If your financial aid package isn’t going to cover all your college expenses, a growing number of lenders offer private student loans that can help you close the gap. Learn how SunTrust private student loans can help you pay for college.
In this post:
- SunTrust Bank interest rates, loan terms, and fees
- SunTrust private student loans review
- How to apply for a SunTrust student loan
- SunTrust student loan perks
SunTrust Bank interest rates, loan terms, and fees
 |
|
| Loan amounts | $1,001-$65,000 ($95,000 maximum for graduate business school students) |
| Loan terms | 7, 10, or 15 years |
| Fixed rates from (APR)* | 3.82% |
| Variable rates from (APR)* | 2.90% |
| Fees | No application, origination, or disbursement fees |
| Discounts | • 0.25% autopay discount (all loans) • 0.25% additional autopay discount for SunTrust customers (all loans) • Union Federal Private Student Loan: 0.25% rate reduction for making 36 consecutive on-time payments • Custom Choice Student Loan: 2% principal reduction with proof of graduation • Graduate Business School Loan: 1% principal reduction with proof of graduation |
| Citizenship/Residency | • Custom Choice and Graduate Business School Loan: Must be U.S. citizen or permanent resident • Union Federal Private Student Loan: Available to U.S. citizens, permanent residents, and international students with an eligible cosigner who is a U.S. citizen or permanent resident |
| Enrollment | At least half-time in a bachelor’s, graduate or professional degree program at an approved school (most 4-year public and private colleges and universities). |
| Income | • Custom Choice and Union Federal Private Student Loan: Proof of income required for students applying without a cosigner • Graduate Business School Loan: Proof of income not required for students applying without a cosigner |
| Repayment | • In-school deferment: No monthly payments until six months after leaving school • Partial interest: Pay $25 a month while still in school ($5,000 minimum loan balance) • Interest only: Pay only the interest owed while in school • Immediate repayment: Full principal and interest payments start as soon as loan is funded |
| Cosigner info | Cosigner release available after 36 consecutive on-time principal and interest payments |
| Loan servicer | American Education Services (AES) |
SunTrust offers student loans to both undergraduate and graduate students, including a loan that’s open to international students, and another that’s tailored to graduate business students.
SunTrust student loans offer a choice of a fixed or variable rate, and some excellent perks, including:
- Up to 0.50% in rate reductions for making automatic payments (0.25% reduction for authorizing autopay and an additional 0.25% if you’re making automatic payments from a SunTrust bank account)
- Principal reduction as a graduation reward or a 0.25% rate reduction for on-time payments
- Option to refinance while still in school
- Cosigner release after 36 months of consecutive on-time payments
See: The Best Private Student Loan Companies
SunTrust private student loans review
SunTrust offers four private student loans to undergraduate and graduate students:
- Custom Choice Loan: This loan is available to undergraduates and graduate students. It rewards you with a 2% principal reduction if you earn your degree.
- Start Student Loan: This loan is available to undergraduates and graduate students. It offers 0% APR for six months following the first disbursement of the loan.
- Union Federal Private Student Loan: This loan is open to international students and is available to undergraduate and grad students. It provides a 0.25% interest rate reduction once you’ve made 36 on-time payments.
- Graduate Business School Loan: This loan is aimed at students seeking an MBA or another advanced business degree. Qualifying students can borrow up to $95,000 and are eligible for a 1% principal reduction if they complete their degree.
To be eligible for the Custom Choice Loan, Start Student Loan, or the Union Federal Private Student Loan without a cosigner, you’ll need to have an income source and good credit. But the SunTrust Graduate Business School Loan does not require that you have a source of income to be approved without a cosigner.
Repayment plans
Like most private lenders, SunTrust offers a range of repayment plans and loan terms.
There are four repayment plans for SunTrust student loans:
- In-school deferment: You make no monthly payments until six months after leaving school. Because interest starts accruing as soon as you take out your loan, this is typically the costliest repayment plan.
- Partial interest: If you’re borrowing at least $5,000, you can opt to pay $25 a month while you’re still in school. That takes care of some of the interest charges that accrue, so your loan balance doesn’t grow as much while you’re in school.
- Interest only: You pay only the interest you owe each month while in school, so your loan balance doesn’t grow while you’re in school.
- Immediate repayment: Full principal and interest payments start as soon as you take out your loan — usually the cheapest option because you’re paying down principal in addition to interest while still in school.
As is always true for student loan prepayment, there are no penalties. You’re free to make whatever additional principal and interest payments that you can fit into your budget — even if you’re still in school.
The loan repayment term is also selected when you apply for a private student loan. Repayment terms for SunTrust loans are:
- Custom Choice Loan: 7, 10, or 15 years
- Start Student Loan: 15 years
- Union Federal Private Student Loan: 7, 10, or 15 years
- Graduate Business School Loan: 7 or 10 years
Remember, the shorter the repayment term, the lower the interest rate offered by most lenders. And the faster you pay your loan off, the less you’ll pay in interest. You’ll also have higher monthly payments, but it’s a good idea to choose the shortest loan term you can afford.
How to apply for a SunTrust student loan
SunTrust student loans can be a great match for many students, including international students and graduate business students. But other lenders may be willing to offer you better rates, so it’s important to compare rates from multiple lenders before accepting an offer.
Credible makes it easy to compare rates from SunTrust and other student loan lenders with just one form. You can also check your prequalified rates without a hard credit pull, so it won’t affect your credit.
SunTrust student loan perks
SunTrust stands out among private student lenders for making loans to international students who are not U.S. Citizens or permanent residents. In addition, SunTrust offers several perks that help it stand out from the crowd:
- Principal reduction for earning your degree: The Custom Choice Loan offers a 2% principal reduction with proof of graduation. That’s based on the total dollar amount of any Custom Choice Loan. So if you borrow $35,000, you could get $700 back at graduation. Similarly, the Graduate Business School Loan offers a 1% principal reduction with proof of graduation.
- In-school refinance option: When you take out a SunTrust student loan, you’ll have the option of refinancing any existing private student loans you already have into a new SunTrust loan. You’ll have the convenience of making one monthly payment, and you may be able to adjust the interest rate and repayment term of your existing loans in the process.
- Cosigner release: More than 90% of private student loans are cosigned by a parent, relative or friend. If you have a cosigner on a SunTrust loan, you can apply to have them released after you’ve made 36 consecutive on-time monthly payments.
Compare rates from multiple lenders
A SunTrust student loan may be a good solution for covering any gaps in your college financial aid. Before taking out private student loans, check to see if you’ve exhausted your federal student loan options. Then, if you still need money to pay for college, compare student loans from multiple lenders to ensure you’re getting the best rates and terms for your situation.
Credible makes student loan shopping quick and easy. Checking rates won’t impact your credit, and our lenders don’t charge origination fees or prepayment penalties.
See Your Rates
Checking rates will not affect your credit
The company above is one of Credible’s approved partner lenders. Because they compete for your business through Credible, you can request rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting rates is free, doesn’t affect your credit score, and your personal information is not shared with our partner lenders unless you see an option you like. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay (if any) are not impacted by this compensation.
