The Good

• Flexible options for struggling borrowers
• 0.25% discount for automatic payments
• No origination fee

PNC student loans stands out the most in its flexible payment options. Borrowers have three repayment choosing options such as full deferral, immediate repayment and interest only payment options. And those who sign up for automatic payment option, get a 0.25% deduction on interest rates.

PNC Bank allows for a six-month grace period like federal loans and the borrowers need not to make repayment during the period. The borrowers can take primary decision in a few minutes and the PNC Bank doesn’t charge any origination or application fees.   In addition, if graduates are struggling to get a job and pay back their loans, PNC Bank seems to be better than most in its flexibility.  They offer:

1. An Extended Grace Period:
2. Forbearance
3. Loan modification program

Finally, while PNC interest rates will be higher than an unsubsidized federal loan (see below), federal loans do typically charge an origination fee.  PNC does not charge an origination fee on the loan.  That should not be a huge factor in your decision, as it is a small amount compared to the loan’s interest, but it’s a positive.

The Bad

• Costlier than federal student loans
• PNC website is difficult to navigate

Since PNC Bank is a private company, like any private lender, it will have higher interest rates than a loan that you receive from the government.  The average PNC student loan is 6.89% to undergraduate and graduate studnets.  To compare, the average unsubsidized loan from a federal student loan is 3.75% for undergraduates and 5.31% for graduates.

The PNC Bank website includes easy questions about their various loan options, but it doesn’t provide with all the required information.

Our Summary

PNC Bank student loans are solid options for students and creditworthy borrowers who need to either refinance existing loans or take out new loans. They offer competitive terms and rates, payment deferment for 6 months after graduation, flexible repayment options, and student loans with fixed and variable interest rates. Its application process is free and easy.  They offer students immediate repayment, interest-only payments or in-school deferment meaning that you don’t need to pay back the loan until you graduate (and hopefully, have a great job).   However, in-school deferment does not mean it’s free.  The loan interest still accrues and you owe it after graduation.

PNC also does not conduct a hard credit pull when offering a rate.  So applying on their website will not impact your credit score.  Only when you decide to accept their offer and move forward with the loan will they then conduct a hard credit pull.