The PNC Solution Undergraduate Loan™
If you are an undergraduate student who is enrolled at least half time in a degree or certificate program, a PNC student loan may be a convenient way to pay for college after you have exhausted your federal loan options. Steps to determining if this is the right solution for you:
- Complete and submit your Free Application for Federal Student Aid (FAFSA) as soon as possible after October 1st
- Receive an award letter from the school you plan to attend
- Research grants, scholarships, federal loans and other payment options
- Review the PNC Solution Loan eligibility requirements
PNC Student Loan Elegibility Requriements:
- Be an undergraduate student in a degree program
- Be enrolled at least half time as determined by your school
- 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
- Meet debt-to-income requirements
Did you know? Applying with a creditworthy co-signer may increase your chances of approval for a PNC student loan.
PNC Solution 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
Please note: A co-signer is typically required for undergraduate students; a credit-worthy co-signer is required for 17-year old students.
|Variable APR3||5.19% - 11.39%||Apply Now|
|Fixed APR3||6.03% - 12.29%||Apply Now|
Key Features of the PNC Student Loan
- Timely - Receive a preliminary decision within minutes of applying online
- Flexible rate structure - choose either variable or fixed interest rates, defer payments while you are in school, or begin payment immediately to save interest4
- No application or origniation fees
- Discounts available - 0.50% off your rate with automated payments from your checking or savings account1
- Co-signer release - A co-signer release option is available after 48 consecutive on-time monthly payments2
- Loan forgiveness - Outstanding debt will be forgiven upon the death of the borrower
- Flexible repayment - take up to 15 years to repay3
- Grace period - Six-month grace period
- Use funds for any education-related expense
- Apply up to 60 days after the end of the school term
- One-time capitalization of interest at repayment
1. During repayment, an interest rate reduction of 0.50% is available for automated payments once you are no longer attending school on at least a half-time basis. You must be making scheduled payments through servicer American Education Services (AES) that include both principal and interest from your checking or savings account. If automatic payment is discontinued, you will no longer receive an automatic payment discount. Discount may be suspended during periods of forbearance. 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.
2. 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 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.
3. View important disclosure and repayment information for the PNC Solution Loan for Undergraduates. Annual loan maximum: $40,000; maximum aggregate educational debt (including federal and private student loans): $225,000.
4. Interest will continue to accrue during periods of deferment. You will receive quarterly interest statements during this deferment period. Paying the interest as it accrues each quarter will save you money over the repayment term of the loan because any accrued interest that you do not pay will be added to the principal balance at the end of the deferment period.