PNC Reviews: Student Loan Refinancing and Private Student Loans

PNC student loans offer a half-point interest rate discount for making automatic payments.

Ryan Lane, Cecilia ClarkDecember 7, 2020

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Student loan ratings

Student loan refinancing
Private student loan

The bottom line: PNC is a traditional bank with branches in 22 states. It offers student loans to undergraduates and graduate students across the country, plus student loan refinancing for those who are no longer in school. Its private student loan is best for students who plan to start repayment immediately, while its refinancing loan is best for students without a degree.

Student loan refinancing review

PNC Student Loan Refinance

4.0

NerdWallet rating

Fixed APR

3.44 - 5.99%

Variable APR

1.12 - 3.92%

Min. Credit Score

Does not disclose

Pros

Interest rate discount for autopay is larger than most lenders offer.
Borrowers can refinance without a degree.

Cons

No flexible repayment options for struggling borrowers.
You can't see if you’ll qualify and what rate you’ll get without a hard credit check.

Best for borrowers who don’t have a degree.

Full Review

PNC refinances loans for borrowers who did not graduate and have fewer refinance lenders to choose from as a result. Its 0.50 percentage point interest rate reduction for signing up for automatic payments is also double what most lenders offer.

PNC offers three loan terms — 5, 10 and 15 years — and requires borrowers to have made payments on their loans for two years before refinancing. Borrowers can refinance a maximum of only $75,000, which is less than most lenders allow and may make PNC a non-starter if you have a professional degree.

PNC student loan refinancing at a glance

Borrowers without a degree can refinance.
No option to get personalized rate estimates via a soft credit check.
You must have repaid loans for at least 24 months before you can refinance them with PNC.

How PNC could improve

PNC could improve its student loan refinance product by:

Offering personalized rate estimates via a soft credit check.
Increasing the maximum amount borrowers can refinance.
Disclosing its forbearance policy for borrowers struggling with payments.

How much can refinancing save?

» MORE: Banks that refinance student loans

PNC student loan refinancing details

Interest rates, fees and terms

Soft credit check to qualify and see what rate you’ll get: No.
Loan terms: 5, 10 or 15 years.
Loan amounts: $10,000 to $75,000.
Can transfer a parent loan to the child: No.
Application or origination fee: No.
Prepayment penalty: No.
Late fees: Yes; 5% of the past-due amount or $5, whichever is less, after the payment is 15 days past-due.

Compare PNC's range of interest rates with other private student loan lenders. Your actual rate will depend on factors including your — or your co-signer’s — credit history and financial situation. To see what rate PNC will offer you, apply on its website.

Requirements

PNC doesn’t disclose specific details about what it takes to qualify for student loan refinancing. Lenders typically look for borrowers who have good credit and enough income to afford their debts and expenses.

Financial

Minimum credit score: Did not disclose.
Minimum income: Did not disclose.
Typical credit score of approved borrowers: Did not disclose.
Typical income of approved borrowers: Did not disclose.
Maximum debt-to-income ratio: Did not disclose.
Can qualify if you’ve filed for bankruptcy: Did not disclose.

Other

Citizenship: Must be a U.S. citizen or permanent resident.
Location: Available to borrowers in all 50 U.S. states.
Must have graduated: No.
Must have attended a school authorized to receive federal aid: Yes.
Percentage of borrowers who have a co-signer: Did not disclose.

You must have repaid loans for at least 24 months before you can refinance them with PNC.

Repayment options

Many lenders are offering relief related to COVID-19. Check this list of private loan relief options to see what this lender offers.

Academic deferment: Postpone payments if you go back to school.
Military deferment: Postpone payments if you're on active military duty.
Forbearance: Did not disclose.
Co-signer release available: Yes, after 48 consecutive on-time monthly payments.
Death or disability discharge available: Outstanding debt is forgiven upon death of the borrower. Loan is not forgiven if the borrower becomes permanently disabled.
Loan discharge if co-signer dies or becomes disabled: Did not disclose.

Repayment Preferences

Allows greater-than-minimum payments via autopay: Yes.
Allows biweekly payments via autopay: No.

Customer service

Loan servicer: American Education Services.
In-house customer service team: Yes.
Process for escalating concerns: Yes.
Borrowers get assigned a dedicated banker, advisor or representative: No.
Average time from approval to payoff: Did not disclose.

Extras

Autopay discount: If you set up automated payments for your loan, PNC will reduce your interest rate by half a percentage point, which is a greater autopay discount than most lenders offer.

Before refinancing with PNC

You can apply for a PNC refinanced student loan on its website. Before deciding on a student loan refinance lender, compare multiple student loan refinance options to make sure you’re getting the best rate you qualify for. In addition to interest rates, compare lenders’ repayment options and the flexibility they offer borrowers who are struggling to make payments.

