The PNC Solution Loan for Undergraduates is offered to undergraduate students, while the PNC Solution Loan is intended for graduate and professional students. The PNC Solution Loan for Health Professions Loan is offered to undergraduate and graduate students majoring in an approved health study program. The PNC Solution Loan for Bar Study is available for students who need help paying for their bar exam expenses.
Undergraduate and graduate students must be enrolled in a college program at least half-time. Students interested in the PNC Solution Loan for Health Professions must be enrolled half-time in an approved health program. The PNC Solution Loan for Bar Study requires students to have graduated or be graduating from an approved law school within six months.
Applicants and/or their cosigners must also meet credit guidelines. Credit is one of the main factors used to determine whether or not a candidate is eligible for one of PNC Bank's educational loans. The applicant and/or his cosigner must have a satisfactory credit history, employment history or self-employment history for at least two years, proof of current income and be a U.S. citizen or permanent resident who has resided in the United States for at least two years. Cosigners are generally required for undergraduate students, but they may be optional for others, dependent on their credit.
Students must repay their private PNC Bank educational loans within 15 years. Undergraduate students begin repaying their loans six months after graduating or leaving school. Graduate students can begin repaying right away or defer payments while they are enrolled at least half-time. Students who choose the loan intended for health professions may repay right away or defer payments until nine months after graduating or when enrolled less than half-time. Making automated payments from a checking or savings account allows students to eliminate 0.50 percent of their interest rate.
PNC Bank educational loans offer a cosigner release option after the student has made 48 consecutive monthly payments on time. The PNC Solution Loan options for undergraduates, graduate/professionals and health professions all allow students to use the money for any education-related expense. It is also important to note that funds in all of these loan options are sent directly to the school. According to PNC Bank, interest for the the PNC Solution Loan for Undergraduates and the PNC Solution Loan intended for graduates and professionals may be tax deductible.