PNC Bank Student Loan Refinance Review

Our Rating: C- ⓘ (Compare)

One of the nation’s largest banks, PNC Bank may be a good option for nongraduates, those who expect their gross income to improve, and those who already have an account with PNC.

*Lowest rates always include a 0.25% rate reduction for enrolling in auto-pay, plus an additional 0.25% for linking autopay to a PNC account (a 0.50% total rate reduction).

Skip to: Rates & Fees | Eligibility Requirements | Repayment Options | Consumer Reviews & Complaints | FAQ

PNC Bank Refinance Rates & Fees

Undergraduate and graduate degree holders are eligible for fixed rates between 5.99% and 14.44% and variable rates starting between 7.69% and 15.49%.

For associate’s degree holders, fixed rates are between 6.44% and 14.34%, and variable rates start between 8.14% and 15.84%. For nongraduates, fixed rates are between 8.49% and 16.39% while variable rates start between 10.19% and 17.89%.

Note that the lowest rates always include the 0.50% interest reduction for enrolling in auto-pay from a PNC checking or savings account.

†Terms of 20 years are only available to bachelor’s and graduate degree holders.

Additional information about PNC Bank refinance rates:

• Checking your rate with PNC Bank may affect your credit score. They will conduct a hard, not soft, credit inquiry (learn the difference).
• PNC Bank does offer a discount for setting up autopay: 0.25% interest rate reduction.
• Autopay linked to a PNC Bank account activates an additional 0.25% interest rate reduction for a total 0.50% rate reduction.
• Variable rates are based on the Prime Rate (8.00% as of this writing) 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 plus a margin of -0.53% to 2.27%.
• Variable rates are capped at 18.00%.

PNC Bank refinance rates recent history:

Over a two-year period (2022-2024), PNC increased its lowest and highest available student refinance APRs an average of 176%.

In 2023, PNC Bank increased its lowest available fixed rate for new loans 33.4% (from 4.49% APR) while the highest fixed rate increased 22.8% (from 14.24% APR). PNC’s lowest starting variable rate went up 59.2% (from 4.39% APR), and the highest starting variable rate increased 23.7% (from 14.14% APR).

In 2022, PNC Bank increased its lowest and highest fixed rates 30.5% and 85.2%, respectively; PNC’s lowest and highest starting variable rates increased 97.7% and 156.2%.

Additional Fees

Beyond interest rates, there are a number of fees a refinance lender may charge up-front or during the loan servicing period. Below is a list of these fees that PNC Bank does or does not charge.

1. Application fee – fee to apply for rates & approval.
2. Loan origination fee – fee to create the new loan.
3. Disbursement fee – fee for distributing funds to lenders to pay off loans that have been refinanced.
4. Prepayment penalty – fee for making extra payments to reduce a refinance loan balance or pay it off early.
5. Late payment fee – fee for making a late payment.
6. Returned payment fee – fee for failed payments due to insufficient funds, also known as a “bounced check”.
7. Collection fee – fee for collection activity on a defaulted debt; PNC Bank discloses only that “may incur additional collection charges as permitted under applicable law.”^[1]

Current Promotions & Offers

PNC Bank does not currently have any special promotions available to refinance applicants or borrowers.

PNC Bank Refinance Eligibility Requirements

To qualify for refinancing with PNC Bank, all borrowers must meet the criteria below.

• Citizenship Requirement: U.S. citizenship or permanent residence.
• Income Requirement: steady over the previous 2 years (no minimum specified).
• Credit Score Requirement: no minimum specified.
• Graduation Requirement: none.
• Location Requirement: none specified.

Additional restrictions apply for specific individuals and loans.

• A “satisfactory” credit history.
• Refinance borrowers must not currently be enrolled in school.
• Nongraduates must provide a 24-month repayment history on the loans to be refinanced.
• Maximum borrowing limits vary according to degree status.
  • Nongraduates may refinance up to $25,000.
  • Associate degree holders may refinance up to $75,000.
  • Bachelor’s degree holders may refinance up to $175,000.
  • Graduate and professional degree holders may refinance up to $200,000.

PNC Bank Student Loan Repayment Options

Lenders vary greatly on the benefits and options provided to borrowers during the loan servicing period. Additionally, benefits may only be available on a case-by-case basis. PNC Bank offers some relief options.

Deferment & Forbearance

PNC Bank does not specify much about its deferment, but more options may be available on a case-by-case basis. See PNC’s conditions for deferment and forbearance below.

Additional Options

PNC Bank does offer other opportunities for relief or contract modification.

• Deferment may be available to those enrolled in a medical residency or internship program.
• Co-signer release is available after 48 consecutive qualifying payments.
• Death / disability discharge is available in the unfortunate circumstance that a borrower passes away or suffers total permanent disability.

