Education Refinance Loan

Repayment Examples


Low Rate - Variable          High Rate - Variable          Low Rate - Fixed         High Rate - Fixed


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Example 1:

Variable Rate Loan – Lowest Tier Pricing[1]

Rates Include a 0.50% Interest Rate Discount for Automated Payments[2]

Repayment Options

5 Year

(60 months)

10 Year

(120 months)

15 Year

(180 months)

Loan Amount

$35,000 $35,000 $35,000

Interest Rate[3]

2.22% 3.47% 3.72%

APR[4]

2.22% 3.47% 3.72%

Principal Amount of Loan at Repayment[5]

$35,000 $35,000 $35,000

Monthly Principal & Interest Payment[6]

$616.85 $345.61 $254.01

Total Paid Over Repayment Term[7]

$37,010.76 $41,473.07 $45,721.31

 

Example 2:

Variable Rate Loan – Highest Tier Pricing[1]

Rates Include a 0.50% Interest Rate Discount for Automated Payments[2]

Repayment Options

5 Year

(60 months)

10 Year

(120 months)

15 Year

(180 months)

Loan Amount

$35,000 $35,000 $35,000

Interest Rate[3]

3.52% 4.77% 5.02%

APR[4]

3.52% 4.77% 5.02%

Principal Amount of Loan at Repayment[5]

$35,000 $35,000 $35,000

Monthly Principal & Interest Payment[6]

$637.02 $367.31 $277.14

Total Paid Over Repayment Term[7]

$38,221.48 $44,076.84 $49,885.66

 

Example 3:

Fixed Rate Loan – Lowest Tier Pricing[1]

Rates Include a 0.50% Interest Rate Discount for Automated Payments [2]

Repayment Options

5 Year

(60 months)

10 Year

(120 months)

15 Year

(180 months)

Loan Amount

$35,000 $35,000 $35,000

Interest Rate[3]

3.44% 4.69% 4.94%

APR[4]

3.44% 4.69% 4.94%

Principal Amount of Loan at Repayment[5]

$35,000 $35,000 $35,000

Monthly Principal & Interest Payment[6]

$635.77 $365.95 $275.69

Total Paid Over Repayment Term[7]

$38,146.26 $43,913.83 $49,623.31

 

Example 4:

Fixed Rate Loan – Highest Tier Pricing[1]

Rates Include a 0.50% Interest Rate Discount for Automated Payments[2]

Repayment Options

5 Year

(60 months)

10 Year

(120 months)

15 Year

(180 months)

Loan Amount

$35,000 $35,000 $35,000

Interest Rate[3]

4.74% 5.99% 6.24%

APR[4]

4.74% 5.99% 6.24%

Principal Amount of Loan at Repayment[5]

$35,000 $35,000 $35,000

Monthly Principal & Interest Payment[6]

$656.33 $388.40 $299.91

Total Paid Over Repayment Term[7]

$39,379.93 $46,607.52 $53,983.31


Important Legal Disclosures and Information

  1. Repayment examples are for illustrative purposes only. Actual rate and payment may vary. The lowest tier pricing is available to well-qualified applicants. Your actual rate will be based upon credit qualifications, selection of variable or fixed rate option, repayment term and whether you elect the automated payment feature. The loan terms described are applicable to the 2021-2022 academic year. Rates are effective as of 6/10/21 and are subject to change at any time. PNC Education Refinance Loans are subject to credit approval.

  2. 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.  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.

  3. Variable Rates:  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%. Fixed Rates: Fixed rates are based on the creditworthiness of the borrower and co-signer, if any.

  4. Annual percentage rate (APR) is a measure of what a loan will cost and takes into account the interest rate, loan amount, repayment term and the timing of all payments.

  5. Principal loan amount at repayment is the loan amount at disbursement.

  6. Monthly Principal & Interest Payment is the estimated payment based on the loan amount, interest rate and repayment term. All examples assume 30 days to first payment upon entering repayment. For the variable rate loan, monthly payment may increase or decrease if the interest rate increases or decreases. For the fixed rate loan, the monthly payment will remain fixed for the term of the loan. 

  7. Total paid is the estimated amount of the loan upon repayment of the principal and interest over the term of the loan.

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. 

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