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PNC Student Loans 2022 Review

Hanneh Bareham specializes in everything related to student loans and helping you finance your next educational endeavor. She aims to help others reach their collegiate and financial goals through making student loans easier to understand. Updated on Jan. 1, 2022 Advertiser Disclosure

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At a glance

. However, PNC also offers a robust selection of student loan options geared toward college students, as well as borrowers who want to refinance their existing student loans. Lender details Best for Moneybag Rates Clock Wait This lender is best for anyone who has maxed out scholarships, grants and federal student aid and doesn't need to borrow much, especially since PNC offers such low rates. Check rate with Bankrate

PNC features

PNC offers for undergraduates and graduates, as well as loans for residency and bar study. You can also refinance existing student loans with the lender. PNC’s interest rates are incredibly competitive, although PNC says that you’ll need two years of “satisfactory credit” to qualify on your own. As an alternative, you can apply for PNC student loans with a co-signer, which could help you qualify for the best rates and terms. PNC also stands out due to the many resources its student customers can access. For example, it has its own student banking hub, as well as a student loan learning center.

PNC in the details

Loan Amount Private loans: $1,000 to $225,000 Refinancing loans: $10,000 to $200,000 APR from Private loans: 3.89% to 11.09% Variable APR, 3.49% - 11.29% Fixed APR (with autopay) Refinancing loans: 4.89% to 8.74% Variable APR, 2.59% to 6.24% Fixed APR (with autopay) Term lengths Private loans: 5 to 15 years Refinancing loans: 5 to 20 years

Pros and cons of PNC student loans

PNC student loans can be a good option if you’ve maxed out federal student loan options and need to borrow a little more to pay for school. With that being said, here are some of the main advantages and disadvantages you should know about.

PROS

Co-signer release option: Once you have made 48 months of on-time payments on your student loans, you may request a co-signer release. Big discount for autopay: PNC offers a 0.5 percent discount for automatic payments, double what most other companies offer. No degree required to refinance: PNC lets you refinance student loans regardless of whether you finished your degree program, although you’ll have to meet all other eligibility requirements to qualify.

CONS

Lower loan limits won’t work for everyone: PNC has lower loan limits than competitors, maxing out at $50,000 annually for undergraduate loans. This can disqualify some who are borrowing considerable sums for higher education. No way to prequalify: Some student loan companies let you prequalify and see the interest rate you can qualify for before you apply; PNC does not. Limited loan terms: PNC lets you repay your student loans over 5, 10, 15, or 20 years, which is less flexible than the repayment timelines of other lenders.

PNC student loan requirements

Qualification requirements for a student loan from PNC vary slightly by loan type. For undergraduate, graduate and professional student loans, you must: Be enrolled at least half time in a degree program. Be a U.S. citizen or permanent resident. Have lived in the U.S. for the last two years. Have satisfactory credit and proof of employment and income history, or have a co-signer who meets qualifications. Meet unspecified debt-to-income ratio requirements. For residency student loans, you must: Be participating in a PNC-approved M.D., D.D.S., D.O. or D.V.M. residency program (or planning to participate in a residency program within a year). Be a U.S. citizen or permanent resident. Have lived in the U.S. for the last two years. Have satisfactory credit with proof of employment and income history. Meet unspecified debt-to-income ratio requirements. For bar study loans, you must: Be planning to take the bar exam no later than six months after graduation. Have graduated from a PNC-approved law school within the last six months (or be a professional student enrolled at least half time at a PNC-approved law school scheduled to graduate within the next six months). Be a U.S. citizen or permanent resident. Have lived in the U.S. for the last two years. Have satisfactory credit and proof of employment and income history. Meet unspecified debt-to-income ratio requirements. For student loan refinancing, you must: Have at least 24 months of positive repayment history on private or federal student loans. Be able to pass a credit check. Be a U.S. citizen or permanent resident. Be able to prove two years of continuous income or employment history.

Who is this loan good for

PNC student loans are a good option for anyone who has maxed out scholarships, grants and federal student aid and doesn’t need to borrow much, especially since PNC offers such low rates. Also consider the fact that refinancing loans offered through PNC do not require the borrower to graduate from college first. This makes the company a good option for anyone who needs to refinance their student loans without a college degree.

Interest rates and terms

PNC offers student loans with variable or fixed interest rates, and you can secure a 0.5 percent rate discount if you set up your loans for automatic payment. The following chart includes this interest rate discount: Loan product Variable rate Fixed rate Undergraduate loans 3.89% to 11.09% APR 3.49% to 11.29% APR Graduate and professional loans 3.89% to 11.09% APR 3.49% to 11.29% APR Health professions loans 3.89% to 11.09% APR 3.49% to 11.29% APR Health professions residency loans 3.89% to 11.09% APR 3.49% to 11.29% APR Bar study 3.89% to 11.09% APR 3.49% to 11.29% APR Refinance loan 4.89% to 8.74% APR 2.59% to 6.24% APR

Fees and penalties

PNC does not have application fees, origination fees or prepayment penalties. However, you may be subject to a late fee of 5 percent or $5, whichever is less.

Repayment terms and grace period

PNC student loans come with repayment terms that can last 5, 10, 15, or 20 years, depending on your needs and your budget. You can also choose from three repayment options: deferred payments while enrolled in school, interest-only payments while in school and full payments immediately. In the case of deferred payments, the grace period ends six months after you graduate or are no longer in school on at least a half-time basis.

Customer service

PNC makes it easy to speak with a representative if you have questions about its student loan products. You can call the bank at 800-762-1001 Monday through Friday from 8 a.m. to 5 p.m. ET or send an email through the company’s . You can also stop in a brick-and-mortar if you live near one.

How to apply for a loan with PNC

You can apply for a student loan through PNC directly on the company website. Plan on gathering the following information ahead of time: Your Social Security number. Your school information (including field of learning and enrollment period). How much you want to borrow. Information on other bills you have, such as your mortgage or rent amount. Information on other financial aid you have received. Your financial information and employment history. Any co-signer you’re considering for your loan will need to provide their Social Security number, along with their financial information, employment information and address.

How Bankrate rates PNC

Overall Score 4.5 Repayment Options 4.4 While PNC has many types of student loans, its low maximum loan amounts and few repayment options could be limiting for some students. Affordability 4.6 PNC has low APRs for borrowers with good credit, though it does charge a late fee. Customer Experience 4.5 PNC’s customer service hours are limited. However, it does have a mobile app for easy loan management. Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

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