The number of options when selecting a lender for student loans or student loan refinancing can be overwhelming. You may be tempted to just go with a popular name.
Click here to know more about the latest PNC Bank student loan refinance options!
You’ve probably heard of PNC Bank, but how does it compare to the competition? Below are some important factors to consider.
PNC Student Loans
The PNC Bank offers private student loans to undergraduates and graduates. Existing borrowers can also refinance their student loans through the company.
PNC allows students to use a co-signer when applying for a student loan. An individual who co-signs a loan, often a parent or relative, agrees to assume financial responsibility if the original borrower defaults.
For borrowers who qualify, PNC offers co-signer release. PNC will remove the co-signer from the loan after 48 consecutive on-time payments. To remove a co-signer, most lenders require that the borrower refinance the loan.
While in school, PNC allows borrowers to defer their loans completely. In addition, they can make full payments or interest-only payments. If you defer payments until you graduate or start making payments right away, your interest rate will vary.
PNC Bank student loan refinance options
You can refinance both private and federal student loans with PNC Bank student loan refinancing. With a PNC loan consolidation, multiple student loans can be consolidated into one. If you’re considering becoming a customer of the bank, here are the loan terms you should know:
- Interest rates: Fixed and variable
- Terms: 5, 10 or 15 years
- Origination fees: None
Also Read: Latest Splash Financial student loan refinance options!
PNC Bank student loan refinance Pros and cons
When shopping for the best refinancing deal, consider which aspects of the lender’s services are most important to you. To find the best lender for your needs, compare the pros and cons of each. PNC Bank offers student loan refinancing with these advantages and disadvantages:
Pros
- When you refinance your student loans with PNC Bank, you won’t be charged an application fee or prepayment penalties.
- 0.50% autopay discount: PNC offers twice as much as other lenders, giving borrowers a 0.50% discount after enrolling in automatic payments.
- After 48 months of on-time payments, borrowers can request the release of their cosigner.
- Some lenders only offer refinancing to borrowers who have earned a degree, but PNC Bank will consider non-graduates.
- In the event of your untimely death, PNC will forgive all outstanding student loans, so your debt won’t pass to your surviving spouse or children.
- You are eligible for up to 36 months of academic deferment if you enroll full-time in an undergraduate or graduate program at an eligible Title IV school.
Cons
- No prequalified rates: Unlike other student loan refinancing companies, PNC Bank doesn’t offer soft credit pulls. You need to submit the full application to see your rate, which results in an official credit inquiry on your credit report.
- Restrictive loan minimum and maximum: With PNC Bank you can only refinance $10,000 to $75,000 in student loans. If your student loan total falls below or above that range, PNC Bank won’t be the right lender for you.
- Limited loan terms: Borrowers can only choose from 5, 10 or 15-year terms. Other student loan refinance companies offer a variety of payment terms.
Eligibility requirements
To qualify for PNC Bank student loan refinancing, you’ll need to meet the following eligibility requirements:
- Have at least 24 months of repayment history
- Have a strong credit profile (no specific credit score minimum published).
- Be a U.S. citizen or permanent resident
- Lived in the U.S. for at least two years
- Have at least two years of steady income or employment
PNC Bank doesn’t require you to be a college graduate to apply for refinancing; however, you’ll be ineligible for refinancing if you’re currently enrolled in a college degree program.
Also Read: Top Companies To Refinance Private School Loans
FAQs
1. Is PNC Bank good for refinancing student loans?
PNC Bank offers a refinance option for student loans. You may want to consider PNC Bank if you already have an account with PNC. Those without a degree who expect to increase their income should also consider refinancing with PNC.
2. Do PNC Bank loans qualify as federal loans?
PNC Bank loans are not federal loans. As a private financial institution, it does not issue or guarantee loans. There is no affiliation between PNC Bank and the federal government or the US Department of Education.
Conclusion
PNC Bank’s student loan refinancing helps individuals take control of their student loans, promoting long-term financial wellbeing and providing a path for a more secure financial future. Refinance your student loans with PNC and take advantage of customizable payment plans.
