayment performance on your current student loans and citizenship requirements. Please review the PNC Education Refinance Loan list of eligibility requirements for more details.
What loans can I include in my refinancing?
You can include any student loan debt used for financing your education. You cannot include any other types of debt even if it was used to pay education expenses, for example, credit card or mortgage. You may also be able to refinance your student loan debts even if you previously consolidated them into a single loan. Underlying loan types permitted:
Private
- Private student loans
- Private Consolidation/refinanced (previously refinanced student loans through private lender)
Federal
- Direct Subsidized Loans (Undergraduate/Graduate)
- Direct Unsubsidized Loans (Undergraduate/Graduate)
- Subsidized Federal Stafford Loans
- Unsubsidized Federal Stafford Loans
- Direct Graduate PLUS
- Direct Parent PLUS
- Federal Family Education Loan (FFEL) Program Graduate PLUS loans
- Federal Family Education Loan (FFEL) Program Parent PLUS loans
- Federal Family Education Loan (FFEL) Program Consolidation loans
- Direct Consolidation (previously refinanced federal student loans through Department of Education)
- Federal Perkins Loan
- Federal Nursing Loans
- Supplemental Loans for Students (SLS)
- Health Education Assistance Loans (HEAL Program)
Please be aware of any loss of Federal benefits that come with refinancing your Federal student loans[3].
Do I need to have graduated to qualify?
No, graduation is not a requirement to apply for the PNC Education Refinance Loan. However, you must not currently be in school and must be making payments on the student loans you wish to refinance.
If I return to school, can I defer my PNC Education Refinance Loan?
To be eligible for a deferment, the student borrower must be enrolled full time in an undergraduate or graduate degree program at an eligible Title IV school.
The student borrower must complete and sign an in-school deferment request (alternative/private and federal deferment forms may be accepted) and submit proof of enrollment with a semester start date and an anticipated graduation date.
Servicer may obtain the information from the National Student Loan Clearinghouse. Student borrowers are eligible for up to 36 months of deferment as long as they verify enrollment in the program by completing and signing a deferment form. Interest will continue to accrue during periods of deferment.
Are there any early prepayment fees or penalties for the PNC Education Refinance Loan?
There is no prepayment penalty. Making extra payments is a way to pay off your loans faster and save money on interest.
Are there military benefits for servicemembers?
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.
Important Legal Disclosures and Information
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Refinancing: Refinancing at a longer repayment term may lower your loan payments, but may also increase the total interest paid over the life of the loan. Refinancing at a shorter repayment term may increase your loan payments, but may lower the total interest paid over the life of the loan. For example, if you have a 15-year loan that matures in 10 years and you refinance for another 15 years at a lower rate, your payments will be lower but you will pay interest for an additional 5 years. Contact us to discuss the option that best meets your needs.
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Application Process: When you are applying for a PNC Education Refinance 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.
Loan maximum: $75,000.
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Certain Federal Benefits Will Be Lost or Not Available: If you refinance your federal loans through this PNC Education Refinance Loan, you will lose or not be able to select other payment plans available to federal student loan borrowers, such as income-contingent repayment or income-based repayment. In addition, federal student loans offer deferment, forbearance and loan forgiveness options that may not be available under a PNC Education Refinance Loan. Please compare your current benefits with this program to ensure any loss of existing benefits is fully understood.
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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 $10,000 borrowed at fixed rate range of 4.69% APR to 5.99% APR for 10 years means you would make 120 payments which may range from $104.56 to $110.97.
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 co-signer, 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 3.25%. If the index increases or decreases, your rate will increase or decrease accordingly. The rate will not exceed 18%. Loan Payment Example: Estimated monthly payment per $10,000 borrowed at variable rate range of 3.47% APR to 4.77% APR for 10 years means you would make 120 payments which may range from $98.75 to $104.94. 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 6/10/2021 and include the 0.50% interest rate discount for automatic payments. 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, repayment term, and whether you elect the automatic payment feature. Loan payment examples above assume 30 days to first payment. Payments vary for other rates and repayment terms. Rates subject to change at any time.
Additional Loan Payment Examples: View loan payment examples for 5 years, 10 year and 15 year terms.
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.
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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.
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Qualifying federal and private loans must have been used only for qualified higher education expenses at an accredited U.S. undergraduate or graduate school.
Please note: PNC reserves the right to modify or discontinue the terms of these 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. The PNC Education Refinance Loan is subject to credit approval.
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.
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.
