Education Refinance Loan

Repayment Examples


Low Rate - Variable          High Rate - Variable          Low Rate - Fixed         High Rate - Fixed


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Example 1:

Variable Rate Loan – Lowest Tier Pricing[1]

Rates Include a 0.50% Interest Rate Discount for Automatic Payments[2]

Repayment Options

10 Year

(120 months)

15 Year

(180 months)

Loan Amount

$35,000 $35,000

Interest Rate[3]

4.16%

4.32%

APR[4]

4.16%

4.32%

Principal Amount of Loan at Repayment[5]

$35,000

$35,000

Monthly Principal & Interest Payment[6]

$357.03

$264.54

Total Paid Over Repayment Term[7]

$42,843.06

$47,617.04

 

Example 2:

Variable Rate Loan – Highest Tier Pricing[1]

Rates Include a 0.50% Interest Rate Discount for Automatic Payments[2]

Repayment Options

10 Year

(120 months)

15 Year

(180 months)

Loan Amount

$35,000 $35,000

Interest Rate[3]

6.91%

7.07%

APR[4]

6.91%

7.07%

Principal Amount of Loan at Repayment[5]

$35,000

$35,000

Monthly Principal & Interest Payment[6]

$404.76

$315.96

Total Paid Over Repayment Term[7]

$48,570.97

$56,873.02

 

Example 3:

Fixed Rate Loan – Lowest Tier Pricing[1]

Rates Include a 0.50% Interest Rate Discount for Automatic Payments [2]

Repayment Options

10 Year

(120 months)

15 Year

(180 months)

Loan Amount

$35,000 $35,000

Interest Rate[3]

3.69%

3.94%

APR[4]

3.69%

3.94%

Principal Amount of Loan at Repayment[5]

$35,000

$35,000

Monthly Principal & Interest Payment[6]

$349.22

$257.84

Total Paid Over Repayment Term[7]

$41,906.92

$46,411.14

 

Example 4:

Fixed Rate Loan – Highest Tier Pricing[1]

Rates Include a 0.50% Interest Rate Discount for Automatic Payments[2]

Repayment Options

10 Year

(120 months)

15 Year

(180 months)

Loan Amount

$35,000 $35,000

Interest Rate[3]

6.44%

6.69%

APR[4]

6.44%

6.69%

Principal Amount of Loan at Repayment[5]

$35,000

$35,000

Monthly Principal & Interest Payment[6]

$396.35

$308.56

Total Paid Over Repayment Term[7]

$47,562.03

$55,539.94


Important Legal Disclosures and Information

  1. Repayment examples are for illustrative purposes only. Actual rate and payment may vary. The lowest tier pricing is available to well-qualified applicants. Your actual rate will be based upon credit qualifications, selection of variable or fixed rate option, repayment term and whether you elect the automatic payment feature. The loan terms described are applicable to the 2019-2020 academic year. Rates are effective as of 10/9/19 and are subject to change at any time. PNC Solution Education Refinance Loans are subject to credit approval.

  2. Automatic Payment Discount: During repayment, an interest rate discount of 0.50% is available for automatic payments. Borrower must be making scheduled payments that include both principal and interest. Automatic payment can be established through the loan servicer American Education Services (AES).  Advertised rates include the 0.50% automatic payment interest rate discount.  The rate discount will be applied at the time automatic payment is established. If automatic payment is not established, the available rates will be 0.50% higher than the advertised rates. If automatic payment is established and discontinued at any time during repayment, the borrower will no longer receive an automatic payment discount and the rate will increase by 0.50%. Discount may also be suspended during periods of forbearance or deferment. Payments may be made from a checking or savings account. A federal regulation limits the number of transfers that may be made from a savings or money market account. Please contact your financial institution for more information on transfer limitations on savings accounts.

  3. Variable rates are equal to the London Interbank Offered Rate (LIBOR) index plus a margin depending on the creditworthiness of the borrower and co-signer, if any. The LIBOR index, adjusted quarterly, is equal to the average of the one-month LIBOR rates as published in the “Money Rates” section of the Wall Street Journal on the first business day of each of the three (3) calendar months immediately preceding each quarterly adjustment date. The LIBOR index is currently 2.23%.  If the index increases or decreases, your rate will increase or decrease accordingly Fixed Interest Rates: Fixed rates are based on the creditworthiness of the borrower and co-signer, if any.

  4. Annual percentage rate (APR) is a measure of what a loan will cost and takes into account the interest rate, loan amount, repayment term and the timing of all payments.

  5. Principal loan amount at repayment is the loan amount at disbursement.

  6. Monthly Principal & Interest Payment is the estimated payment based on the loan amount, interest rate and repayment term. All examples assume 30 days to first payment upon entering repayment. For the variable rate loan, monthly payment may increase or decrease if the interest rate increases or decreases. For the fixed rate loan, the monthly payment will remain fixed for the term of the loan. 

  7. Total paid is the estimated amount of the loan upon repayment of the principal and interest over the term of the loan.

Please note: PNC Bank reserves the right to modify or discontinue any or all terms of this program at any time without notice. Loans may be sold to other financial organizations, however the interest rate and term of the loan will not change if a loan is sold.

PNC does not provide accounting, tax, or legal advice.

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