Loan Eligibility and Approval

PNC student loans can be found in all 50 states. The lender doesn’t provide specific credit requirements, akin to a minimum credit rating or income. Nevertheless, PNC provides some general criteria:

• Have two years of satisfactory credit history
• Meet debt-to-income ratio requirements
• Have two years of employment history
• Provide proof of income (should have two years if self-employed)
• Have two years of U.S. residency

For in-school loans, it is advisable to be enrolled no less than half-time. In case you’re applying for a refinance loan, it is advisable to be the age of majority in your state. In case you have not obtained an associate degree or higher, it is advisable to have made 24 consecutive payments on no less than one student loan up to now two years to refinance. 

While parents can co-sign a PNC student loan, the lender doesn’t offer parent-specific loan options.

Are Co-Signers Required?

PNC requires a co-signer if the coed is 17 years old, and in addition in cases where the coed cannot meet credit, employment, and income requirements on their very own. 

Remember, though, that the bank doesn’t offer loans to international students, even with a co-signer who’s a citizen or everlasting resident.

Is Loan Pre-Qualification Available?

PNC doesn’t offer pre-qualification. If you ought to compare rates with other lenders, you’ll have to submit an official application.

Length of Time for Loan Approval and Disbursement

PNC has not disclosed how long the approval or disbursement process will take. In case you’re approved for in-school loans, the lender will disburse them on to your school. If there are funds left over, PNC advises borrowers to contact their school to learn in regards to the disbursement process.

Loan Fees and Repayment Options

Loan Fees

• Origination fee: None
• Application fee: None
• Late fee: 5% of the past-due amount or $5, whichever is less; the fee is assessed 15 days after the due date
• Returned payment fee: None
• Deferment fee: None

Loan Discounts

PNC offers a 0.50% rate of interest discount should you arrange automatic payments.

Repayment Options

For in-school loans, borrowers will have the option to select from three different repayment options:

• Immediate: You may start repaying each principal and interest while still in class.
• Interest-only: You will only pay the interest that accrues every month when you’re in class, then each principal and interest six months after graduating or falling below half-time enrollment.
• Deferred: All payments can be deferred until six months after you graduate or fall below half-time enrollment (interest will still accrue). 

In case you get approved for a refinance loan, you will start making monthly payments immediately. 

Loan Deferment and Discharge Options

PNC may offer deferment within the event that you just enroll in class no less than half-time or experience financial hardship, unemployment, or military deployment. Nevertheless, the lender doesn’t disclose specifics about how long you possibly can pause your payments. 

In case you die, the lender will discharge the debt. Nevertheless, there isn’t a forgiveness available should you turn into permanently disabled.

Is Student Loan Refinancing Available?

If you might have existing student loans you possibly can refinance them with PNC, even when you might have an associate degree or no degree in any respect. Rates of interest, loan amounts, and repayment options can vary based in your degree level. The 20-year repayment option is just available should you’re refinancing $75,000 or more. Refinancing is just available for faculty students, not for fogeys.