PNC Bank Reviews, Complaints & Lawsuits

Beyond our own findings, our team also collected the most genuinely insightful customer experiences we could find, including any instances of legal action against the company in which the details became public. Some entries may be edited for readability.

PNC Bank Online Reviews

Despite PNC’s size, few online reviews about the bank’s student loan products. Below are samples of PNC Bank customer reviews we found on public forums, included here for their value as unedited, uncensored, and unsolicited user experiences. Note that these reviews are unverified, may include inaccuracies, and may provide outdated information (about rates, bonus offers, etc.).

“Recently, i was shopping around for a refinance with other banks. My chosen lender contacted PNC without me knowing looking for basic info like account balance and PNC charged me a service fee without me even being aware of what was going on. PNC has since said they would return the fee, but I am concerned for several reasons: 1) information on my own account is difficult for me to obtain 2) others can obtain account information without me even being aware 3) small fees are assessed without my knowledge, and I never would have even seen it if I hadn’t been actively checking.” – George F. on Better Business Bureau, 9/9/2020

“I have 2 student loans from 2008 total borrowed from PNC was $20000. I have been paying regular monthly payments of over $200 a month for 8 years and still owe more than I borrowed. When I try to talk to them, their attitude is oh well there is nothing we can do. And the variable rate just keeps going up. They are terrible. And would never recommend a private student loan through these people. Awful awful service or compassion…” – Aaron P. on SuperMoney, 2019

More (unfiltered) customer reviews of PNC Bank are available at TrustPilot.com (1.3 out of 5) and ConsumerAffairs.com (3.6 out of 5).

PNC Bank Consumer Complaints

As consumer finance companies, student loan refinancing lenders fall under the jurisdiction of the Consumer Financial Protection Bureau (CFPB), a federal agency. As part of its mission, the CFPB allows consumers to log official complaints. These complaints are publicly available on the CFPB official website.

Since December 1, 2011, consumers have submitted 24,811 complaints about PNC Bank N.A. to the CFPB for an average of one (1) complaint every four (4) hours and 19 minutes; that complaint rate is nearly 265 times higher than the average daily complaint rate among reviewed lenders. Among the 8,584 complaints with accompanying narratives, just four (4) reference student loan refinancing.

In 2023, PNC Bank received 2,382 complaints.

In 2022, PNC Bank’s consumer complaint rate is 24.9% higher (as of this writing) than it is in an average year. In 2021, PNC received 2,238 complaints, which is 15.6% higher than its average annual complaint rate.

Consumers file the annual equivalent of one (1) complaint for every $8.268 million of estimated corporate revenue or roughly one (1) complaint for every 27 employees.

The allegations made in these complaints are unverified, are not necessarily representative of all consumers’ experiences with PNC Bank, and may contain outdated information (about rates, bonus offers, etc.). Note that a lender with a large customer base is likely to have a higher number of complaints when compared with smaller lenders.

Below, we’ve included three (3) of the most recent complaints (as of this writing) in which the consumer (a) consented to share their details and (b) referenced to student loan debt.

Complaint 8379759
2/20/2024
Ohio

“I claimed bankruptcy in XXXX of XXXX. In the bankruptcy was a private school loan from National City Bank, ( XXXX XXXX ) now PNC. Now my wages are being garnished at 25 % each paycheck. Loan amount at the time was {$10000.00} This loan was taken out in XXXX. I know I used funds for schooling and to pay bills because I wasnt working full time during school. I was advised by my attorney file a complaint with your organization in regards to this matter. Now XXXX, trying to garnish my wages. Please advise. Thank you.”

Complaint 8159162
1/16/2024
Mississippi

“PNC Bank is collecting on a debt that they prepared and forwarded a XXXX to the IRS in 2020.
“

Complaint 7578434
9/20/2023
Kentucky

“On XX/XX/2023 I had a direct deposit in the amount of {$1800.00} directly deposited into my XXXX Bank Account issued by PNC Bank XXXX XXXX, a campus based Federal student loan servicer. On XX/XX/XXXX ” XXXX XXXX Banking closed my account due to violating there ” ACH Transfer ” or in other words, ” Direct Deposit ” policy. But at first they had told me it was for fraud, I was told that the names on the accounts did not match. Which was a complete lie and they disregarded my willingness to provide proof. I have been attempting to gain access to my money for going on 60 days now. I even had an affidavit emailed to me. Printed the affidavit, filled it out, had it notarized and mailed back to XXXX to have sent to the bank who has been holding my student refund because they refused to reverse the deposit back to the loan servicer to have them redirect the deposit to my other financial institution. XXXX Bank has refused to even email me or call and discuss the matter so here I am taking what ever steps I need to to get my money. I have been trying to get my refund since XX/XX/2023 and today ‘s date is XX/XX/2023 and I am getting the same run around about contacting them, 5 to 7 days for update, never get update then told to contact the school XXXX XXXX. Then they tell me they are waiting for response from them, and so on. I am getting nowhere with PNC Bank, XXXX XXXX banking, XXXX nor XXXX XXXX XXXX XXXX XXXX XXXX campus. Please help me CFPB!”

