PNC Bar Study Loan Review: One article to understand it ALL!

The intent of a bar study loan is to meet an aspiring lawyer’s living costs along with their bar study costs. This provides recent law school graduates the opportunity to prepare for the bar without having worrying about the rent and other expenses.
Table of Contents

About Bar Study loan?
About PNC
Pros and Cons
Eligibility criteria
Additional details
Repayment
Refinancing
How to apply
Is it the right loan for you?
Bar loan being rejected
Alternatives
Conclusion

What exactly is a Bar Study Loan?

Well, it’s not unlike other Private Student Loans that you may be familiar with. The main distinguishing factor is that you will be eligible for a bar study loan if you’re pursuing your degree in the field of LAW studies.

Preparing and appearing for a Bar exam can turn out to be an expensive undertaking for a student. Not only is the Exam fee expensive but also the prep cost and finally your tuition fee once you’ve started your education. And that does not even factor in the cost of your living expenses while you pursue your studies.

So, bar loans like the PNC Bar Study Loan are private education loans that can assist you in prepping and appearing for your bar exams without having to live in your parent’s basement and surviving off instant ramen while you make your way through it all.

You will require a decent credit for approval or at least a cosigner possessing good credit.

Let’s talk about PNC for a minute

PNC offers a wide range of services, from individuals and small businesses to corporations and government entities.

PNC Bank provides a wide spectrum of financial services, including checking and savings accounts as well as mortgages. Likewise, PNC is an education financer and provides private student loans, as well as loan refinance options.

Regarding private student loans, PNC Bar Study loan provides unique features and benefits that set it apart from some of its competitors, including:

Longer repayment terms: Repayment terms can be as long as 15 years, as per your choosing, instead of the standard 10-year term offered by many lenders. This means that your loan payments will be smaller albeit for a longer duration.
Cosigner release: Releasing your co-signer is possible with PNC. After 48 on-time payments, the cosigner can be released.
Interest rate deduction: PNC loanees are incentivized with a higher interest rate reduction than most. Signing up for automatic payments with your checking or savings account will reduce your interest rate by 0.50%. It might not seem like much right now but when the interest is spread over multiple years, it adds up to a lot of savings.
Deferred payments: PNC allows for payments deferment up to 6 months after graduation, providing you with some time to find a job and get your feet on the ground before you have to start making payments.
Get all relevant info about PNC Student Loans in one place. Check out PNC Student Loan Review.

Some pros and cons to help your decision regarding the PNC Bar Study Loan

Use the tabulated data below to assess if PNC Bar loan provides the value you expect out of a loan for your studies.

Reasons to give PNC a thought	Maybe look elsewhere
Interest rate reduction: The discount of 0.50% for autopay is higher than most.	Term options: Fewer repayment term lengths than other lenders offer.
Refinance: A degree is not required for refinancing.	No flexibility: No flexible repayment options for struggling borrowers.
Longer Terms: The maximum repayment term of 15 years is longer than the standard offered by most.	No flexibility: No flexible repayment options for struggling borrowers.
Co-signer Release: Co-signers can be released after 48 months of on-time payments.	Hard credit check: Credit rates are only available after a hard credit check.
Grace Period: A grace period of 6 months after graduation is provided before mandatory payments begin.	Credit limit: $15,000 limit on Bar Study loans.

Additional Resources: PNC learning section provides many additional resources that may help the borrowers, including information on filling out the Free Application for Federal Student Aid (FAFSA), how to apply for grants and scholarships and the cost of college. A downloadable planning tool is also available.

Are you Eligible for availing a PNC Bar Study Loan?

Loanees must be a US citizen with a qualifying credit score. Proof of satisfactory creditworthiness and continuous income or employment history worth two years is also required. A co-signer attachment is advised if the credit score is inadequate.

Students must:

Plan to attend law exams within 6 months of graduation.
Graduation from a PNC-approved law school within the last six months or a professional student enrolled at least half time at a PNC-approved law school graduating within the next six months.

Student and co-signer, if any, must:

Be U.S. citizens or permanent residents.
Residents in the U.S. for the last 2 years.

Requirements

Student and co-signer, if any, must:

Possess satisfactory credit and income history along with proof of employment.
Have been self-employed for at least two years.
Meet debt-to-income requirements.

Applying With a Co-signer?

Applying with a creditworthy cosigner may increase the chances of approval.

Credit score	Unspecified.
Co-signer	Release after 48 consecutive on-time payments.
Accepted citizenship status	U.S. citizen Permanent resident
Part-time students	Half-time minimum requirement.
Eligible schools	PNC-approved law school.
Prepayment Penalty	No Penalty
Late Fees	Yes

Have a glance through some additional details about PNC Bar Study Loans

Find the Interest rates and other important details below:

A preliminary decision is reached within minutes of applying online.
You can choose your interest rate: Fixed or Variable.
Outstanding debt is forgiven upon the death of the loanee.
There are no minimum income requirements.

