PNC Solution Loan for Health Professions Repayment Example
Return to the PNC Solution Loan for Health Professions
Deferred Repayment Structure - $20,000 for 15 Years1
Creditworthy Borrowers
| |
Lowest Tier Pricing |
Highest Tier Pricing |
| Amount Requested |
$20,000 |
$20,000 |
| Origination Fee2 |
$0 (0%) |
$1,276.60 (6%) |
| Principal Amount of Loan at Disbursement |
$20,000 |
$21,276.60 |
| Deferment Period |
102 Months |
102 Months |
| Monthly Interest Payment (while in school) |
Deferred |
Deferred |
| Principal Amount of Loan at Repayment3 |
$27,293.00 |
$41,242.56 |
| Monthly Principal & Interest Payment4 |
$205.87 |
$469.80 |
| Repayment Period |
180 Months |
180 Months |
| APR5 |
3.94% |
9.55% |
| Total Finance Charge6 |
$17,056.60 |
$64,564.00 |
Deferred Repayment Structure - $20,000 for 15 Years1
Credit Ready Borrowers
| |
Lowest Tier Pricing |
Highest Tier Pricing |
| Amount Requested |
$20,000 |
$20,000 |
| Origination Fee2 |
$942.41 (4.50%) |
$1,276.60 (6%) |
| Principal Amount of Loan at Disbursement |
$20,942.41 |
$21,276.60 |
| Deferment Period |
102 Months |
102 Months |
| Monthly Interest Payment (while in school) |
Deferred |
Deferred |
| Principal Amount of Loan at Repayment3 |
$33,029.32 |
$38,077.67 |
| Monthly Principal & Interest Payment4 |
$293.01 |
$392.81 |
| Repayment Period |
180 Months |
180 Months |
| APR5 |
6.29% |
8.30% |
| Total Finance Charge6 |
$32,741.80 |
$50,705.80 |
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 3.94% to 9.55%. 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
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 102 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, 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 example are
based on an eight-year school term with a nine-month deferment period upon graduation - disbursement date
of 8/16/2010, graduation date of 5/16/2018, loan entering repayment 2/16/2019 and first payment due 3/16/2019.
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.