PNC Student Personal Loan Full Review
Start investing in your education, get a degree, or pursue your dream PhD without breaking your budget with this low-interest and affordable student loan.
Are you considering going to college or even getting a new degree but don’t want to compromise your budget? PNC Bank might have the solution you’ve been searching for!
By offering three different student loan options, PNC can help you achieve your academic and career goals. The best part? The interest rates are fairly low, making it a more affordable option for you.
Below, you will get in touch with all of PNC’s rates, advantages, exclusive benefits, amounts, and much more.
Who is PNC Bank?
Founded in 1852, PNC Bank has grown to become one of the largest financial institutions in the United States, with over 2,400 branches and 9,000 ATMs across 21 states.
The bank, which prides itself on its commitment to innovation, customer service, and community involvement, is headquartered in Pittsburgh, Pennsylvania.
As of today, PNC offers a wide range of financial products and services, including personal loans, mortgages, credit cards, and checking and savings accounts.
How Does a PNC Student Loan Work?
PNC has designed a series of student loans that specifically suit the needs of students who need help paying for college or graduate school.
These student loans can be used to fund a degree in whatever area you like, from business to health to the social sciences.
And you can even use Citizens Bank funding to cover other educational costs, such as tuition, textbooks, room expenses, etc.
Currently, PNC Bank has three types of student loans. The first is specially designed for undergraduate students.
While the second option was created for an already-graduated profession and the third student loan can refinance your already-existing student loan,
Still, all of PNC’s student loans have some things in common, starting with the bank’s offering fairly affordable interest rates, which can be variable or fixed.
The bank also allows an application with a cosigner, which can be one of your parents, and repayment terms between 5 and 15 years for all of their student loans.
Check out all the details for each type of PNC’s student loan below:
With a PNC Undergraduate Loan, you can borrow up to the full cost of attendance, including tuition, room and board, textbooks, and other education-related expenses.
The loan is unsecured, meaning that you do not have to provide collateral to secure the loan.
Because of that, PNC will rely 100% on your credit history when considering granting you a loan and calculating your interest rates.
When it comes to the interest rate, the rates for an undergraduate loan start at 4.99% for a fixed APR and 5.09% for a variable APR.
Graduate and Professional Loan
This loan was created specifically for professionals who already have a degree and want to improve their education, for example, with a PhD.
As of today, PNC is offering some special conditions for professionals in selected areas, such as health and medical professions.
With lower interest rates, the rates start at 4.74% for a fixed APR and 4.84 percent for a variable APR. Still, the interest for this loan can go as high as 11.29% APR.
Education Refinancing Loan
Thinking about the students and professionals who couldn’t keep up with their original loans, PNC has come up with a new refinancing loan.
On this loan, PNC will payoff your existing student debt, giving you the opportunity to decrease your monthly payments, shorten the loan repayment period, or minimize the total amount of interest paid.
An education refinancing loan is indicated for customers who are trapped on student loans with interest rates higher than PNC’s.
As of today, this loan can be granted to both undergraduate and graduate students, which means you can still apply for a refinancing loan even if you haven’t finished college.
Major advantages of a PNC student loan
Besides its flexibility, longer terms, and lower interest rates, PNC’s student loans come with several other benefits, including:
- Deferred payment option;
- Cosigner release option;
- No origination or prepayment fee;
- Exclusive rewards and discount program.
Starting with their deferred payments, PNC can hold your first payment until six months after you graduate or cease to be enrolled in college.
Secondly, for students who applied with a cosigner, PNC has created an option in which your cosigner can be released from the loan after 48 consecutive on-time monthly payments.
Thirdly, unlike many other lenders, PNC does not charge application, origination, or prepayment fees, which can help you save money over the life of the loan.
And even still, PNC is offering an interest discount as high as 0.50% APR for clients who select their monthly installments to be automatically paid.
Lastly, PNC also offers a loyalty program that rewards borrowers who make their payments on time, giving them access to exclusive discounts and benefits.
While PNC Solution Loans offer competitive interest rates and flexible repayment terms, there are a few drawbacks to keep in mind.
For one, PNC Student Loans are not available in all states. As of today, students in Alaska, Hawaii, Nevada, New Hampshire, South Dakota, and Vermont are not eligible.
Additionally, late or missed payments can negatively impact the borrower’s credit score and result in additional fees and charges.
How do I apply for PNC Student Loans?
Got interest? Tap the green button and check out all the requirements and steps you must know before applying for a PNC student loan.