While you are enrolled at least half-time in school, no principal and interest payments are required. The interest will accumulate and be billed each quarter. You may choose to pay the interest or allow it to accumulate and then capitalize (be added to the principal balance) after the school deferment ends. Every student will receive a six-month grace period after they drop below half-time, leave or graduate, before payments are required. Once payment begins, you may have up to 15 years to repay the loan depending on how much is borrowed. Monthly payments will be at least $50.

View a repayment example for the PNC Bank Alternative Loan Program.

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.