Last Update: 8/26/2015
PNC Bank was founded in 1852, and now operates in more than 19 states and is one of the largest financial institutions in the United States. PNC offers a variety of banking services, including student lending, giving students a competitive private alternative to traditional federal student loans. PNC is committed to providing excellent service and fair terms to its customers and borrowers.
Read on for product offerings, more details and PNC student loan reviews.
PNC offers borrowing opportunities for a wide range of uses. Funds can go towards undergraduate, graduate, health and medical professional school studies as well as to cover costs during health professional residency and preparation for the bar exam.
- Undergraduate Loans – These loans are available for students enrolled at least half time in an undergraduate program. Borrowers may use funds to pay for any expense incurred while pursuing their education, including tuition, books, supplies, or room and board.
- Graduate Loans – For students enrolled in a graduate or professional program at least half-time.
- Health and Medical Professional Loans – For undergraduate and graduate borrowers enrolled at least half-time in a health profession program.
- Health Residency Loans – For students participating in an approved MD, DDS, DO, or DVM residency programs, or planning to within the next year, to help pay for the cost of relocation and any other incurred expenses.
- Bar Study Loans – For graduates or current students scheduled to graduate within the next six months of PNC-approved law schools planning to take the bar exam no later than six months after graduation. Funds may be used for bar exam fees, prep classes, and materials.
Rates (Valid as of August 13, 2015)
Loans are available at both fixed and variable interest rates. PNC’s variable rate loans range from 3.47% to 10.42%, and their fixed rate loans range from 6.49% to 12.99% (APRs include auto debit and loyalty discounts where available). Borrowers have up to 15 years for repayment and can take advantage of benefits such as payment deferment, debt forgiveness upon the death of the borrower, and optional co-signer release after 48 months of timely payments.
Borrowers must be US citizens or permanent residents and able to meet relevant credit guidelines. During the application process, the applicant will need to show proof of two years of satisfactory creditworthiness and continuous income or employment history. Students unable to meet these threshold requirements should consider adding a co-signer who meets these guidelines.
Borrowers can choose between three repayment options: full deferral (up to 5 years while in school), interest only payments while in school, and immediate repayment options. Additionally, borrowers who sign up for automatic payments from their checking or savings account get an additional 0.50% interest rate deduction. Like federal loans, PNC allows for a 6-month grace period following graduation, during which borrowers do not need to make repayments on their student loans. Finally, PNC does not charge application or origination fees, and borrowers can receive a preliminary decision in just a few minutes.
Who should take out a loan with PNC?
PNC private student loans are good options for creditworthy borrowers and students who require additional financial aid. PNC loans offer qualified borrowers competitive rates and terms, flexible repayment options, payment deferment for six months after graduation, and student loans with both variable and fixed interest rates. PNC’s application process is easy and free.
Most reviews online focus on PNC in terms of traditional banking practices, rather than as a student loan lender. Most reviews of PNC student loans state that their product is fairly competitive and is a good option for those in need of additional funding for their education.