Through the PNC Bank Manageable
PLUS Program, borrowers
may be eligible to receive a 1.50% interest rate
reduction. A delayed
repayment option is also
available.
How it Works
A full 1% interest rate
reduction will be applied
to your loan when it is disbursed.
An additional 0.50%
interest rate reduction
is available if you elect to
have your payments automatically
deducted from your checking
or savings account.
If you opt to discontinue automatic payment deduction, the rate reduction benefit is lost and the rate will default to the higher government-set rate for all Federal PLUS Loans.
Delayed
Repayment Option
When you need it most, PNC Bank
can assist you by delaying
your PLUS Loan payments while
your student is enrolled at
least half-time, for
up to four academic years.
When you receive your repayment disclosure, if you feel that immediate repayment may cause temporary hardship, you may call PNC Bank and apply for a temporary hardship forbearance. Forbearance can be granted for no more than twelve months at a time. Therefore, if you wish to extend the forbearance, you must submit a new request each year for a maximum of four academic years.
How
to Apply
In some cases the school may
require the student to complete
the Free
Application for Federal Student
Aid (FAFSA) or Renewal
FAFSA. You must also complete
a Federal PLUS Loan Application
and Master Promissory Note (MPN).
To qualify for the PNC Bank Manageable PLUS Program, the applicant must meet the credit eligibility requirements established by the U.S. Department of Education.
For more information,
contact our customer service
center to speak with one of
our education loan specialists
at 800-762-1001, Monday through Friday from 8am to 6pm Eastern
time. |
