PNC Education Refinance Loan - Undergraduate Degree
Fixed Rate Application and Solicitation Disclosure
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PNC Bank, National Association
500 First Avenue
Pittsburgh, PA 15219
877-793-9793 |
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Your interest rate will be between
After the rate is set, your rate will be fixed.
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Your Interest Rate (upon approval)
The interest rate you will pay will be determined after you apply. The rate will be established based on your credit history, your cosigner’s credit history, if applicable, your selected repayment term, and your level of degree attained. If approved, we will notify you of the rate you qualify for within the stated range.
Your Interest Rate during the life of the loan
Your rate is fixed and will remain fixed for the life of the loan. This means that once your rate is determined, the rate will not change. For more information on this rate, see Reference Notes.
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The rate will be fixed for the life of the loan.
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Origination Fee: 0.000%.
Late Fees: 5.000% of the past due amount or $5.00, whichever is less.
Collection and Default Charges: In the event of a default, the borrower may incur additional collection charges as permitted under applicable law.
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Payments of principal and interest are due following the disbursement of loan proceeds.
Repayment Option
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Amount Provided
(amount provided directly to your lender(s) on your behalf) |
Interest Rate
(highest possible rate) |
Loan Term
(how long you have to pay off the loan) |
Total Paid
over entire loan term (includes associated fees) |
1. FULL PAYMENTS
Make principal and interest payments. |
$10,000.00 |
12.740% |
5 years
(60 months) starting after disbursement |
$13,572.00 |
2. FULL PAYMENTS
Make principal and interest payments. |
$10,000.00 |
14.290% |
10 years
(120 months) starting after disbursement |
$18,841.20 |
3. FULL PAYMENTS
Make principal and interest payments. |
$10,000.00 |
14.390% |
15 years
(180 months) starting after disbursement |
$24,444.00 |
4. FULL PAYMENTS
Make principal and interest payments. |
$10,000.00 |
14.440% |
20 years
(240 months) starting after disbursement |
$30,614.40 |
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About this example
The loan cost example is based on the highest interest rate currently charged and the loan term shown above, and assumes the timely receipt of your payments. The actual loan cost will vary depending on the terms of credit for which you are approved. NOTE: The 20 year repayment term is only available for loan amounts over $75,000.
SEE BACK OF PAGE
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Page 2 of 5
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| Direct Consolidation Loan |
Rate offered equals the weighted average interest rate of the loans being consolidated, rounded up to the nearest one-eighth of one percent. |
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Private Education Loans are not eligible to be included in a Federal Direct Consolidation Loan.
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- Find Out About Other Loan Options.
Visit the Department of Education's website at: https://studentaid.gov/ for more information about consolidation loan options that may be available for Federal student loans.
- To Apply for this Loan, Complete the Application.
If you are approved for this loan, the loan terms will be available for 30 days. (Terms will not change during this period, except as permitted by law. The interest rate on this loan is fixed and will not change).
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Fixed Interest Rate
- This loan has a fixed interest rate.
- Applying without a cosigner typically results in a higher rate.
- Rates displayed are available to borrowers who have attained an undergraduate degree. Rates may vary by repayment term. The 20 year repayment term is only available for loan amounts over $75,000.
- During repayment, a 0.500% interest rate discount is available for automated payment from a checking or savings account. If automated payment is discontinued, the discount will be removed. Discount may be suspended during periods of forbearance or deferment. Rates displayed on this disclosure do not include the 0.500% discount. Discount is applied at the time automated payment is established.
Eligibility Criteria
- Borrower and cosigner, if applicable, must be U.S. citizens or permanent resident aliens.
- Borrower must be at least the age of majority in his or her state of residence.
- Borrower must be actively repaying on at least one education loan.
- Both borrower and cosigner, if applicable, are subject to credit approval. Additional documentation may be required.
- The borrower on an individual application and the borrower and cosigner on a joint application, if applicable, must demonstrate current and continuous income.
