What is a Federal Consolidation Loan?
Designed for borrowers with at least $50,000 in outstanding loans*, a Federal Consolidation Loan refinances one or more existing student loans into a new loan with a low monthly payment, variable interest rate, and an extended repayment period.

Consolidation Loans are an excellent option for borrowers who have loans with more than one lender. Consolidating can eliminate the need to make multiple payments to multiple lenders.

* Borrowers must be existing PNC student loan borrowers to be eligible under this program.

What Types of Loans Can be Consolidated?

• Federal Stafford Loans
• Federal PLUS Loans
• Federal Direct Loans
• Federal Supplemental Loan for Students
• Federal Perkins Loans
• Federal Health Professional Student Loans (HPSL)
• Federal Nursing School Loans (NSL)
• Federal Loans for Disadvantaged Students (LDS)
• Federal Insured Student Loans (FISL)

Interest Rate and Fees
The fixed interest rate is based on the weighted average of the interest rates for the loans to be consolidated (rounded up to the nearest 1/8th of 1%). If the borrower is consolidating variable rate loans, the rate in effect at the time the consolidation loan is made will be used to calculate the rate.

A weighted average is determined by assigning a “weight” based on the proportion of debt you owe at each interest rate.

There is no fee to consolidate your loans.

How to Apply
Borrowers may apply for a Federal Consolidation Loan during their grace period, once they have entered repayment, or during periods of deferment or forbearance. Apply Now!

For more information, contact our customer service center to speak with an education loan specialist at 800-762-1001, Monday through Friday, 8am to 6pm Eastern time.

PNC Bank reserves the right to modify offered interest rates, fees and borrower benefits at any time without notice.