PNC Bank Grove City College Student Loan Repayment Example

1. The origination fee of 3% (with a co-signer) or 5% (without a co-signer) of the total loan amount will be charged and deducted from each disbursement of the approved loan amount.

2. The repayment balance is the principal amount of the loan at disbursement plus interest that accrues during the in-school/grace period. Unpaid accrued interest is capitalized (added to your principal) at the time your loan enters repayment. The interest rates used in this example to calculate the amount at repayment are 2.67% with a co-signer and 3.67% without a co-signer. The interest rates used to calculate the estimated monthly payment are 3.27% with a co-signer and 4.27% without a co-signer.

3. The variable interest rate is based upon 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" plus a margin. The current index in effect as of 7/1/2010 is 0.17%. Margins range from 2.50% with a co-signer and 3.50% without a co-signer during the in-school period and 3.10% with a co-signer and 4.10% without a co-signer during the repayment phase.

The annual percentage rate is a measure of what the loan will cost, taking into account the rate, fees, length of the loan and the timing of the payments. The APR will increase if the 91-Day T-Bill index increases.

These repayment examples are for illustrative purposes only, and are estimated figures based on full deferment of principal and interest. These examples are based on a four-year school term with a six-month deferment period upon graduation - disbursement date of 8/16/2010, graduation date of 5/16/2014, loan entering repayment 11/16/2014, and first payment due 12/16/2014.

PNC 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. Loans made through the PNC Grove City College Student Loan Program are subject to credit approval.

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