Loans Eligible for Refinancing
- Qualifying Federal loans and Private loans, used only for qualified higher education expenses at an accredited U.S. undergraduate or graduate school, are eligible for refinancing.
- Loans cannot be in a delinquent status and must have an aggregate outstanding balance between $10,000 and $175,000.
Repayment Option
- This loan requires immediate payments of principal and interest following disbursement of loan proceeds. There are no other repayment options for this loan.
| Bankruptcy Limitations
- If you file for bankruptcy you may still be required to pay back this loan.
Prepayments
- If you choose to prepay your principal at any time, you will not be charged a prepayment penalty.
Certain Federal Benefits Will Be Lost or Not Available
- If you refinance your Federal loans through this PNC Education Refinance Loan, you will lose or not be able to select other payment plans available to Federal student loan borrowers, such as income-contingent repayment or income-based repayment. In addition, Federal student loans offer deferment, forbearance and loan forgiveness options that may not be available under a PNC Education Refinance Loan. Please compare your current benefits with this program to ensure any loss of existing benefits is fully understood.
Deferment
- During the repayment term period to be eligible for deferment the borrower must be enrolled full time in an undergraduate or graduate degree program at a Title IV eligible school or enrolled in a medical residency or internship program.
More information about loan eligibility and repayment deferral or forbearance options is available in your loan application and loan agreement.
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PNC Education Refinance Loan - Undergraduate Degree
Variable Rate Application and Solicitation Disclosure
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PNC Bank, National Association
500 First Avenue
Pittsburgh, PA 15219
877-793-9793 |
|
Your starting interest rate will be between
After the starting rate is set, your rate will then vary with the market.
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Your Starting Interest Rate (upon approval)
The starting interest rate you will pay will be determined after you apply. The rate will be established based on your credit history, your cosigner’s credit history, if applicable, your selected repayment term, and your level of degree attained. If approved, we will notify you of the rate you qualify for within the stated range.
Your Interest Rate during the life of the loan
Your rate is variable. This means that your actual rate varies with the market and could be lower or higher than the rate on this form. The variable rate is based upon the Prime Rate as published in the "Money Rates" section of The Wall Street Journal (Eastern Edition) on the first business day of the immediately preceding calendar month. For more information on this rate, see Reference Notes.
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Although the rate will vary after you are approved, it will never exceed 18.000% (the maximum allowable for this loan).
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Origination Fee: 0.000%.
Late Fees: 5.000% of the past due amount or $5.00, whichever is less.
Collection and Default Charges: In the event of a default, the borrower may incur additional collection charges as permitted under applicable law.
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Payments of principal and interest are due following the disbursement of loan proceeds.
Repayment Option
|
Amount Provided
(amount provided directly to your lender(s) on your behalf) |
Interest Rate
(highest possible rate) |
Loan Term
(how long you have to pay off the loan) |
Total Paid
over entire loan term (includes associated fees) |
1. FULL PAYMENTS
Make principal and interest payments. |
$10,000.00 |
13.640% |
5 years
(60 months) starting after disbursement |
$13,849.20 |
2. FULL PAYMENTS
Make principal and interest payments. |
$10,000.00 |
15.190% |
10 years
(120 months) starting after disbursement |
$19,500.00 |
3. FULL PAYMENTS
Make principal and interest payments. |
$10,000.00 |
15.390% |
15 years
(180 months) starting after disbursement |
$25,675.20 |
4. FULL PAYMENTS
Make principal and interest payments. |
$10,000.00 |
15.490% |
20 years
(240 months) starting after disbursement |
$32,474.40 |
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About this example
The loan cost example is based on the highest starting interest rate currently charged and the loan term shown above, and assumes the timely receipt of your payments. The actual loan cost will vary depending on the terms of credit for which you are approved. NOTE: The 20 year repayment term is only available for loan amounts over $75,000.
