PNC Solution Loan for Undergraduates

Who Is the Borrower? The student, enrolled in an undergraduate degree program, is the primary borrower. The borrower must be a US citizen or permanent resident.
Interest Rate Interest rates are tiered and both fixed and variable rate options are available. Fixed rates range from 6.49% to 12.99%. Variable rates are indexed to a 3 month average of the 1-month LIBOR and range from 1-month LIBOR plus 3.30% to LIBOR plus 10.25%. The interest rate is capped at 18% and rates are reset quarterly.
Credit Criteria Approval and interest rates are based on the student borrower’s and/or co-borrower’s creditworthiness as determined by PNC Bank.
Fees There are no origination, disbursement, repayment or default/insurance fees.
Minimum and Maximum Allowed Loans are approved from $1,000 up to the lesser of the total cost of education minus any financial aid, including any Federal Stafford Loan or $40,000 for creditworthy borrowers. The maximum aggregate loan limit is $225,000.
Repayment Terms A 15 year maximum repayment. Repayment starts 6 months after the student ceases to be enrolled at least half time. No prepayment penalty.
Enrollment Status Students must be enrolled at least half time in a undergraduate degree program.
Deferment Options Options to defer interest and principal for up to 4.5 years while student is enrolled at least half time. Deferments are also available for active duty military borrowers.
Can Loan be Sold? PNC Bank states that it does not routinely sell its loans.
Other Borrower Benefits Interest rate reduction of 0.50 % is available when payments are made via electronic fund transfer. Co-signer release is available after the first 48 on-time payments are made, provided the student borrower meets creditworthiness test on their own. Loan forgiveness is granted upon the death of the borrower. Borrowers can request a hardship forbearance.
How to Apply

Get more information and/or apply online: http://www.pnconcampus.com

Contact PNC at: 800-762-1001, press option #1

This information is based on information provided by lenders identified in response to a Request for Information issued by Boston University. The terms and conditions of any loan may vary depending on, among other things, market conditions and your credit score. Proposed terms may have changed since lenders provided information to Boston University. You should contact the lender to obtain current terms and information. You should review any proposed terms and obligations carefully.