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 5.79% and 13.24% and variable rates starting between 6.94% and 14.74%.

For associate’s degree holders, fixed rates are between 6.24% and 13.49%, and variable rates start between 7.39% and 15.09%. For nongraduates, fixed rates are between 8.29% and 15.54% while variable rates start between 9.44% and 17.14%.

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 (7.50% 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%.

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

Aside from discounts for automatic payments, 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 (1.2 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 26,453 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 about 250 times higher than the average daily complaint rate among reviewed lenders. Among the 9,384 complaints with accompanying narratives, few reference student loan refinancing; most complaints are about bank accounts or mortgage loans.

In 2024, consumers filed 2,424 complaints about PNC Bank, which is 20.1% more than the number of complaints in an average year. PNC Bank received 2,382 complaints in 2023, equivalent to:

• an 18.0% higher number of complaints than PNC receives in an average year.
• one (1) complaint for every $5.426 million in that year’s retail banking revenue.
• one (1) complaint for every 12 full-time retail banking 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 10321828
10/2/2024
Massachusetts

“I received correspondence from PNC Bank Executive Client Relations. They sent me a letter in XXXX. They marked the letter with the wrong date : XX/XX/XXXX. PNC Bank and XXXX refuse to acknowledge a payment history of {$6600.00}. They stated ” we have no knowledge of {$6000.00} payment. ” I told them that more than XXXX XXXX dollars have been paid to XXXXPNC Bank collaborative . XXXX XXXX said that they erased all the accounting history from previous loans, and have data for the only remaining loan. They wrote : ” PNC reviewed your assertions in this matter and determined that XXXX has no record of receiving a {$6000.00} payment. If you have proof of a payment that has not been credited to the Loans, pleasecontact XXXX at XXXX. ” This is financial misconduct by PNC Bank. I understand they get tired and frustrated because of multiple calls by consumer for this issue. The CFPB complaint was : XXXX. I am attaching a picture from XXXX, showing that I paid a principal balance of {$5000.00}. And total interest paid : {$1300.00}. The total payment is {$6000.00} plus dollars. I am attaching the financial misconduct document from PNC Bank, showing they responded on XXXX, from a letter from XXXX, saying I still owe money. The outdated letter cam from XXXX XXXX. Please provide certification of a total payment of {$6600.00} to XXXX as of todays present date. And please provide a letter showing all the interest that has been accumulated over the lifetime of this loan. The correspondence had computer viruses, which is felony computer hacking, under USC Criminal Code.
“

Complaint 10304228
10/1/2024
Ohio

“PNC hasn’t responded with the WRITTEN RESPONSE it was supposed to submit on here and mail to my po box . Not sure what the hold up is. Now I am being told the servicer that handles the loan is limiting written responses to me for whatever reason. I would like PNC to actually put in writing the EXACT reason why they are denying my discharge due to proven school misconduct.”

Complaint 10022170
9/4/2024
Ohio

“PNC ‘s Client Relations sent a notice to the wrong address ( Luckily XXXX sent me a copy through email ). My contact has been with XXXX XXXX listed as XXXX Client Relations. I was given a form by XXXX to send Notice of XXXX XXXX under the XXXX XXXX it is called out what purpose the document is for. I notified XXXX XXXX of the mechanisms for the XXXX XXXX over the phone. The Notice I have received in response to my complaint and form is noncompliant with the XXXX XXXX Notice XXXX. From the XXXX XXXX ” You requested that XXXX discharge your private student loan due to misconduct on the part of your school. Your request was forwarded by XXXX to PNC for response. PNC does not have a loan discharge program based on a schools misconduct. As a result, your request for forgiveness of the Loan must be declined. “. Whether PNC offers a loan discharge program or not doesn’t effect the mechanisms of the XXXX XXXX Notice nor does it remove the contractual obligations of PNC to adhere to the mechanisms of that Notice. ” PNC regrets that you have fallen victim to a scam and understands this can leave you seeking additional information on how to report such activities. You may wish to file a complaint at XXXX and with your local authorities. ” I am not sure how reporting to the authorities something that informed the public on is going to do for my situation with their loan agreement policies. Also PNC points out that it was a scam so they are still requesting I make payments on this loan knowing it is in connection with fraudalent and undelivered services ” Thank you for allowing us to clarify PNCs position in this matter. ” That isn’t really a clarification it is just a ” We don’t do that here ” response. Also I had reported the interactions with this employee to @ PNCBank_Help on XXXX / XXXX and was supposed to get contacted about it but that contact never happened.”

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