Refinance Student Loans

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]

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We are aware of the White House announcement indicating that the US Department of Education is intending to provide relief to some Student Loan borrowers. For more information, please see PNC is currently processing information as it is published by the Department of Education. Please contact your loan servicer for loan-specific questions or information.

Rate Ranges for the
PNC Education Refinance Loan[2]


  5 Year 10 Year 15 Year 20 Year
Fixed APRs 4.99% - 9.24% 6.39% - 10.64% 6.49% - 10.74% 6.59% - 10.84%
Variable APRs 6.14% - 10.39% 7.54% - 11.79% 7.64% - 11.89% 7.74% - 11.99%

Rates include a 0.50% discount for automated payments.[3] 20 year term available for loan amounts over $75,000. 
Maximum loan amounts vary by degree attained.[4] Lowest rates are available to well-qualified applicants.
View loan Application and Solicitation disclosure



  5 Year 10 Year 15 Year 20 Year
Fixed APRs 4.49% - 8.74% 5.89% - 10.14% 5.99% - 10.24% 6.09% - 10.34%
Variable APRs 5.64% - 9.89% 7.04% - 11.29% 7.14% - 11.39% 7.24% - 11.49%

Rates include a 0.50% discount for automated payments.[3] 20 year term available for loan amounts over $75,000. 
Maximum loan amounts vary by degree attained.[4] Lowest rates are available to well-qualified applicants.
  View loan Application and Solicitation disclosure



  5 Year 10 Year 15 Year
Fixed APRs 5.44% - 9.69% 6.84% - 11.09% 6.94% - 11.19%
Variable APRs 6.59% - 10.84% 7.99% - 12.24% 8.09% - 12.34%

Rates include a 0.50% discount for automated payments.[3]
Maximum loan amounts vary by degree attained.[4] Lowest rates are available to well-qualified applicants.
View loan Application and Solicitation disclosure

Did Not Graduate

  5 Year 10 Year 15 Year
Fixed APRs 7.99% - 12.24% 9.39% - 13.64% 9.49% - 13.74%
Variable APRs 9.14% - 13.39% 10.54% - 14.79% 10.64% - 14.89%

Rates include a 0.50% discount for automated payments.[3]
Maximum loan amounts vary by degree attained.[4] Lowest rates are available to well-qualified applicants.
View loan Application and Solicitation disclosure


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Refinancing Your Student Loans with PNC

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 Monthly Payment[5]

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[6]

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[6]

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. 


Features and Benefits

  • Combine higher-interest federal and private student loan debt into a single monthly payment[5]
  • 0.50% rate discount on your refinanced loan when you set up automated payments from your checking or savings account[3]
  • For cosigned loans a borrower can apply for a cosigner release after 48 consecutive on-time monthly payments[7]
  • Financial independence by refinancing without a cosigner
  • Convenient online application[8]
  • 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.[5]

Simplify Your
Student Loan Repayment

Refinance Requirements

Eligibility Criteria: 

  • Borrower and cosigner, if applicable, must be U.S. citizens or permanent resident aliens.
  • Borrower must be at least the age of majority in his or her state of residence.
  • Borrowers who have not obtained an associate degree or higher must have made 24 consecutive payments on at least one education loan in the last 2 years.[9]
  • Both borrower and cosigner, if applicable, are subject to credit approval. Additional documentation may be required.
  • The borrower on an individual application and the borrower and cosigner on a joint application, if applicable, must demonstrate current and continuous income.

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

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.

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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

Select the repayment term that best meets your financial goals: shorten your term to reduce total paid or extend your term to lower monthly payments.

Interest Rates

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. 

Getting Started

Learn what you need to get started, including what you'll need and how to apply.

We're Here to Help

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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 COVID 19 Emergency Relief and Federal Student Aid 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.


Important Legal Disclosures and Information

  1. PNC Education Refinance Loans are subject to credit approval. Certain restrictions and conditions apply.

  2. Annual Percentage Rates (APRs): APRs include a 0.50% interest rate discount for automated payments. Rates, maximum loan amounts and repayment terms available may vary by level of degree attained. The 20-year repayment term is only available for borrowers with an Undergraduate or Graduate degree borrowing more than $75,000. Rates are effective as of 2/1/2023 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 7.50%. 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, selection of fixed or variable rate option, repayment term, level of degree attained and whether you elect the automated payment feature.

    Loan Payment Examples: The monthly payment per $10,000 borrowed at fixed-rate range of 5.89% APR to 13.64% APR for 10 years means you would make 120 payments that may range from $110.47 - $153.11. The monthly payment per $10,000 borrowed at a variable rate range of 7.04% APR to 14.79% APR for 10 years means you would make 120 payments that may range from $116.31 - $160.05. 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. Payments vary for other rates, loan amounts and repayment terms.

    For additional rate and loan cost information view loan Application and Solicitation Disclosures.

  3. 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.

  4. Maximum Loan Amounts:

    Vary based on level of degree attained. Available repayment terms and rates may also vary based on level of degree attained.

    • $10,000–$25,000 – Did Not Graduate
    • $10,000–$75,000 – Associate Degree
    • $10,000–$175,000 – Undergraduate Degree
    • $10,000–$200,000 – Graduate Degree
  5. 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.

  6. 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.

  7. 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.

  8. 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 cosigners will need to provide personal information including a driver’s license or state ID, employment and income information.

  9. Qualifying federal and private loans must have been used only for qualified higher education expenses at an accredited U.S. undergraduate or graduate school.

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.

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.