PNC Solution Loan®
We're here to help you get ready for college with a PNC Solution Loan®, a private student loan designed to fill the gap when government loans and financial aid don't cover all of your expenses.
Apply With a Cosigner
While not required, we strongly encourage students to apply with a creditworthy cosigner if they may have difficulty qualifying for a loan due to limited income and credit history. This may increase an applicant's chances of approval and of possibly obtaining a better interest rate.
- Choose a fixed or variable rate.
- 5,10, or 15-year repayment term1
- Immediate, interest-only payments while in school or full deferment repayment options.4
- 0.50% interest rate discount with automated payments.2
- Applying with a credit-worthy co-signer may increase chances of approval.
- PNC also offers Student Loan Products for Graduate, BAR and Residency programs.
- Enrolled at least half-time in a degree program at an approved school
- You and/or your co-signer must be creditworthy:
- Must have a satisfactory credit history and employment history of at least two years
- Must have proof of current income
- Must be U.S. citizens or permanent residents who have resided in the U.S. for at least two years
- $1,000 minimum loan amount
- $50,000 maximum loan amount
- Monthly interest payments are not required during the in-school period and during the 6-month grace period, but by doing so, you can avoid capitalized interest.
PNC Solution Loans are subject to credit approval. Certain restrictions and conditions apply. PNC reserves the right to modify or discontinue the terms of these program at any time. You are encouraged to explore all scholarship, grant and federal borrowing options before applying for a private loan.
A cosigner is typically required for undergraduate students; a creditworthy cosigner is required for 17-year old students.
1 Annual Percentage Rates (APRs): APRs include a 0.50% interest rate discount for automated payments and may vary by repayment term and other factors (refer to additional details below). Rates are for the immediate repayment option, effective as of July 1, 2022 and are subject to change at any time.
Fixed APRs: APRs range 2.99%-8.74% for a 5-year, 3.99%-9.74% for a 10-year and 4.14%-9.89% for a 15-year term. Fixed rates are based on the creditworthiness of the borrower and cosigner, if any.
Variable APRs: APRs range from 1.84%-7.59% for a 5-year, 3.04%-8.79% for a 10-year and 3.19 %-8.94% for a 15-year term. Variable rates are based on the Prime Rate index plus a margin depending on the creditworthiness of the borrower and cosigner, if any. The Prime index, adjusted monthly, is equal to the Prime Rate as published in the “Money Rates” section of The Wall Street Journal ‘(Eastern Edition)’ on the first business day of the immediately preceding calendar month. The Prime index is currently 4.00%. If the index increases or decreases, your rate will increase or decrease accordingly. The rate will not exceed 18%.
The lowest APR is available to well-qualified applicants. Your actual APR will be based on your credit qualifications, loan program, interest rate option, repayment term, repayment option and whether you elect the automated payment feature.
Loan Payment Examples: The monthly payment per $10,000 borrowed at a fixed-rate range of 3.99% APR to 9.74% APR for 10 years means you would make 120 payments that may range from $101.36 to $131.24. The monthly payment per $10,000 borrowed at a variable-rate range of 3.04% APR to 8.79% APR for 10 years means you would make 120 payments that may range from $96.87 to $126.00. For the variable-rate loan, monthly payment may increase or decrease if the interest rate increases or decreases. Estimated loan payment examples assume 30 days to first payment and are for the immediate repayment option. Payments vary for other rates, loan amounts and repayment terms.
2 Automated Payment Discount: During repayment, an interest rate discount of 0.50% is available for automated payments. Borrower must be making scheduled payments that include both principal and interest. Interest-only payments do not qualify for the 0.50% interest rate discount. The rate discount will be applied at the time automated payment is established. If automated payment is discontinued at any time, the discount will be removed and the rate will increase by 0.50%.
3 Cosigner Release: Requires that the borrower has made at least forty-eight (48) consecutive timely payments of principal and interest with no periods of interruption within that 48-month timeframe. To qualify, the borrower must submit a request, meet the consecutive timely payment requirements, provide proof of income and pass a credit check.
4 Repayment Options: Three repayment options are available - Immediate repayment of principal & interest, interest-only payments while in school and full deferment of principal & interest until six months after graduating or ceasing to be enrolled at least half-time in school. 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.
Loan Types: PNC offers Student Loans for Undergraduates, Graduates, Health Professions, Residency and Bar Study.
PNC Solution Loan is a registered mark of The PNC Financial Services Group, Inc.