PNC Bank Refinance Student Loans Disclosures
PNC Education Refinance Loan is subject to credit approval. Certain restrictions and conditions apply.
1Annual Percentage Rates (APRs): All APRs shown are for applicants with an Undergraduate degree for loan amounts from $10,000 to $200,000 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, maximum loan amounts and repayment terms available may vary by level of degree attained The 20 year repayment term is only available for borrowers with an Undergraduate or Graduate degree borrowing more than $75,000. Rates are effective as of July 1, 2022 and are subject to change at any time.
Fixed Annual Percentage Rates (APRs) range 2.59% to 4.84% for a 5-year, 3.39% to 5.64% for a 10-year and 3.94% to 6.19% for a 15-year term and 3.99% to 6.24% for a 20-year term. Fixed rates are based on the creditworthiness of the applicant and cosigner, if any.
Variable Annual Percentage Rates (APRs) range 2.64% to 4.89% for a 5-year, 3.54% to 5.79% for a 10-year and 3.89% to 6.14% for a 15-year term and 4.24% to 6.49% for a 20-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, interest rate option, repayment term and whether you elect the automated payment feature.
Loan Payment Examples: The monthly payment per $10,000 borrowed at a fixed-rate range of 3.39% APR to 5.64% APR for 10 years means you would make 120 payments that may range from $98.37 to $109.22. The monthly payment per $10,000 borrowed at a variable-rate range of 3.54% APR to 5.79% APR for 10 years means you would make 120 payments that may range from $99.07 to $109.97. 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. Payments vary for other rates, loan amounts and repayment terms.
2Automated 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. 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%.
3Maximum Loan Amounts: Vary based on level of degree attained. Available repayment terms and rates may also vary based on level of degree attained.
- $10,000-$25,000 - Did Not Graduate
- $10,000-$75,000 - Associates Degree
- $10,000-$175,000 - Undergraduate Degree
- $10,000-$200,000 - Graduate Degree
4Cosigner 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.
5Refinancing: Refinancing at a longer repayment term may lower your monthly student loan payments, but may also increase the total interest paid over the life of the loan. Refinancing at a shorter repayment term may increase your monthly student loan payments, but may lower the total interest paid over the life of the loan.
Certain Federal Benefits Will Be Lost or Not Available: If you refinance your federal loans through this PNC Education Refinance Loan, you will lose or not be able to select other payment plans available to federal student loan borrowers, such as income-contingent repayment or income-based repayment. In addition, federal student loans offer deferment, forbearance and loan forgiveness options that may not be available under a PNC Education Refinance Loan. Please compare your current benefits with this program to ensure any loss of existing benefits is fully understood.
COVID-19 related update: Please read carefully before applying to refinance your federal student loans with PNC. PNC encourages customers and prospects with existing federal student loan debt to carefully consider their options before applying for a refinance loan at PNC. We recommend that you review and have a clear understanding of the federal emergency relief available and how it may impact your situation. When you refinance your existing federal student loan debt with PNC, you waive any current and potential future benefits and protections, if any, and replace those with the benefits of the PNC Education Refinance Loan.