For a full list of complaints made against PNC Bank in the CFPB’s Consumer Complaint Database, click here.

PNC Bank Lawsuits

PNC Bank and PNC Financial Services Group, Inc. are often subject to legal action. This is not uncommon among multibillion-dollar financial corporations. No current lawsuits appear to mention the bank’s student refinance loan program. Note that while this information is updated regularly, ongoing legal action is subject to change.

While a judge recently dismissed one case alleging PNC charged excessive and fraudulent customer fees, PNC settled a similar case (involving repeat overdraft fees) in August 2020 for $7.5 million.^[2][3]

In September 2023, PNC settled for $6.1 million with a group of former employees who allege PNC violated 401(K) agreements.^[4]

One ongoing lawsuit comes from an independent jewelry store that lost over one million dollars from its PNC accounts when cybercriminals made a series of fraudulent wire transfers. The suit, which alleges that PNC Bank failed to provide the security to protect consumer assets, is ongoing as a judge recently rejected a motion from PNC to dismiss.^[5][6]

Frequently Asked Questions

These are the most common questions consumers have about student loan refinancing with PNC Bank.

• Is PNC Bank good for refinancing student loans?
  PNC Bank may be a good option if you have an account with PNC. Nongraduates and those who expect their gross income to improve may also consider PNC.

• Does PNC Bank have a minimum credit score requirement to refinance student loans?
  PNC Bank does not disclose a minimum credit score to qualify for student loan refinancing.

• Are PNC Bank loans federal?
  PNC Bank loans are not federal. PNC Bank has no affiliation with the federal government or the U.S. Department of Education.

• Does PNC Bank charge a prepayment penalty?
  There are no penalties for early payments or repaying a loan in full before its term is over.

• Does checking your rates with PNC Bank hurt your credit score?
  Yes, checking your rates with PNC Bank may impact your credit score.

• Can I refinance a PNC Bank loan?
  You can refinance PNC Bank student loans, student loans from another private lender, and federal loans. There is no limit to the number of times a borrower may refinance with PNC Bank. Note, however, that every new line of credit requires a hard credit check that may affect your FICO score.

• Can I refinance just some of my loans with PNC Bank?
  Yes, you can refinance some, all, or just one of your qualifying student loans with PNC Bank. You may choose to refinance your private loans only or refinance private and federal loans together.

• Can I refinance loans that have already been refinanced?
  Yes, you can refinance loans as many times as you want with PNC Bank. Note that each time you refinance, you will have to submit a new application; every application requires a hard credit check that may affect your credit score.

• Can my spouse and I refinance our loans together with PNC Bank?
  PNC Bank does not offer joint refinancing.

• How long does it take to refinance with PNC Bank?
  PNC Bank does not disclose a timeline.

• Who services PNC Bank refinance loans?
  American Education Services (AES) services PNC Bank refinance loans.

• Does PNC Bank offer a grace period?
  No, PNC Bank does not offer a grace period.

• How often do variable rates change?
  PNC Bank updates their variable rates once per month according to the Prime Rate index plus a margin of -0.53% to 2.27%.

• Can I get any special rates or discounts with PNC Bank?
  Yes, PNC Bank offers a 0.25% interest rate reduction with enrollment in autopay, plus a further 0.25% rate reduction when autopay is linked to a PNC Bank account. The total potential reduction is 0.50%.

• What happens if I file for bankruptcy?
  PNC Bank’s refinance loan disclosure explicitly states “[i]f you file for bankruptcy you may still be required to pay back this loan.”^[1]

Compare Student Loan Refinance Reviews

Sources

1. CampusDoor, PNC Education Refinance Loan Application and Solicitation Disclosure
2. Justia, Dockets & Filingss: Jones v. PNC Bank, N.A.
3. Bloomberg, PNC Resolves Decade-Old RBC Bank Overdraft Suit for $7.5 Million
4. Pensions & Investments, PNC Financial to Pay $6.1 million to Settle 401(k) Lawsuit Over Costs
5. Justia, Dockets & Filings: Joyce’s Jewelry, Inc. v. PNC Bank, National Association
6. National Jeweler, Judge Rules Jeweler’s Lawsuit Against PNC Bank Can Move Forward
7. PNC Bank, Refinance Student Loans
8. Pittsburgh Post-Gazette, After Early Fears of Loan Losses, PNC Posts Higher Profits for Fourth Quarter, All of 2020
9. Class Action Claims PNC Bank ‘Exploited’ Coronavirus at Expense of PPP Loan Applicants
10. United States Securities and Exchange Commission, The PNC Financial Services Group, Inc