PNC Financial Services Group Incorporated, or PNC, has over 2,500 branches in about twenty states. Customers of PNC include government entities and private businesses. Nationwide, PNC is the fifth largest bank and is headquartered in Pittsburgh, Pennsylvania. The bank opened its doors in 1845 and has provided competitive banking services to customers since that time. It provides customers with mortgage underwriting, global investment services, student lending, and other banking services.
Who Is Eligible for PNC Student Loans?
- Undergraduate Loans: Students must be enrolled in college at least half-time in a degree bearing program.
- Graduate Loans: Students are required to maintain at least half-time enrollment in order to be eligible. In addition, students must be enrolled in either a professional program or a graduate program. Similar to undergraduate loans, students may opt to have a cosigner if they wish.
- Health Professions Loans: Students may be enrolled at either the graduate or undergraduate level, but must be enrolled in an eligible health profession program. Furthermore, students must attend at least half time. Students who are under the age of 18 must have a cosigner.
- Medical Residency Loans: Students must be enrolled in a medical, dental, veterinarian, or other professional program. Students must be planning to begin their residency program within the next year. Students must have lived in the U.S. for the past two years or be U.S. citizens.
- Bar Study Loans: Students in law school who have less than six months until they graduate and who are enrolled at least half time are eligible. They are also open to students who have graduated from law school within the past six months and who are studying for their Bar exam.
What are PNC Student Loans?
PNC offers several types of loans to meet the needs of a variety of students. Some of these loans are exclusively available to students pursuing an undergraduate degree while others are available only to graduate students. Other loans, such as those the Medical Residency and Bar Study loans, require students to be studying for a specific career in order to be eligible. Below is a list of loans available through PNC, all of which carry no origination or application fees. We will go over each of the different types below.
Undergraduate Loans: PNC offers private loans to undergraduate students who need more funds above and beyond those provided by the federal government. Cosigners are optional. Both the student and cosigner must be a resident of the U.S. or have lived in the United States for the past two consecutive years. Both individuals must meet debt-to-income criteria and credit check requirements. In general, two years of credit history is required to approve the loan and proof of current employment is required. Current rates for the undergraduate loan, also called the PNC Solution Loan, are: 3.70%-10.75% for variable rate loans and 6.19%-12.99% for fixed rate loans.
Graduate Loans: PNC provides loans to graduate students who are enrolled at least half time in a degree granting program. These loans have the same rates and benefits as the undergraduate loans and carry the same benefits. Payments can be spread out over a 15-year period and loans are sent directly to the school.
Health Professions Loans: These loans are open exclusively to students who are working towards a degree in a health care field. Some degree programs that fall into this category include: biochemistry, clinical psychology, neuroscience, nurse practitioner, pharmacy, and veterinary medicine. A complete list of eligible professions can be found at this website. The rates are the same as the undergraduate and graduate loans and most benefits are the same. This loan has one additional benefit, which is that students can request loan deferment during their residency provided that it does not exceed ten years of deferment, including the grace period.
Medical Residency Loans: These loans were created to help students pursuing specific degrees (DDS, DO, DMV, or MD degrees) fund the costs associated with their residency year. Rates range from 3.49%-10.44% for variable rate loans or between 6.49% to 12.99% for fixed rate loans. Students may borrow up to $15,000.
Bar Study Loans: These loans allow students enrolled in law school to borrow up to $15,000. There is no minimum income requirement and any law student with less than six months from graduation or who has graduated from law school within the last six months is eligible to apply for this loan.
Benefits of PNC Student Loans
- Students can choose the rate option that best meets their needs (either fixed or variable rate) for the duration of their loan
- PNC loans have no fees at time of loan approval or any associated application fees
- Co-signers may be released after 48 consecutive payments have been made on-time
- Low interest rates for private loans
- Deferment for current students
- Flexibility to use loans for any type of expense that is related to education, not only tuition
- Fast decision regarding application and eligibility
- Six month grace period after graduation before loan repayments start
- A discount worth 0.50% from the interest rate when automated payments are made through either a savings or checking account
- Lengthy repayment period of 15 years, which reduces the monthly payment amount
- A free online cost calculator which helps borrowers budget for college
- Online tools, such as a comparison between private and federal loans
- An extensive frequently asked question website
- Online and over the phone customer support
What is the PNC Student Loan Application Process?
Students can apply online for a swift decision. Prior to completing the online application, PNC recommends that students gather all necessary documentation. Potential borrowers will want to have the following information handy: a completed FAFSA application form, an award letter from the school the student plans to attend, and information on other funding (i.e., scholarships, grants, federal funding, etc.). After that, students will complete an online application which asks for demographic, financial, and school information. Students then have the option of adding a cosigner, though these don’t necessarily require a cosigner. After the application is reviewed, eligible students will have the option to decide whether they want a fixed or variable rate loan. Simply sign the promissory note and your loan is complete!