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Why is PNC no longer offering federal student loans (Stafford, PLUS, Graduate PLUS)?

April 26, 2017Federal graduate longer offering Plus PNC Stafford student loans

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Why is PNC no longer offering federal student loans (Stafford, PLUS, Graduate PLUS)?

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On March 30, 2010, President Obama signed the Health Care and Education Reconciliation Act (HCERA), which eliminates banks from providing new loans through the Federal Family Education Loan Program (FFELP). Effective July 1, 2010, all federal student loans (Stafford, Parent PLUS, Graduate PLUS and Consolidation Loans) must be originated through the national Federal Direct Loan Program administered by the U.S. Department of Education. As a result, PNC will no longer be able to offer federal student loans to students and their families. However, PNC will continue to offer the PNC Solution Loan, a private education loan that aids students in covering the full cost of education.