PNC Student Loans Review 2020
PNC Bank was established in 1845 and operates in all 50 states. The bank is engaged in a number of community efforts, including its Grow Up Great program in conjunction with Sesame Workshop and various financial literacy efforts. For students, PNC offers opportunities to win $2,000 scholarships toward education expenses. PNC provides a range of loans for students at all stages of postsecondary education, including professional training loans and refinancing.
- Range of loans for undergraduate, graduate and professional education
- Loans available in all 50 states
- Interest-rate discount for automatic payment from a checking or savings account
- Loans as low as $1,000
- Multi-year loan approval not available
- No instant approvals available
Student Loan Options Offered by PNC Student Loans
PNC provides a range of student loan options, including refinancing federally guaranteed education loans or Title IV private loans:
- Professional degrees: dental, law, MBA, medical
Loan Terms, Fees and Discounts
PNC provides fixed and variable-rate student loans. The minimum student loan amount is $1,000, or $10,000 for refinancing. The maximum loan amount is $50,000 for an undergraduate degree, $65,000 for graduate school, and $75,000 if you are refinancing. If you choose automatic withdrawal (ACH) from a checking or savings account, you can lock in an interest rate that is 0.5% lower.
The minimum term for student loans and educational refinancing from PNC is five years with no prepayment penalty. PNC’s maximum term is 15 years.
There are no application or origination fees with PNC student loans.
Qualifying for PNC Student Loans
PNC does not disclose minimum FICO credit score, minimum credit history or maximum debt-to-income ratio requirements for student loan approval, but it requires satisfactory credit. Preapprovals are available, but PNC does not offer multi-year approval. PNC does not provide an instant decision after you file an application, but the bank will provide a preliminary decision within minutes of you applying online. You can have a cosigner if you choose.
To get a student loan from PNC, you must show proof of employment and income history. Also, you must be enrolled in school at least part-time.
You can apply for a loan up to 60 days after the end of a school term.
If you want to refinance a student loan with PNC, the bank requires you to be separated from the school, either graduated or no longer enrolled.
PNC requires you to be a U.S. citizen or permanent resident living in the country for at least two years.
You can complete the entire loan application online.
Deferment and Repayment Options
PNC offers three repayment options: immediate repayment; interest-only payments while in school; and full deferment of principal and interest if you are in school or out of school and experiencing financial hardship. PNC encourages paying interest during deferment to save money over the repayment term of the loan. Accrued interest during deferment is added to the principal balance once the deferment period is over.
Late fees are the lesser of $5 or 5% of the overdue payment amount.
Forbearance and Discharge Options
PNC will discharge a loan due to student death, but not permanent disability. You can request loan forbearance or deferment if you are suffering from financial hardship.
If you defer your student loan, repayment begins six months after you graduate or are no longer enrolled as at least a part-time student. At repayment, you’ll pay a one-time capitalization of interest that accrued during deferment. To avoid this charge, PNC recommends paying interest during deferment, if possible.
PNC’s customer service is available online or by phone. The bank is rated A+ by the Better Business Bureau.
The Consumer Financial Protection Bureau received five student loan complaints about PNC Bank in 2019. They were related to dealing with the lender or servicer, struggling to repay the loan and getting a loan.
PNC has branches in about half of the U.S., so you can work with a bank representative in person if there’s a location close to you. Because PNC student loans are available in all 50 states, the company offers a robust online application/approval process and access to remote help. PNC has an app you can use to manage your account.
PNC Student Loans Are Best for:
- Students enrolled in school at least part-time
- Students who want to use a co-signer to qualify
- Students who want a small loan