PITTSBURGH, Feb. 22, 2018 /PRNewswire/ -- Each year
millions of students graduate from college with soaring optimism
about their futures while at the same time facing the reality of
heavy student loan debt. In response to this challenge, PNC Bank
has launched a refinance loan to help borrowers manage their debt
and achieve their financial goals.
The PNC Education Refinance Loan is designed to allow borrowers
to efficiently manage their student loan debt through a refinance
loan with new repayment terms. It is a credit-based loan that
offers a choice of fixed or variable interest rate, no application
fee and a 0.50% interest rate reduction when automatic payments are
made from a checking or savings account from any financial
institution.
According to recent data provided by the Federal Reserve, more
than 40 million1 Americans carry some form of student
loans. Further, according to recent data from Experian, student
loan borrowers carry an average of 3.7 loans2 each
totaling more than $34,000.2
"Higher education is a worthwhile, long-term investment
and PNC recognizes the need for solutions to address the student
debt burden, which for many can be overwhelming," said Naimesh
Patel, general manager of PNC's personal and student lending. "PNC
now provides borrowers with the convenience of combining multiple
student loans into one loan with potentially better terms."
"One of the essential elements in lessening the burden of
student debt is to help consumers effectively manage their loans
and achieve long-term financial goals," Patel said. "PNC's
refinance loan helps borrowers better manage their education debt
through payment convenience with potentially lower payments and
lower lifetime loan cost."
PNC's refinance loan is available to consumers with both federal
and/or private student loans. Requirements include satisfactory
credit, repayment histories and continuous income or
employment.
By refinancing student loans, qualified borrowers replace an
existing loan or loans with one that carries a new interest rate,
new monthly payment amount and new repayment terms. Refinancing is
available on existing loans totaling between $10,000 and $75,000.
Interested individuals may obtain more information, access a
refinance estimator and apply online by visiting the PNC Student
Loan Center.
PNC Bank, National Association, is a member of The PNC Financial
Services Group, Inc. (NYSE: PNC). PNC is one of the largest
diversified financial services institutions in the United States, organized around its
customers and communities for strong relationships and local
delivery of retail and business banking including a full range of
lending products; specialized services for corporations and
government entities, including corporate banking, real estate
finance and asset-based lending; wealth management and asset
management. For information about PNC, visit www.pnc.com.
1Federal Reserve Bank of New York article "The Student Loan Landscape,"
Feb. 18, 2015
2Experian®
CONTACT:
Alan Aldinger
(412) 768-3711
alan.aldinger@pnc.com
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SOURCE PNC Bank