If you aren’t eligible to refinance with PNC

If PNC denies your refinance application, the lender will let you know why. Depending on the reason, you may want to consider other lenders or need a co-signer.

NerdWallet recommends prequalifying with multiple refinance lenders before you apply. This will let you know which lenders you may be eligible with, without affecting your credit.

How does this loan compare?


NerdWallet rating	NerdWallet rating
Check Rate	Check Rate
Fixed APR 2.80 - 6.00%	Fixed APR 3.49 - 6.99%
Variable APR 1.89 - 5.90% FIXED APR Fixed rate options consist of a range from 3.00% per year to 5.00% per year for a 5-year term, 3.60% per year to 5.30% per year for a 7-year term, 4.10% per year to 5.60% per year for a 10-year term, 4.50% per year to 5.65% per year for a 15-year term, or 4.60% per year to 6.20% per year for a 20-year term, with no origination fees. The fixed interest rate will apply until the loan is paid in full (whether before or after default, and whether before or after the scheduled maturity date of the loan). The monthly payment for a sample $10,000 loan at a range of 3.75% per year to 5.80% per year for a 5-year term would be from $183.04 to $192.40. The monthly payment for a sample $10,000 loan at a range of 5.14% per year to 6.25% per year for a 7-year term would be from $142.00 to $147.29. The monthly payment for a sample $10,000 loan at a range of 5.24% per year to 6.65% per year for a 10-year term would be from $107.24 to $114.31. The monthly payment for a sample $10,000 loan at a range of 5.30% per year to 7.05% per year for a 15-year term would be from $80.65 to $90.16. The monthly payment for a sample $10,000 loan at a range of 5.61% per year to 7.27% per year for a 20-year term would be from $69.41 to $79.16. However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account. VARIABLE APR Variable rate options consist of a range from 1.99% per year to 6.05% per year for a 5-year term, 3.75% per year to 6.10% per year for a 7-year term, 4.00% per year to 6.15% per year for a 10-year term, 4.25% per year to 6.40% per year for a 15-year term, or 4.50% per year to 6.65% per year for a 20-year term, with no origination fees. APR is subject to increase after consummation. The variable interest rate will change on the first day of every month (“Change Date”) if the Current Index changes. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes. The variable interest rates are calculated by adding a margin ranging from 0.98% to 3.80% for the 5-year term loan, 2.35% to 3.85% for the 7-year term loan, 2.40% to 3.90% for the 10-year term loan, 2.65% to 4.15% for the 15-year term loan, and 2.90% to 4.40% for the 20-year term loan, respectively, to the 1-month LIBOR index published on the 25th day of each month immediately preceding each “Change Date,” as defined above, rounded to two decimal places, with no origination fees. If the 25th day of the month is not a business day or is a US federal holiday, the reference date will be the most recent date preceding the 25th day of the month that is a business day. The monthly payment for a sample $10,000 loan at a range of 3.49% per year to 6.31% per year for a 5-year term would be from $181.87 to $194.77. The monthly payment for a sample $10,000 loan at a range of 4.86% per year to 6.36% per year for a 7-year term would be from $140.68 to $147.82. The monthly payment for a sample $10,000 loan at a range of 4.91% per year to 6.41% per year for a 10-year term would be from $105.63 to $113.09. The monthly payment for a sample $10,000 loan at a range of 5.16% per year to 6.66% per year for a 15-year term would be from $79.92 to $87.99. The monthly payment for a sample $10,000 loan at a range of 5.41% per year to 6.91% per year for a 20-year term would be from $68.28 to $76.99. However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.	Variable APR 1.87 - 5.87% Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for the Discover Private Consolidation Loan and include a 0.25% interest rate reduction while enrolled in automatic payments. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. For variable interest rate loans, the 3-Month LIBOR is 0.250% as of January 1, 2021. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Our lowest APR is only available to customers with the best credit and other factors. Your APR will be determined after you apply. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner’s credit history (if applicable). Learn more about Discover Student Loans interest rates at DiscoverStudentLoans.com/Rates.
Min. Credit Score 700	Min. Credit Score Does not disclose

Private student loan review

PNC Private Student Loan

3.5

NerdWallet rating

Fixed APR

4.49 - 9.64%

Variable APR

2.92 - 8.07%

Min. Credit Score

Does not disclose

Pros

Interest rate discount for autopay is larger than most lenders offer.

Cons

No formal forbearance options.
You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.

Best for students who plan to start repayment immediately.

Full Review

PNC's private student loan is best for borrowers who plan to start repayment while in school. The lender offers immediate and interest-only payment plans, as well as a 0.50 percentage point interest rate reduction for automatic payments, which is double what most lenders offer.

PNC does not disclose information about its forbearance policy, nor does it offer any alternate repayment options for borrowers struggling with payments. Consider other lenders if you want that potential flexibility.

