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PNC Bank Grove City College Student Loan
Save more than $4,800 by using a co-signer
Apply for the PNC Bank Grove City College Student Loan with a co-signer and qualify for a 1% discount on the interest rate and a 2% discount on the origination fee. This saves you money over the course of the loan.
Here is an example of the possible savings:
| |
|
MARGIN |
|
Index |
In-School
|
Repayment |
Origination
Fee |
No Co-signer |
91-Day
T-Bill |
3.50% |
4.10% |
5% |
Co-signer |
2.50% |
3.10% |
3% |
The variable interest rate is based on the 91-Day Treasury Bill ("T-Bill") as published by the U.S. Department of the Treasury, Bureau of Public Debt, in the "Public Debt News, Treasury Security Auction Results" under the designation "13-Week Bills, High Rate". The interest rate is calculated by adding the margin to the index. Rates used in this example are 2.57% while in school and 3.17% during repayment with a co-signer; 3.57% while in school and 4.17% during repayment without a co-signer. Rates effective as of 1/1/2010.
The average Grove City College student borrows approximately $22,000 for their education. The example below breaks down estimates of the interest and fees you would save by borrowing with a co-signer.
| |
Total Loan Amount |
Fees |
APR* |
In-School Interest |
Principal at Repay |
180 Payments of: |
|
Total
Repaid |
Total Saved |
With
Co-signer |
$22,000 |
$660 |
2.89% |
$2,795.31 |
$24,402.95 |
$170.52 |
|
$30,693.60 |
|
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|
|
|
|
|
|
|
|
|
Without
Co-signer |
$22,000 |
$1,100 |
3.85% |
$3,774.00 |
$25,337.95 |
$189.59 |
$12,126.20 |
$34,126.20 |
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|
|
|
|
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|
|
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Potential Savings with Co-signer |
|
$440 |
|
$978.69 |
|
|
|
|
$4,851.29 |
*The annual percentage rate (APR) is a measure of what the loan will cost taking into account the rates, fees, length of loan and timing of all payments. The APR will increase if the index increases.
Example is based on the following assumptions:
- Figures were calculated on an average net debt (after all fees have been paid) of $22,000 over a four-year school term and a six-month grace period upon graduation.
- Interest was not paid during the in-school or grace period.
- All figures are estimates. Actual savings may vary.
PNC reserves the right to modify or discontinue any or all discounts and benefits of this loan program at any time. 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. Loans made through the PNC Grove City Student Loan Program are subject to credit approval.
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