PNC Bank Alternative Loan Program - Benefits

The PNC Bank Alternative Loan Program is a private, non-federal education loan provided by PNC Bank to students at eligible schools. It's an easy way for full- and half-time students to pay for tuition and other costs associated with higher education after they have exhausted other options. The program can be used in tandem with Federal Stafford and Federal PLUS Loans.

An easy-to-use online preliminary approval process
No penalty for pre-payment
An available six-month grace period option
The ability to defer principal and/or interest payments while in school
One-time capitalization
A low annual percentage rate (APR)
A co-signer release option is available after the initial 48 consecutive
on-time monthly payments (within 15 days of due date)
A 0.25% interest rate reduction is available for borrowers who elect automatic payment deduction from a bank account

Low Annual Percentage Rate (APR)
The APR for the PNC Bank Alternative Loan Program is variable and may change quarterly. The interest rate used to calculate the APR is based upon the average of the one-month LIBOR (London Interbank Offered Rate) index as published in the “Money Rates” section of the Wall Street Journal on the first business day of each of the three calendar months immediately preceding each quarterly adjustment date, plus either 2.50% (for co-signed loans) or 2.75% (for loans without a co-signer).

Origination Fee
PNC Bank does not charge an origination fee for the PNC Bank Alternative Loan Program.

Disbursements
The net loan proceeds are generally disbursed in two installments, one at the beginning of each semester. Disbursements are made through electronic funds transfer (EFT) directly to the school.

Please note: PNC Bank reserves the right to modify, expand or discontinue the discount terms of these programs 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. Loans through the PNC Alternative Loan Program are subject to credit approval.