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Grove City College
Student Loan
An affordable way to finance your education from PNC Bank.
Have Questions?
Check out the Grove City Financial Aid page to learn more about Student Loans.
The Grove City College Student Loan is not being offered or made by Grove City College, but by PNC Bank, National Association.
As one of the nation’s largest originators of student loans, PNC Bank has been helping students invest in their future for more than 40 years.
To help you and your family meet the expected costs associated with a Grove City College education, we present the PNC Bank Grove City College Student Loan.
The Grove City College Student Loan offers students:
- No application or origination fees
- Variable rate loan interest rates range from 5.30% with a co-signer to 6.60% without a co-signer (APRs from 5.15% with a co-signer to 6.36% without a co-signer)[2]
- A 15 year repayment term[3]
- Interest may be tax deductible; consult your tax advisor
What You Need to Apply
Before you start your application
You (and your co-signer, if applicable) will need to provide personal information like:
- Social Security number, driver's license (or State ID), date of birth.
- Home phone number, home address and the number of years you lived there.
You'll also need specifics around the school:
- School's name and your intended major.
- Academic term(s) that the loan will cover (full year, one semester, etc.) as well as expected graduation date.
More information you'll need
You'll also need employment information for you (and the co-signer, if applicable)
- Name of employer, address, length of employment and phone number.
- Income documentation (if applicable) and any additional sources of income.
- Email for your co-signer (if applicable).
About the Grove City College Student Loan
This student loan is available only for students attending Grove City College. The following information is provided to assist you in understanding key loan terms before submitting an application.
Eligibility and Credit Guidelines
Eligibility
You must:
- Be an undergraduate student enrolled at least half time in a degree program at Grove City College
You and your co-signer, if any, must:
- Be U.S. citizens or permanent residents
- Have lived in the U.S. for the previous two years
- Meet the credit guidelines, including debt-to-income requirements
Please note: A credit-worthy co-signer is required for 17-year old students.
Borrowing with a qualified co-signer may qualify you for a lower interest rate, which would save you money over the life of the loan.
Credit Guidelines
You or your co-signer, if any, must:
- Have two years of satisfactory credit history, and two years of continuous income and/or employment history
- Have proof of current income
- If self-employed, have been in business for at least two years
Getting Started - What You Should Know
Application Processing
You MUST allow at least 3 weeks for complete processing of your loan.
Interest Rate
Your rate is variable. The variable rate is based upon the average of the LIBOR rates published in the "Money Rates" section of The Wall Street Journal on the first business day of each of the three (3) immediately preceding calendar months. For a variable rate loan, the monthly payment may increase or decrease if the interest rate increases or decreases.
Loan Limits
- $12,000 per year, freshman and sophomore years
- $17,000 per year, junior and senior years
- $58,000 lifetime cap
- Loan amounts cannot exceed the cost of education less other financial aid for any academic year
Ways to Save
- Get 0.50% off your rate with automated payments from your checking or savings account[4].
- A borrower can make interest payments while in school and during any grace period after leaving school. Making interest payments while enrolled in school reduces the overall total cost of the loan.
Receiving and Maintaining Your Grove City College Student Loan
Returning Student Borrower Eligibility Requirements at time of application:
- Must be making academic progress
- Must be in good academic standing with a Career Quality Point Average of 2.0 or greater
Disbursements
- Funds are sent directly to the school
- Loans are for the academic year with half disbursed for the fall semester and half disbursed for spring semester , unless otherwise specified by the school.
Counseling Requirement
Borrowers are required to attend two College-sponsored seminars on debt management. The first is held after receiving the first loan and prior to receiving any future loans. The second seminar is required for all second-year students who have borrowed in order to borrow in the future.
Military Benefits
The PNC Education 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)
We want you to receive all the benefits which you’re eligible for as a service member. If you have orders or other documentation reflecting a service commitment (including service in an IRS designated combat zone) or state affiliation that may impact our review, please contact us.
- Call our Servicemember Operations Center at 1-844-PNC-SCRA (1-844-762-7272), or
- Send a request to Servicemembers@pnc.com in order to receive instructions on how to establish a secure email connection with us before sending military documentation via email, or
- Should you prefer to send documentation with personally identifiable information another route, it can be faxed to 1-855-568-4532 or mailed to:
PNC Bank, National Association
Servicemembers Operations Center, BR-YB58-01-U
P.O. Box 5570 Cleveland OH
44101-0570
We'll review this information and follow up with you.
Please also be aware that certain states may extend SCRA-like benefits under state law. The following states may extend SCRA-like benefits regardless of your military status when the debt was originated. If you were denied SCRA benefits based on post-service debt, and had/have an affiliation with one of these states, please notify our Servicemembers Operations Center.
- Louisiana
- Ohio
- Pennsylvania
Additionally, the following states may extend SCRA-like benefits to spouses or dependents of service members. If you were denied spousal or dependent SCRA benefits and had/have an affiliation with one of these states, please notify our Servicemembers Operations Center.
- California
- Hawaii
- Indiana
- Louisiana
- Ohio
For service member eligibility questions, call our Servicemembers Operations Center at 1-844-PNC-SCRA (1-844-762-7272) Monday - Friday 8:30 AM - 4:30 PM ET.