SEE BACK OF PAGE
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Page 4 of 5
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| Direct Consolidation Loan |
Rate offered equals the weighted average interest rate of the loans being consolidated, rounded up to the nearest one-eighth of one percent. |
|
Private Education Loans are not eligible to be included in a Federal Direct Consolidation Loan.
|
- Find Out About Other Loan Options.
Visit the Department of Education's website at: https://studentaid.gov/ for more information about consolidation loan options that may be available for Federal student loans.
- To Apply for this Loan, Complete the Application.
If you are approved for this loan, the loan terms will be available for 30 days (terms will not change during this period, except as permitted by law and the variable interest rate may change based on the market).
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Variable Interest Rate
- The variable interest rate is based on the Prime Rate index plus a margin of
-0.110% to 6.990%
based on creditworthiness, and may be adjusted monthly.
- The rate will not increase more than once a month, but there is no limit on the amount that the rate could increase at one time. Your rate will never exceed 18.000%.
- Applying without a cosigner typically results in a higher rate.
- Rates displayed are available to borrowers who have attained an undergraduate degree. Rates may vary by repayment term. The 20 year repayment term is only available for loan amounts over $75,000.
- During repayment, a 0.500% interest rate discount is available for automated payment from a checking or savings account. If automated payment is discontinued, the discount will be removed. Discount may be suspended during periods of forbearance or deferment. Rates displayed on this disclosure do not include the 0.500% discount. Discount is applied at the time automated payment is established.
Eligibility Criteria
- Borrower and cosigner, if applicable, must be U.S. citizens or permanent resident aliens.
- Borrower must be at least the age of majority in his or her state of residence.
- Borrower must be actively repaying on at least one education loan.
- Both borrower and cosigner, if applicable, are subject to credit approval. Additional documentation may be required.
- The borrower on an individual application and the borrower and cosigner on a joint application, if applicable, must demonstrate current and continuous income.
Loans Eligible for Refinancing
- Qualifying Federal loans and Private loans, used only for qualified higher education expenses at an accredited U.S. undergraduate or graduate school, are eligible for refinancing.
- Loans cannot be in a delinquent status and must have an aggregate outstanding balance between $10,000 and $175,000.
| Repayment Option
- This loan requires immediate payments of principal and interest following disbursement of loan proceeds. There are no other repayment options for this loan.
Bankruptcy Limitations
- If you file for bankruptcy you may still be required to pay back this loan.
Prepayments
- If you choose to prepay your principal at any time, you will not be charged a prepayment penalty.
Certain Federal Benefits Will Be Lost or Not Available
- If you refinance your Federal loans through this PNC Education Refinance Loan, you will lose or not be able to select other payment plans available to Federal student loan borrowers, such as income-contingent repayment or income-based repayment. In addition, Federal student loans offer deferment, forbearance and loan forgiveness options that may not be available under a PNC Education Refinance Loan. Please compare your current benefits with this program to ensure any loss of existing benefits is fully understood.
Deferment
- During the repayment term period to be eligible for deferment the borrower must be enrolled full time in an undergraduate or graduate degree program at a Title IV eligible school or enrolled in a medical residency or internship program.
More information about loan eligibility and repayment deferral or forbearance options is available in your loan application and loan agreement.
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Page 5 of 5
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Notice for students attending an institute of higher education in Virginia
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Private education loans are one tool that students use to finance their education. Your lender and your institution's Financial Aid Office provide assistance with eligibility for the loans. For borrowers who have existing private education loans, Virginia has a Student Loan Advocate to assist borrowers who are struggling with repayment. You can contact the Student Loan Advocate at: State Council of Higher Education for Virginia, James Monroe Building, 10th Floor, 101 N. 14th Street, Richmond, VA 23219; studentloan@schev.edu; 804-786-2832. In addition, resources for prospective and current private education loan borrowers are available online at schev.edu/privateloan. |