PNC Bank Student Loan Refinance Review

5, 10, 15, and 20-year loan terms are available when refinancing student loans with PNC Bank. 20-year loan terms are only available for amounts over $75,000.

With that said, PNC Bank offers fairly competitive interest rates to borrowers with excellent credit history and income, but you won’t be able to see what rates they’ll offer you unless you start the application process and submit a preliminary application. This only takes a few minutes to complete but does require a hard credit pull. Both variable-rate and fixed-rate loans are available. Their advertised rates include a 0.50% interest rate discount for automatic payments, a slightly higher discount than the standard 0.25% that most lenders offer. 

A postsecondary degree is not necessary to qualify for this private refinance loan. Instead, PNC Bank requires two years of continuous income or employment history and two years of continuous student loan debt repayment, making this a great option for those who took out student loans for a degree they never completed. You cannot, however, still be enrolled as a student.

Cosigner release is available, but in order to qualify, you need to have made 48 consecutive on-time monthly payments. This is significantly longer than the average lender requires. If PNC Bank offers forbearance to non-military borrowers, they don’t advertise it. However, in-school deferment for up to three years is available to borrowers who pursue further education full-time. Death discharge is also available through this lender. PNC Bank does not have a call center that can be reached on evenings or weekends.

PNC Bank does allow refinancing of both federal and private loans. Their website clearly warns borrowers about losing federal student loan repayment options by refinancing.