Pittsburgh-based PNC Financial Services Group Inc. has launched a new refinance loan called PNC Education Refinance Loan.

The refinance loan allows borrowers to manage their student loan debt through a refinance loan with new repayment terms. The service offers a choice of a fixed or variable interest rate, no application fee, and a 0.50% interest rate reduction if payments are made automatically from checking or savings accounts of any financial company.

The service is available to customers with both federal and/or private student loans. Refinancing is available on existing loans that are between $10,000 and $75,000 in aggregate.