PNC Bank Student Loan Refinance Review
Education Refinance Loan
Refinancing your student loans with PNC Bank has its perks, but the most important of these for many borrowers is the fact that you can qualify with or without a degree — Associate’s or Bachelor’s. With that said, there are a few drawbacks to borrowing with PNC Bank, such as a low borrowing limit and little to no assistance for borrowers who are experiencing financial hardship, so this lender should not be the first choice for everyone.
How does this loan compare?
5, 10 and 15-year loan terms are available when refinancing student loans with PNC Bank. The maximum loan amount is $75,000, which is far below the average loan limits of other lenders and isn't likely to cover the full debt of all borrowers.
With that said, PNC Bank offers fairly competitive interest rates to borrowers with excellent credit history and income, but you won’t be able to see what rates they’ll offer you unless you start the application process and submit a preliminary application. This only takes a few minutes to complete but does require a hard credit pull. Both variable-rate and fixed-rate loans are available. Their advertised rates include a 0.50% interest rate discount for automatic payments, a slightly higher discount than the standard 0.25% that most lenders offer.
A postsecondary degree is not necessary to qualify for this private refinance loan. Instead, PNC Bank requires two years of continuous income or employment history and two years of continuous student loan debt repayment, making this a great option for those who took out student loans for a degree they never completed. You cannot, however, still be enrolled as a student.
Cosigner release is available, but in order to qualify, you need to have made 48 consecutive on-time monthly payments. This is significantly longer than the average lender requires. If PNC Bank offers forbearance to non-military borrowers, they don’t advertise it. However, in-school deferment for up to three years is available to borrowers who pursue further education full-time. Death discharge is also available through this lender. PNC Bank does not have a call center that can be reached on evenings or weekends.
PNC Bank does allow refinancing of both federal and private loans. Their website clearly warns borrowers about losing federal student loan repayment options by refinancing.
PNC Bank - Private Student Loan Details
- Credit Check: Not specified by lender
- Repayment Terms: 5, 10, 15 years
- Minimum Borrowing Limit: $10,000
- Application Fee: Not specified by lender
- Origination Fee: None
- Prepayment Penalty: None
- Late Fee: Yes
- Minimum Credit Score: Not specified by lender
- Minimum Annual Income: Not specified by lender
- Citizenship Restriction: Citizens or Residents
- List of States where Loan is Not Available: None
- Approved Schools Include: Not specified by lender
- Maximum Deferment Period: 36 months
- Maximum Forbearance Period: Not specified by lender
- Cosigner Release Option: Yes, after 48 months on-time payments
- Death Discharge: Yes
- Disability Discharge: Not specified by lender
- US-Based Call Center: Yes
- Hours of Operation (in addition to weekdays): No Evenings or Weekends
- Application Timeline: Preliminary decision within minutes
- Scholarship Search Tool: None
- Sponsors a Scholarship: Yes
- Job and Career Assistance: None
- Financial Literacy Training: Yes