Repayment Options
Grove City Student Loan Repayment Example
Example 1:
|
WITH CO-SIGNER |
WITHOUT CO-SIGNER |
Loan Amount |
$12,500 |
$12,500 |
Variable Interest Rate[2] |
5.30% |
6.60% |
APR[5] |
5.15% |
6.36% |
Principal Amount of Loan at Repayment[6] |
$14,873.96 |
$15,456.25 |
Monthly Principal and Interest Payment (after deferral period)[7] |
$120.22 |
$135.86 |
Loan Term |
180 months (15 years) |
180 months (15 years) |
Total Paid Over 180 Months[8] |
$21,639.80 |
$24,454.65 |
Example 2:
|
WITH CO-SIGNER |
WITHOUT CO-SIGNER |
Loan Amount |
$20,000 |
$20,000 |
Variable Interest Rate[2] |
5.30% |
6.60% |
APR[5] |
5.15% |
6.36% |
Principal Amount of Loan at Repayment[6] |
$23,798.33 |
$24,730.00 |
Monthly Principal and Interest Payment (after deferral period)[7] |
$192.35 |
$217.37 |
Loan Term |
180 months (15 years) |
180 months (15 years) |
Total Paid Over 180 Months[8] |
$34,623.68 |
$39,127.44 |
Deferments
Repayment of this loan begins six months after you graduate, leave school, or drop below half-time enrollment status. The Grove City College Student Loan has a seven-year maximum in-school deferment period. This means you have up to seven years of enrollment at a four-year college or graduate/professional school before repayment on the loan is required. If you transfer to attend another college for a graduate degree, as long as you are enrolled at least half-time within your six-month grace period, you can defer repayment for this period.
A medical student in an approved medical internship/residency program can qualify for an additional three-year deferment.
Remember -- during any school deferment/forbearance period, interest will continue to accumulate. Therefore, any unpaid interest should be paid while in school to reduce your overall borrowing costs. American Education Services (AES) is the servicer of the Grove City College Student Loan. A quarterly interest statement will be sent by AES to notify you of the accruing interest. You have the option to pay the interest or continue to allow the interest to accumulate. Unpaid interest will be capitalized (added to principal) six months after you graduate, leave school or drop below half-time enrollment status. At any time, you can obtain the current loan balance, including accrued interest, by visiting www.aessuccess.org or calling 1-800-233-0557.
Forbearance
In-school Deferment Forbearance
If you return to school at least half-time after you have entered repayment, you may be eligible for an in-school deferment forbearance for up to three (3) years.
Hardship Forbearance
If you are having financial difficulties, you may be eligible for a hardship forbearance for up to 12 months over the life of the loan, in no more than 2-month increments.
Repayment
Once principal and interest repayment begins, a minimum $50 payment per month is required. The maximum repayment term for the loan is 15 years. If you are having difficulties at any time during repayment, please contact PNC Bank at 1-800-762-1001 to discuss your options. Repayment of this loan begins six months after you graduate, leave school or drop below half-time enrollment status.
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 regularly scheduled 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.
Have Questions?
If you have any questions, our customer service consultants are available to assist you.
NOTE: While the Grove City College Student Loan is a private student loan option that might meet your needs, there are other programs available from a variety of lenders. Check the Other Loan Sources section of the Student Loan page of the Grove City College Financial Aid Website for information on other private student loan programs.
Important Legal Disclosures and Information
-
When you are applying for the Grove City College Student 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 personal and income information including a driver's license or state ID. All borrowers will need their financial aid award letter.
-
Variable interest rates are equal to the London Interbank Offered Rate (LIBOR) index plus a margin of 3.30% with a cosigner and 4.60% without a cosigner. The LIBOR index, adjusted quarterly, is equal to the average of the one-month LIBOR rates as published in the “Money Rates” section of the Wall Street Journal on the first business day of each of the three (3) calendar months immediately preceding each quarterly adjustment date. The current index is 2.50%. Variable interest rates are currently 5.30% with a cosigner and 6.60% without a cosigner.
-
Repayment examples are for illustrative purposes only. Estimated figures are based on full deferment of principal and interest for a four-year school term with a six-month deferment period upon graduation – disbursement date of 4/15/2019, graduation date of 5/15/2022, loan entering repayment 11/15/2022, and first payment due 12/30/2022. Actual rate and payment may vary based upon interest rate, loan amount, repayment term and if there is a co-signer. The loan terms described are applicable to the 2019-2020 academic year and are subject to change. Rates disclosed are effective as of 4/1/2019. PNC Bank Grove City College Student Loan is subject to credit approval.
-
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. A federal regulation limits the number of transfers that may be made from a savings or money market account. Please contact your financial institution for more information on transfer limitations on savings accounts.
-
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. Variable rate APRs are currently 5.15% with a cosigner and 6.36% without a cosigner.
-
Principal loan amount at repayment is the loan amount at disbursement plus interest that accrues during the deferment term. Deferred interest is capitalized (added to principal) at the time the loan enters repayment.
-
Estimated monthly payment examples are based on the loan amount, rate and repayment term. Payment example for repayment of principal and interest assumes the borrower remains in school for 37 months with a 6-month grace period prior to entering repayment. All examples assume 30 days to first payment upon entering repayment. For a variable rate loan, the monthly payment may increase or decrease if the interest rate increases or decreases. Minimum monthly payments will be $50.
-
Total paid is the estimated amount of the loan upon repayment of the principal and interest over the term of the loan.
PNC reserves the right to modify or discontinue any or all terms of this 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. Loans made through the Grove City College Student Loan Program are subject to credit approval.
Rates effective 4/1/2019. These repayment examples are for illustrative purposes only, and are estimated figures based on full deferment of principal and interest. These examples are based on a four-year school term with a six-month deferment period upon graduation -- disbursement date of 4/15/2019, graduation date of 5/15/2022, loan entering repayment 11/15/2022, and first payment due 12/30/2022.
You are encouraged to explore all scholarship, grant and federal borrowing options before applying for a private loan.
PNC does not provide accounting, tax or legal advice.