PNC Bank Student Loans
Private Loans for College

1. an undergraduate loan for students enrolled at least half-time in a degree program
2. a graduate loan for students enrolled at least half-time in a degree program
3. a health professions loan for grad and undergrad students enrolled in an approved field of study (at least half-time)
4. a health professions residency loan for MD and DO residents
5. a bar exam loan for students who are within 6 months of graduation from an ABA-accredited law school

PNC private student loans details:

• At least half-time enrollment in a degree program is an eligibility requirement, as is U.S. citizenship (or permanent resident for at least two years).
• $40,000 per year maximum, with a lifetime cap of $225,000.
• Funds are sent directly to your school, not to you.
• Cosigner release after 48 months. (There are other private loan lenders that require fewer payments.)
• Repayment- choose between starting payments immediately, making loan interest payments only, or allowing interest to accrue by deferring all payments until after graduation.

PNC's high-end rate compares well to Sallie Mae college loans' upper rate.) And PNC bank does offer a larger-than-usual discount for automatic withdrawal: .50%, instead of the .25% that Discover private school loans or Wells Fargo student loans, offers.

PNC Bank Student Loans- Credit and Cosigners

They also state that it is typical to require undergraduates to have a cosigner. While this is generally the case with most college loan companies, few come right out and say it. Cosigner release will also depend on the creditworthiness of the original borrower. It is not automatic; it must be requested in writing, and the borrower must pass a credit check in order for the request to be granted.

Although this is a variable rate loan, PNC bank guarantees that your rate will not go above 18%.

PNC provides a 'solicitation disclosure' on their site which gives an example of how much your loan will cost based on your repayment choice. The amazing thing about this example is that it uses the highest interest rate charged by PNC, rather than the lowest or a mid-sized one.

Another interesting point about PNC loans is that it is possible to apply for one, 60 days after the school term for it, ends. So, if you incur any unexpected expenses or if you owe your school money for the previous term (which has to be paid before they let you register for the next term) this loan is an option.

You may also find these college funding topics useful to you:

Eliminate student loan debt

Education tax credit

Federal Direct PLUS loans