PNC private student loan at a glance

No option to get personalized rate estimates via a soft credit check.
Co-signer release available after 48 months of on-time payments.
No flexible repayment options for borrowers struggling with payments.

How PNC could improve

PNC could improve its private student loans by offering:

Personalized rate estimates via a soft credit check.
A formal forbearance policy.
Transparency around applicant requirements.

PNC private student loan details

Interest rates, fees and terms

Soft credit check to qualify and see what rate you’ll get: No.
Loan terms: 5, 10 or 15 years.
Loan amounts: $1,000 to $50,000.
Application or origination fee: No.
Prepayment penalty: No.
Late fees: Yes; 5% of the past-due amount or $5, whichever is less, after the payment is 15 days past-due.

Requirements

PNC doesn’t disclose specific details about what it takes to qualify for its student loans. Lenders typically look for borrowers who have good credit and enough income to afford their debts and expenses.

Financial

Minimum credit score: Did not disclose.
Minimum income: Did not disclose.
Typical credit score of approved borrowers or co-signers: Did not disclose.
Typical income of approved borrowers: Did not disclose.
Maximum debt-to-income ratio: Did not disclose.
Can qualify if you’ve filed for bankruptcy: Did not disclose.

Other

Citizenship: Must be a U.S. citizen or permanent resident.
Location: Available in all 50 U.S. states.
Must be enrolled half-time or more: Yes.
Types of schools served: Any school authorized to receive federal aid.
Percentage of borrowers who have a co-signer: Did not disclose.

Repayment options

Many lenders are offering relief related to COVID-19. Check this list of private loan relief options to see what this lender offers.

In-school repayment options

Immediate: Begin making full monthly payments as soon as the loan is disbursed. This option will save you the most in interest.
Deferred: You won’t be required to make any payments until your grace period ends, but you can choose to make payments if you’d like. Interest will accrue while you’re in school and will capitalize, or get added to your principal balance, at the end of your grace period.
Interest-only: Pay only the interest while in school and begin paying down the principal balance after your six-month grace period ends.

Post-school repayment options

Grace period: 6 months.
Academic deferment: Yes.
Military deferment: Postpone payments if you're on active military duty.
Forbearance: Did not disclose.
Co-signer release available: Yes, after 48 consecutive on-time monthly payments.
Death or disability discharge available: Outstanding debt will be forgiven upon the death of the borrow. Did not disclose information about disability discharge.
Loan discharge if co-signer dies or becomes disabled: Did not disclose.

Repayment preferences

Allows greater-than-minimum payments via autopay: Yes.
Allows biweekly payments via autopay: No.

Customer service

Loan servicer: American Education Services.
In-house customer service team: Yes.
Process for escalating concerns: Yes.
Borrowers get assigned a dedicated banker, advisor or representative: No.
Average time from application to approval: Did not disclose.

Extras

Autopay discount: If you set up automated payments for your loan, PNC will reduce your interest rate by half a percentage point, which is a greater autopay discount than most lenders offer.
PNC Education Loan Center Achiever Scholarship Sweepstakes: Win a $2,000 scholarship and gain access to financial literacy tools by registering with Decision Partners, an online financial literacy education provider, through PNC. More details.

Before applying for a PNC student loan

You can apply for a PNC student loan on its website. Before taking out a PNC student loan or any other private loan, exhaust your federal student loan options first. Submit the Free Application for Federal Student Aid, known as the FAFSA, to apply.

» MORE: NerdWallet’s FAFSA Guide

Compare your private student loan options to make sure you’re getting the best rate you qualify for. In addition to interest rates, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments.

If you aren’t eligible for a PNC student loan

If PNC denies your student loan application, the lender will let you know why. Depending on the reason, you may want to consider other lenders or, if you haven’t already, try applying with a co-signer.

If you don’t have access to a co-signer — or still aren’t eligible with one — consider lenders that don’t require co-signers or specialize in bad or no credit student loans.

STUDENT LOANS RATINGS METHODOLOGY

NerdWallet believes the best student loan is one you can repay at the lowest interest rate you can get. That's why NerdWallet’s student loan ratings reward lenders that offer a variety of loan terms, limit their fees and penalties, and extend borrowers multiple options to avoid default. Points are also awarded for soft credit checks, underwriting transparency and other consumer-friendly features. Use these ratings as a guide, but we encourage you to shop around for the lowest interest rate you can qualify for. NerdWallet does not receive compensation for its reviews. Read our editorial guidelines

Find the Right Student Loan

Frequently asked questions

PNC is a four-star lender based on NerdWallet's student loan rating system. Our ratings prioritize low interest rates and flexible repayment options that allow borrowers to repay loans faster and avoid default.

Visit PNC's website to apply for a private student loan or refinancing. You'll need to meet all credit and underwriting qualifications.

Qualified applicants don't need a co-signer to apply for PNC student loans. However, adding a credit-worthy co-signer could increase your chances for approval and decrease your interest rate.