PNC Solution Loan for Bar Study Repayment Example
Return to the PNC Solution Loan for Bar Study
Deferred Repayment Structure - $15,000 for 20 Years1
Creditworthy Borrowers
| |
Lowest Tier Pricing |
Highest Tier Pricing |
| Amount Requested |
$15,000 |
$15,000 |
| Origination Fee2 |
$0 (0%) |
$957.45 (6%) |
| Principal Amount of Loan at Disbursement |
$15,000.00 |
$15,957.45 |
| Deferment Period |
16 Months |
16 Months |
| Monthly Interest Payment (while in school) |
Deferred |
Deferred |
| Principal Amount of Loan at Repayment3 |
$15,848.00 |
$18,295.75 |
| Monthly Principal & Interest Payment4 |
$98.05 |
$188.72 |
| Repayment Period |
240 Months |
240 Months |
| APR5 |
4.23% |
11.66% |
| Total Finance Charge6 |
$8,532.00 |
$30,292.80 |
Deferred Repayment Structure - $15,000 for 20 Years1
Credit Ready Borrowers
| |
Lowest Tier Pricing |
Highest Tier Pricing |
| Amount Requested |
$15,000 |
$15,000 |
| Origination Fee2 |
$625.00 (4%) |
$957.45 (6%) |
| Principal Amount of Loan at Disbursement |
$15,625.00 |
$15,957.45 |
| Deferment Period |
16 Months |
16 Months |
| Monthly Interest Payment (while in school) |
Deferred |
Deferred |
| Principal Amount of Loan at Repayment3 |
$17,029,17 |
$17,923.41 |
| Monthly Principal & Interest Payment4 |
$129.38 |
$164.04 |
| Repayment Period |
240 Months |
240 Months |
| APR5 |
7.15% |
9.91% |
| Total Finance Charge6 |
$16,051.20 |
$24,369.60 |
1The repayment examples assume the variable interest rates for the PNC Solution Loan are equal to the LIBOR index plus a margin ranging from 4.00% to 10.75%, depending on the creditworthiness of the borrower and co-signer, if any. The interest rates used in these examples effective 1/1/2010 are 4.24% for the lowest tier and 10.99% for the highest tier for creditworthy, and 6.74% the lowest tier and 9.24% for the highest tier for credit-ready. APRs range from 4.26% to 11.71%. The LIBOR index 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. LIBOR means the London Interbank Offered Rate. The interest rate and the APR will increase during the life of the loan if the LIBOR index increases. The loan terms described here are applicable to the 2009-2010 academic year, and are subject to change.
2These repayment examples assume origination fees ranging from 0% to 6%. The origination fees for the PNC Solution Loan vary, depending on the creditworthiness of the borrower and co-signer (if any), from 0% to 6% of the total loan amount (the requested loan amount plus the origination fee). If applicable, the origination fee will be added to and financed with the requested loan amount at disbursement.
3Principal at repayment is the principal amount of the loan at disbursement plus, if you elect to defer repayment, interest that accrues during the deferment term (which is assumed to be 16 months), where both interest and principal is deferred. Deferred interest is capitalized (added to principal) at the time your loan enters repayment.
4Repayment of principal and interest begins nine months after (i) graduation, (ii) you cease to be enrolled at least half time or (iii) you withdraw from school. The monthly payment amount shown here will increase if the LIBOR index increases, and will be computed based on the interest rate applicable at the time repayment begins. Monthly payments of principal and interest will be fixed for the first year and then recalculated once each year based on the interest rate applicable at the time of the calculation and reset on the anniversary of your most recent repayment start date so as to pay the loan in full over the remaining repayment period. Minimum monthly payments will be at least $25.
5Annual percentage rate (APR) is a measure of what a loan will cost. It takes into account the rate, fees, length of the loan, and the timing of all payments. The APR will increase if the LIBOR index increases.
6Finance charge is the dollar amount the credit will cost and includes interest paid over the life of the loan, plus the origination fee, if any.
Repayment examples are for illustrative purposes only. Figures estimated based on full deferment of principal and interest. Actual figures will vary depending on repayment option. These examples are based on a one year school term with a nine month deferment period upon graduation - disbursement date of 8/15/2009, graduation date of 3/28/2010, loan entering repayment 12/15/2010 and first payment due 1/15/2011.
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 rates and term of the loan will not change if a loan is sold. PNC Solution Loans are subject to credit approval.