Interest Rates :

	5 Year	10 Year	15 Year
Fixed APRs	4.49 - 10.49%	4.99 - 10.99%	5.49 - 11.49%
Variable APRs	4.59 - 10.59%	5.09 - 11.09%	5.59 - 11.59%

How can you start repaying your PNC Bar Study Loans?

There are a range of student loan repayment options with their own benefits. There is no one way to pay off your debt. Explore some options to discover a method that will be the right pick for you.

Academic deferment: Payments postponed if you rejoin school.
Military deferment: Active military duty personnel can postpone payments.
Forbearance: In case of economic hardships, payments can be delayed up to 12 months based on a 2-month increment basis. There is a wait time of 12 months before another round of forbearance can be taken.

PNC is offering three different repayment plans:

Deferred-repayment.
Interest-only
In-school

REPAYMENT PREFERENCES

Greater-than-minimum payments via autopay: Yes.
Biweekly payments via autopay: No.

What do the options for refinancing PNC Bar Study Loans look like?

Loanees possessing a good credit score may also have the privilege of refinancing their Bar Student Loans. Refinancing your PNC Bar loan may help you:

Consolidation of multiple loans into a single loan.
Extension of the repayment plan which leads to lower monthly payments.
Lowering the average interest rate.
Choice if selecting a fixed or variable interest rate.

As shown above, refinancing your student loan can benefit you in a number of ways during your student loan repayment journey. It is advised to have an in-depth understanding of what refinancing has to offer so that you can take advantage of it.

Learn more about PNC Loan Refinancing to understand how you can refinance your existing loans with PNC Student Loan Refinancing services.

How to apply for PNC Bar Study Loan?

Potential loanees must have a good credit score as well as at least two years of continuous employment and must be repaying the loan for at least 24 months.

Visit the PNC website and navigate to the section for Bar Study Loans or inquire at your local PNC branch. You will be required to provide information about your current debt, along with your employment history and your current income as well as other personal information, vis a vis your address and social security number.

Check the below criteria before applying for bar loans?

1. Please consider taking a bar exam before applying for the bar loans.
2. Must be graduated from PNC approved law school within the last 6 months. Be a professional student enrolled at least in 6 months.
3. Have proof of income/employment history.
4. Should be able to meet debt income requirements.

Is PNC Bar Study Loan right for you?

PNC Bar Study loans are a good option for creditworthy loanees planning to pursue a course of studies in Law. PNC does offer cosigner release as well as an attractive interest rate reduction along with the option of multiple interest rates. You also have the option to defer payments for up to six months after graduation. They provide a longer-term which reduces the monthly payment and provides some additional resources which can help a borrower.

But, they have a lower credit limit which is capped at $15000 which might not cover all your expenses or even your tuition fees. They also have no flexible repayment options if you are struggling with your payments. Adding up the fact that interest rates are only available after a hard check of your credit score which leaves a mark on your credit history, and you can see why this lender may not be for you.

It's always important to explore all your options before you decide which is the Best Student Loan for you.

What to do if your bar loan is rejected?

Always know the reason why the loan was rejected by contacting the lender. You can reapply considering the feedback given by the lender, else you can also check the for alternatives below.

1. Check if you can apply and get a scholarship, employer reimbursements and federal student loans.
2. Work while studying so you can make an income history that can be useful while refinancing and consolidating your loans.

If not PNC Bar Study Loans then who?

Maybe you have decided that PNC Bar Study loans are not the best fit for you, or you just want to explore your options before you make your final decision.

These are some of the alternatives that we think might be helpful to a Law student :

Company	APR	Loan Amount
Discover	6.37% – 12.74%	$1,000 – $16,000
Sallie Mae	4.64% – 11.56%	$1,000 – $15,000
Citizens Bank	6.15% – 12.80%	$1,000 – $16,000
Wells Fargo	11.56% – 12.67%	$1,000 – $12,000
PNC	4.67% – 11.87%	$1,000 – $15,000

Some final words about PNC Bar Study Loans

PNC Bar Study Loan is a good choice for loanees who plan to start repayment while studying. PNC offers immediate interest-only payment plans, along with a 0.50 percentage point interest rate reduction for autopay, which is a significant offer in the long run.

But other PNC Bar Study loan features are less favorable. The forbearance policy is especially restrictive. Loanees can defer payments in two-month increments up to 12 months; after using one two-month chunk, borrowers must wait a year before using another.

If these conditions do not sit well with you, then head on to check out these top 5 Bar Study Loans.

On the other hand, if you are interested in PNC Bar Study loans, then head onto the contact info provided below and get in touch with them.