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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
|Interest rates||Fixed or variable|
|Loan amounts||$1,001 to $65,000
($95,000 maximum for graduate business school students)
|Loan terms||7, 10, or 15 years|
|Fees||No application, origination, or disbursement fees|
|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)
|Cosigner release||Available after 36 consecutive on-time principal and interest payments|
|Loan servicer||American Education Services (AES)|
Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available | 1Citizens Bank Disclosures | 2,3College Ave Disclosures | 6Discover Disclosures | 8EDvestinU Disclosures | 9Sallie Mae Disclosures
Citizens Bank Student Loan Rate Disclosure
Variable rate, based on the one-month London Interbank Offered Rate ("LIBOR") published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of May 1, 2020, the one-month LIBOR rate is 0.44%. Variable interest rates range from 1.47%-9.80% (1.47%-9.65% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. Fixed interest rates range from 4.40%-12.19% (4.40% - 12.04% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown requires application with a co- signer, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of the loan.
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 or BB&T 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
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.
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.
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.