As a result of the Higher Education Reconciliation Act (HERA) of 2005, graduate
or professional students are able to borrow under the Federal PLUS Loan Program.
The PNC Bank Graduate PLUS Loan is an affordable, attractive solution for financing your graduate school education. If you are enrolled at least half-time in a graduate or professional studies curriculum, you may be able to borrow up to the total cost of education, less any other financial aid received.
Benefits
For loans disbursed through 6/30/08
- A 0.75% interest rate reduction will be applied at disbursement*
- A 0.25% interest rate reduction for automatic payment deduction*
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For loans with first disbursement on or after 7/1/08 through 6/30/09
- A 0.60% interest rate reduction will be applied at repayment*
- A 0.30% interest rate reduction for automatic payment deduction*
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* The interest rate reduction benefit will be lost if a loan payment is received more than 15 days after the scheduled due date. The interest rate reduction for automatic payment deduction will be lost if automatic payment deduction is discontinued.
To learn more about our borrower benefit programs, please select the state in which your school is located:
Advantages of a PNC Bank Graduate PLUS Loan include:
- Lock in a fixed interest rate of 8.5%
- No loan limits – borrow up to the full cost of education annually
- Approval is not based on income, financial need or a debt-to-income ratio
- Easy online application – receive a credit response within minutes when you apply online
- Defer principal and interest payments while you are in school**
- Flexible repayment options
- Interest may be tax deductible; consult with your tax advisor
Eligibility Requirements
- Student
must be U.S. citizens, national,
permanent resident aliens
or eligible non-citizens of
another type
- Student must be accepted
or enrolled (at least half-time)
in an graduate program
leading to a degree at a U.S. Department of Education-approved school
- Student must maintain
satisfactory academic progress
How to Apply
Graduate students must complete the Free Application for Federal Student Aid (FAFSA) or Renewal FAFSA. You must also complete a Federal PLUS Loan Application and Master Promissory Note (MPN).
To qualify for the PNC Bank Graduate PLUS Loan, the applicant must meet the credit eligibility requirements established by the U.S. Department of Education.
** While you are in deferment, interest will continue to accumulate on your loan. You will receive quarterly interest statements during this deferment period. Paying the interest as it accrues each quarter will save you money over the repayment term of the loan because any accrued interest that you do not pay will be added to the principal balance at the end of the deferment period.
For more information,
contact our customer service
center to speak with one of
our education loan specialists
at 800-762-1001, Monday through Thursday from 8am to 9pm and Friday from 8am to 6pm Eastern
time.
PNC Bank reserves the right to modify offered interest rates, fees and borrower benefits at any time without notice. |
