PNC offers a wide range of student loans that will cover the needs of students ranging from college freshman to law school graduates studying for the bar. PNC has five main student loans. They are the Undergraduate Solution Loan, The Graduate Solution Loan, Loans for health and medical professionals, loans for health professional residency, and bar study loans.
Despite the wide range of private loan offerings form PNC, many of the terms are similar across the board. All of their student loans have the choice of variable and fixed interest rate loans. The fixed interest rate loans range from 6.49 to 12.99% and the variable rate loans range form 3.45 to 10.4% interest.
All loans have repayment terms of up to 15 years, offer an interest rate deduction of .50% for people who sign up for auto debt, and can be used for any education related expense. Like most loans on the market, there are no application fees or origination fees with the PNC loans.
One thing worth pointing out is that the first thing written for all of their loans is that they are for people who have “exhausted [their] federal loan options. Here at the Student Loan Sherpa, we rarely see a private lender remind students that Federal loans are a better option. Having this reminder on their website doesn’t actually make the loan any better, but it is always nice to see any sign of responsibility in lending.
One other aspect of these loans that is especially good is the fact that you can get loans up to 60 days after the term ends. For people who fall short due to lower income at work or unexpected expenses, this can be a great option to get caught back up.
While we do like to see co-signer release programs, the one offered by PNC is rather weak. Most lenders will allow credit worthy borrowers to release their co-signers after one or two years of timely payments. For PNC loans, it requires 48 months of consecutive on-time payments, proof of income, and passing a credit check. This means that an co-signer to the loan should expect to be on the loan for over 4 years.
A term that may be a problem to many graduate students is the maximum aggregate borrowing limit. PNC will not offer loans to people who have more than $225,000 in total private and federal student loan debt. While this is a large figure, it could prove to be a significant limitation to many medical and law students.
Another concern for people who have larger debt loads is the 15 year repayment term. Though 15 years is a very reasonable amount of time to pay off smaller amounts of debt, people with six figures of debt may find the 15 year limit to be quite a burden.
The bottom line
PNC offers a wide range of student loans at fairly competitive interest rates. Aside from a burdensome cosigner release program and some terms that may be difficult for people with larger balances, PNC provides a good option for people whose personal and federal funding comes up just short.