About the PNC Bank Grove City College Student Loan

This low-cost student loan is available only for students attending Grove City College. The following information is provided to assist you in understanding key loan terms before submitting an application.

Application Processing
You MUST allow at least 3 weeks for complete processing of your loan.

Interest Rate
The interest rate is based on the quarterly average of the 91-Day U.S. Treasury Bill Auction High index plus the applicable margin¹. This rate is variable and may change each quarter.  

Origination Fee²
An origination fee is charged and will be deducted from each installment of the approved loan amount.

Co-signer
You may choose to apply on your own or with a qualified co-signer.  Applicants with a co-signer are eligible to receive interest rate and origination fees discounts (see below).

Loan Limits

• $8,500 per year, freshman and sophomore years
• $15,000 per year, junior and senior years
• $45,000 lifetime cap
• Loan amounts cannot exceed the cost of education less other financial aid for any academic year

Returning Student Borrower Eligibility Requirements at time of application:

• Must be making academic progress
• Must be in good academic standing with a Career Quality Point Average of 2.0 or greater

Disbursements

• Amount disbursed to student account is approved loan amount less the applicable origination fees.
• Loans are for the academic year with half disbursed for the fall semester and half disbursed for spring semester, unless otherwise specified by the borrower.

Counseling Requirement
Borrowers are required to attend two College-sponsored seminars on debt management. The first is held after receiving the first loan and prior to receiving any future loans. The second seminar is required for all second-year students who have borrowed in order to borrow in the future.

Deferments
Repayment of this loan begins six months after you graduate, leave school, or drop below half-time enrollment status. The Grove City College Student Loan has a seven-year maximum in-school deferment period. This means you have up to seven years of enrollment at a four-year college or graduate/professional school before repayment on the loan is required. If you transfer to attend another college for a graduate degree, as long as you are enrolled at least half-time within your six-month grace period, you can defer repayment for this period.

A medical student in an approved medical internship/residency program can qualify for an additional three-year deferment.

Remember – during any school deferment/forbearance period, interest will continue to accumulate. Therefore, any unpaid interest should be paid while in school to reduce your overall borrowing costs. A quarterly interest statement will be sent to notify you of the accruing interest. You have the option to pay the interest or continue to allow the interest to accumulate. Unpaid interest will be capitalized (added to principal) six months after you graduate, leave school or drop below half-time enrollment status. At any time, you can obtain the current loan balance, including accrued interest, by visiting www.aessuccess.org or calling 1-800-343-1809.

A medical student in an approved medical internship/residency program can qualify for an additional three-year deferment.

Forbearance

In-school Hardship Forbearance
If you return to school at least half-time after you have entered repayment, you may be eligible for an in-school hardship forbearance for up to three (3) years.

Hardship Forbearance
If you are having financial difficulties, you may be eligible for a hardship forbearance for up to 12 months over the life of the loan, in six-month increments.

Armed Forces Hardship Forbearance
If you are called to active duty from the Reserves or National Guard as part of a military mobilization, you may be eligible for a 12-month forbearance with the ability to extend an additional 12 months, depending on your deployment.

Repayment
Once principal and interest repayment begins, a minimum $50 payment per month is required. The maximum repayment term for the loan is 15 years. If you are having difficulties at any time during repayment, please contact PNC Bank at
1-800-762-1001 to discuss your options.
View a repayment example (PDF).

To continue, you must answer the following question:

Are you currently a debtor in a bankruptcy proceeding that has not been dismissed or discharged?

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