PNC Bank Student Loans: Lender Profile

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By Lauren Graves

July 2, 2020

Private student loans offered through PNC Bank are available to both undergraduate and graduate students enrolled at least half-time in an eligible college or university.

As with other private loans, it’s recommend to explore your federal loan and grant options (such as Stafford Loans and Pell Grants) before pursuing private loans. In comparison, federal loans offer a number of benefits.

Such benefits include subsidized loans, income-based repayment plans, loan forgiveness options, and loan deferment options. However, there are limits to how much money you can borrow each year via Stafford loans, and you may need to supplement that amount with private loan money.

Here’s what you should know about borrowing student loans with PNC Bank Student Loans:

PNC Private Student Loans

Automatic Payment Discount: Get a 0.50% interest rate discount when you enroll in automatic payments toward the full principal and interest of your loan from a checking or savings account. These automatic payments need to be initiated through American Education Services, an affiliate loan servicer.

Fees: PNC Bank does not charge application, origination, or prepayment fees on their private student loans.

Minimum Loan Amount: $1,000

Maximum Loan Amount: $50,000 annually, $225,000 aggregate.

Loan Terms Available: 5, 10, and 15 years

Cosigner Required: You will be required to have a creditworthy cosigner if you don’t meet PNC’s credit and income restrictions on your own, which are not disclosed by the company. And for those that do need cosigners to get a loan, cosigner release is available after a borrower has made 48 consecutive, on-time payments toward their loan and once they are eligible to assume responsibility for the loan themselves (pass a credit check, provide proof of income, etc.). 

You will need a cosigner no matter what if you are less than 17 years old.

PNC Student Loan Repayment Options

  • Immediate repayment: Make fixed monthly payments on the full principal and interest of your loan while you are still enrolled in school. This will guarantee that you pay less in interest over the life of your loan.
  • Deferment: Deferred repayment will suspend payment due dates for six months after you graduate or as soon as you are no longer enrolled in college at least half-time.
  • Interest-only repayment: Pay off just the interest on your loan while you are still a student.

Grace Period: The grace period for these private student loans is six months after graduation or after you go from full- or half-time enrollment to being enrolled less than half-time.

Forbearance: PNC’s repayment options for students struggling to make payments before or after they graduate are limited, and unfortunately, the bank does not provide information on their site to prospective student borrowers about repayment options such as forbearance for those facing temporary financial hardship. 

You’ll need to get in contact with PNC directly to inquire about these options—to do so, call 1 (800) 233-0557 and ask about hardship assistance for private student loans.

Special Features: Enter the PNC Student Lending Scholarship Sweepstakes program to win a $2,000 scholarship to be put toward your undergraduate education expenses. There are 12 winners every year. To register, open a PNC Financial Literacy Tools and Resources account and provide your personal information.

A good place to start:

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