PNC Solution Loan for Graduate Students Repayment Example
Return to the PNC Solution Loan for Graduate Students
$10,000 for 15 Years at Lowest and Highest Creditworthy Pricing1
| |
Lowest Tier |
Highest Tier |
| Repayment Structure |
Deferred |
Deferred |
| Amount Requested |
$10,000 |
$10,000 |
| Origination Fee2 |
$0 (0%) |
$638.30 (6%) |
| Principal Amount of Loan at Disbursement |
$10,000.00 |
$10,638.30 |
| Deferment Period |
51 Months |
51 Months |
| Principal Amount of Loan at Repayment3 |
$11,823.25 |
$15,629.79 |
| Monthly Principal & Interest Payment4 (after deferral period) |
$89.18 |
$178.04 |
| Repayment Period |
180 Months |
180 Months |
| APR5 |
4.16% |
10.83% |
| Total Finance Charge6 |
$6,052.40 |
$22,047.20 |
$10,000 for 15 Years at Lowest and Highest Credit Ready Pricing1
| |
Lowest Tier |
Highest Tier |
| Repayment Structure |
Deferred |
Deferred |
| Amount Requested |
$10,000 |
$10,000 |
| Origination Fee2 |
$471.20 (4.50%) |
$638.30 (6%) |
| Principal Amount of Loan at Disbursement |
$10,471.20 |
$10,638.30 |
| Deferment Period |
51 Months |
51 Months |
| Principal Amount of Loan at Repayment3 |
$13,492.93 |
$14,838.57 |
| Monthly Principal & Interest Payment4 (after deferral period) |
$119.70 |
$153.07 |
| Repayment Period |
180 Months |
180 Months |
| APR5 |
6.90% |
9.30% |
| Total Finance Charge6 |
$11,546.00 |
$17,552.60 |
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 7/1/2010
are 4.29% for the lowest tier and 11.04% for the highest tier for creditworthy, and 6.79% the lowest
tier and 9.29% for the highest tier for credit ready. APRs range from 4.16% to 10.83%. 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 2010-2011 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 student borrower and whether or not
there is a creditworthy co-signer, from 0% to 6% of the total loan amount (the requested loan amount plus
the origination fee). 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 (the requested loan
amount plus the origination fee at disbursement) plus interest that accrues during the deferment term (assumed
to be 51 months in these examples). Deferred interest is capitalized (added to principal) at the time your loan
enters repayment.
4Repayment of principal and interest begins six 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.
S
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 four-year school term with a six-month deferment period upon graduation - disbursement date of 8/16/2010,
graduation date of 5/16/2014, loan entering repayment 11/16/2014, and first payment due 12/16/2014.
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 rate and term of the loan will not change if a loan is sold. PNC Solution Loans are subject to credit approval.