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Check out the Grove City Financial Aid page to learn more about Student Loans.
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 PNC Bank Grove City College Student Loan offers students:
You (and your co-signer, if applicable) will need to provide personal information like:
You'll also need specifics around the school:
You'll also need employment information for you (and the co-signer, if applicable)
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
You must:
You and your co-signer, if any, must:
Please note: A credit-worthy co-signer is required for 17-year old students.
Applying with a creditworthy co-signer may increase chances of approval.
Credit Guidelines
You or your co-signer, if any, must:
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
Ways to Save
Returning Student Borrower Eligibility Requirements at time of application:
Disbursements
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.
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:
PNC will also apply benefits and protections on eligible accounts, including:
To find out more, please contact us at:
|
WITH CO-SIGNER |
WITHOUT CO-SIGNER |
Loan Amount |
$12,000 |
$12,000 |
Variable Interest Rate[2] |
2.95% |
4.25% |
APR[5] |
2.89% |
4.12% |
Principal Amount of Loan at Repayment[6] |
$13,504.50 |
$14,167.50 |
Monthly Principal & Interest Payment (after deferral period)[7] |
$93.05 |
$106.77 |
Loan Term |
180 months (15 years) |
180 months (15 years) |
Total Paid Over Repayment Term[8] |
$16,749.28 |
$19,218.69 |
|
WITH CO-SIGNER |
WITHOUT CO-SIGNER |
Loan Amount |
$17,000 |
$17,000 |
Variable Interest Rate[2] |
2.95% |
4.25% |
APR[5] |
2.89% |
4.12% |
Principal Amount of Loan at Repayment[6] |
$19,131.38 |
$20,070.63 |
Monthly Principal & Interest Payment (after deferral period)[7] |
$131.82 |
$151.25 |
Loan Term |
180 months (15 years) |
180 months (15 years) |
Total Paid Over Repayment Term[8] |
$23,728.15 |
$27,226.48 |
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.
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.
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.
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 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.
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.
Application Process: When you are applying for the PNC 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 to provide personal information including a driver's license or state ID, employment and income information. All borrowers will need their financial aid award letter.
Variable Rates: 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 0.15%. If the index increases or decreases, your rate will increase or decrease accordingly.
Rates disclosed are effective as of 1/1/2021 and include the 0.50% interest rate discount for automatic payments. Your actual APR will be based on your credit qualification, whether you apply with a co-signer and whether you elect the automatic payment feature. Rates subject to change at any time.
For additional rate and loan cost information view loan Application and Solicitation Disclosure.
Repayment examples are for illustrative purposes only and are based on a four-year school term and six-month deferment period upon graduation before entering repayment. Actual rate and payment may vary. For a variable rate loan, the monthly payment may increase or decrease if the interest rate increases or decreases.
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.
Annual Percentage Rate (APR) is a measure of what a loan will cost and takes into account the interest rate, fees (if any), loan amount, repayment term, repayment option (whether payments are deferred) and the timing of all payments. As a result, the APR may be higher or lower than the interest rate. 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.
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.
Monthly Principal & Interest Payment is the estimated payment based on the loan amount, interest rate and repayment term disclosed in the chart. Payment example for repayment of principal and interest assumes the borrower remains in school for 45 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 repayment term.
Total paid is the estimated amount of the loan upon repayment of the principal and interest over the repayment term.
Please note: 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 PNC Grove City College Student Loan Program are subject to credit approval. Certain restrictions and conditions apply.
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.
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