The PNC Financial Services Group is the fifth largest bank in the United States and the largest bank in Pennsylvania. It has over 2,600 branches in 19 states and the District of Columbia, and has $262 billion of assets in administration. PNC is the product oof Pittsburgh National Corporation and the Provident National Corporation of Philadelphia. In 1988 PNC bought the Back of Delaware, which was founded as a state bank in 1795.
As well as offering corporate and asset management services, PNC also provides retail banking products, such as mortgages, business loans and private student loans. PNC has its headquarters in Pittsburgh, PA, has an A+ rating with the BBB and a four-star rating with Bauer Financial.
How Do PNC Student Loans Work?
PNC provides a variety of student loans at competitive prices and with flexible terms. There are specific loans for undergraduate students, graduate students, health professionals, doctors going through their medical residency and lawyers who are studying to pass the bar examination. Loans can be used to pay for any education related expense but the funds are sent directly to the school.
Student loans can be fixed or variable. Students can apply online and receive a preliminary decision within minutes of applying. Payment schedules are particularly flexible with PNC. You can choose to defer payments while you are in school or you can start to pay immediately to save on payments in the long run. Students that choose to defer payments have an additional six month grace period after graduating.
To qualify, borrowers must have two years of satisfactory credit history and continuous income or employment history. Students that don't meet this requirement will need a cosigner. All students who are 17 years old or younger need to have a cosigner. There is a co-signer release option once a borrower makes 48 consecutive on-time payments
What Are PNC’s Rates and Terms?
The rates vary depending on the type of loan, loan amount, credit profile and loan term.
For private student loans, you can choose between having a variable or fixed APR. The variable rate ranges from 4.18% APR to 11.26% APR and the fixed rate ranges from 6.19% APR to 12.99% APR. Unlike most lenders, the range is the same whether you apply for an undergraduate loan, a graduate loan or a bar examination loan.
Borrowers receive a 0.50% off their rate if they enroll in automated payments from their checking or savings account. PNC loans can have terms of up to 15 years.
How Much Money Can I Borrow from PNC?
PNC will provide loans up to the cost of attendance minus other sources of aid up to an annual maximum of $40,000 and a maximum aggregate educational debt (total student loans) of $225,000.
To illustrate the cost of purchasing a PNC loan, a 15-year loan of $10,000 with a 3.49% APR where payments are deferred until after a student graduates will have a monthly payment of $82.04 and a total cost of $14,767. On the other hand, the same loan where the student starts making payments immediately will have monthly payments of $71.44 and a total cost of $12,859.
Which States Does PNC Operate In?
PNC offers loans online to people in all 50 states.
How Is PNC Better than Other Lenders?
PNC is a large and established financial services provider that has a loan portfolio of over $129 billion. It provides competitive rates, extremely flexible payment schedules, and rate discounts for borrowers who enroll in automatic payments. Student loans are available to all types of students, from undergraduates to doctors in medical residency or lawyers studying to pass the bar examination. The application process is simple and fast to complete, and once you send your request you can get a preliminary reply within minutes.