PNC Student Loans Review 2024

Founded in 1852, PNC Bank has over $558 billion in assets as of June 2023. The bank offers brokerage services, investment management and various lending options—including undergraduate, graduate and professional student loans.

PNC also has student loan refinancing options after you leave school, regardless of your graduation status.

The bank has flexible repayment options and a 0.50% automatic payment discount—which is double what most lenders offer.

However, PNC doesn’t have a prequalification option, so you’ll need to complete a full application to see if you’re eligible. Students may need to apply with a co-signer if they don’t meet the necessary requirements.

Loan Amounts and Terms

• Loan amounts. You can borrow up to $50,000 annually, with an overall maximum limit of $225,000 for undergraduate student loans. Graduate and professional students can borrow up to $65,000 with an overall maximum limit of $225,000.
• Terms. You can choose from five-, 10- and 15-year repayment terms for your loan, which is similar to most other student loan lenders.

Loan Costs and Fees

• Annual percentage rates (APRs). You can choose between fixed- or variable-rate loans. For undergraduate loans, fixed interest rates range from 6.69% to 13.89% while variable interest rates range from 8.44% to 15.64%. Rates can vary based on your loan amount and creditworthiness. The lowest APR options are available to borrowers with the best credit. These rates include the 0.50% autopay discount.
• Application and origination fees. PNC charges no application or origination fees.
• Additional fees. You will be charged a 5% fee if you make a late payment.
• Prepayment penalties. There are no prepayment penalties.

Repayment Options

PNC Bank offers three repayment options, including:

• Immediate principal and interest payment. You make monthly principal and interest payments during school. This option is more expensive but allows you to repay your loan faster.
• Interest-only payment. You pay the interest in school and defer the principal balance until you leave school, allowing you to save more money up front.
• Deferred payment. You can wait six months after you leave school or drop below half-time enrollment to start making payments. This option mirrors the repayment option for federal student loans.

You can defer your loans due to economic hardship, military deployment or unemployment. However, interest continues to accrue during deferment, and forbearance options aren’t offered.

Perks and Features

• Co-signer release. If you have a co-signer on your loan, you can release them after a specific number of payments. PNC Bank offers a co-signer release after 48 months, which is longer than most lenders.
• Tax deductions. In specific circumstances, your loan’s interest may be tax deductible. Contact your tax advisor to see if you qualify.
• Scholarship program eligibility. The scholarship is open to students enrolled at least half-time in an eligible institution and who are at least 18 years of age. To enter, create a PNC account, meet the eligibility requirements and opt-in for the drawing. You’ll be eligible for a $2,000 scholarship within 12 months of registration.

Loan Amounts and Terms

• Loan amounts. PNC Bank offers undergraduate student loan refinancing from $10,000 to $75,000 after at least 24 months of on-time payments on your federal or private student loans. Borrowers with graduate and associate degrees reach up to $75,000 and $200,000 respectively.
• Terms. You can choose between five-, 10-, 15- and 20-year terms for undergraduate and student loans. Associate degree students and nongraduates can choose between five-,10- and 15-year terms.

Loan Costs and Fees

• APRs. For undergraduate students, fixed interest rates range from 6.99% to 13.94% while variable interest rates range from 7.89% to 14.99%. For , graduate students can expect fixed rates from 4.99% to 11.94% and variable rates from 5.99% to 13.09%. Your interest rate is based on your creditworthiness, loan terms and loan amount.
• Origination or application fees. PNC charges no application or origination fee.
• Additional fees. You will be charged a 5% fee if you make a late payment.
• Prepayment fees. There is no prepayment penalty.

Repayment Options

PNC only offers immediate principal and interest repayment options.

You can choose between five-, 10-, and 15-year terms. The shorter your terms, the higher your monthly payments. While you can choose a longer repayment term for smaller monthly payments, you’ll end up paying more in interest over the life of the loan.

Perks and Features

• Co-signer release. Student loan refinance borrowers can release their co-signers after 48 on-time monthly payments.
• Autopay discount. Borrowers can receive a 0.50% discount if they enroll in automatic monthly payments, which is higher than normal.

PNC Bank evaluates your income, degree level, credit score and other factors to determine your eligibility. If you have trouble meeting the credit or income requirements, adding a co-signer may be a viable option.

Eligibility Requirements

U.S. citizens or permanent residents who are of legal age are eligible to apply. You’ll need to be a graduate with an associate’s degree or higher. If you don’t have a degree, PNC requires 24 consecutive monthly payments on file.

PNC Bank doesn’t publicly disclose credit score requirements for private student loan borrowers. However, borrowers are required to have two years of satisfactory credit history and an adequate debt-to-income (DTI) ratio to be eligible.

You’ll need to show proof of continuous income. If you or your co-signer are self-employed, you’ll need to have at least two years of an established business to qualify. Come prepared with your most recent tax returns.

Co-signer Options

If you don’t qualify on your own, adding a co-signer who meets the loan requirements could be beneficial. If you’re underaged during the time of your application, a co-signer is required. Your co-signer must meet the same credit and income requirements as the borrower to be eligible.

Applying with a co-signer increases your chances of qualifying for a loan and getting the lowest interest rates. PNC offers a co-signer release after 48 months of on-time payments with no periods of deferment or forbearance.

To apply for a PNC Bank student loan, you’ll need to gather the necessary documentation and fill out the online application with your personal and financial information.

Personal information includes:

• Social Security number, driver’s license or your date of birth
• Home phone number, home address and your time of residency
• Co-signer contact information
• Employment information

Your co-signer will need to provide the same information. The application will ask for information on your school’s name, major and degree type. To finish the application, you and your co-signer will need to prove your income, DTI ratio and employment history using bank statements, tax returns or other documents.

You can call PNC at 1-800-762-1001 for questions related to student loans or completing an application. You can also request contact PNC by filling out a form on its website and it will reach out to you.

We reviewed PNC Bank based on 16 data points in the categories of interest rates, fees, loan terms, hardship options, application process and eligibility. We rated PNC Bank based on the weighting assigned to each category:

• Hardship options. 30%
• Application process. 16%
• Loan terms. 14%
• Eligibility. 14%
• Interest rates. 13%
• Fees. 13%

Specific characteristics taken into consideration within each category included number of months of forbearance available, economic hardship repayment options available beyond traditional forbearance, perks like cash-back rewards upon graduation, discounts, time to default, disclosure of credit score and income requirements, and other factors.

Lenders who offered interest rates below 10% scored the highest, as did those who offered more than the standard 12 months of forbearance, who made their loans available to non-U.S. citizens, who offered interest rate discounts beyond the standard 0.25% for automatic payments, who offered multiple loan terms maxing out at 15 years and who charged minimal fees.

In some cases, lenders were awarded partial points, and a maximum of 3% of the final score was left to editorial discretion based on the quality of consumer-friendly features offered.

To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our Loans Rating & Review Methodology.