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SunTrust Private Student Loans Review: Are They Worth It? | 2022

If you're looking to finance your education, you should know that SunTrust is no longer offering student loans.

Matt Carter Matt Carter Edited by Ashley Harrison Updated May 27, 2022

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

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 would have helped pay for college, but note that they no longer offer these types of loans.

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

suntrust bank student loans
Interest ratesFixed or variable
Loan amounts$1,001 to $65,000
($95,000 maximum for graduate business school students)
Loan terms7, 10, or 15 years
FeesNo application, origination, or disbursement fees
Discounts
(all loans)
  • 0.25% autopay discount
  • 0.25% additional autopay discount for SunTrust or BB&T customers
Loan-specific discounts
  • 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
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
EnrollmentAt 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 releaseAvailable after 36 consecutive on-time principal and interest payments
Loan servicerAmerican Education Services (AES)

Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available | 1Citizens Disclosures | 2,3College Ave Disclosures | 7EDvestinU Disclosures | 8INvestEd Disclosures | 9Sallie Mae Disclosures

SunTrust used to offer student loans to both undergraduate and graduate students, including a loan that was open to international students, and another that was tailored to graduate business students.

SunTrust student loans offered 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 made 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

See: The Best Private Student Loan Companies

SunTrust private student loans review

SunTrust used to offer four private student loans to undergraduate and graduate students:

  • Custom Choice Loan: This loan was available to undergraduates and graduate students. It rewarded you with a 2% principal reduction if you earned your degree.
  • Start Student Loan: This loan was available to undergraduates and graduate students. It offered 0% APR for six months following the first disbursement of the loan.
  • Union Federal Private Student Loan: This loan was open to international students and was available to undergraduate and grad students. It provided a 0.25% interest rate reduction once you had made 36 on-time payments.
  • Graduate Business School Loan: This loan was aimed at students seeking an MBA or another advanced business degree. Qualifying students could borrow up to $95,000 and were eligible for a 1% principal reduction if they completed their degree.

To be eligible for the Custom Choice Loan, Start Student Loan, or the Union Federal Private Student Loan without a cosigner, you needed to have an income source and good credit. But the SunTrust Graduate Business School Loan did not require that you have a source of income to be approved without a cosigner.

Repayment plans

Like most private lenders, SunTrust used to offer a range of repayment plans and loan terms.

There were four repayment plans for SunTrust student loans:

  • In-school deferment: You’d 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 borrowed at least $5,000, you could opt to pay $25 a month while you were still in school. That took care of some of the interest charges that accrue, so your loan balance didn’t grow as much while you’re in school.
  • Interest only: You’d pay only the interest you owe each month while in school, so your loan balance didn’t grow while you were in school.
  • Immediate repayment: Full principal and interest payments started as soon as you took out your loan — usually the cheapest option because you’d pay down principal in addition to interest while still in school.

As is always true for student loan prepayment, there were no penalties. You were free to make whatever additional principal and interest payments that you could fit into your budget — even if you were still in school.

The loan repayment term was also selected when you applied for a private student loan. Repayment terms for SunTrust loans were:

  • 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’d 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 used to 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 stood out among private student lenders for making loans to international students who were not U.S. Citizens or permanent residents. In addition, SunTrust offered several perks that helped it stand out from the crowd:

  • Principal reduction for earning your degree: The Custom Choice Loan offered a 2% principal reduction with proof of graduation. That was based on the total dollar amount of any Custom Choice Loan. So if you borrowed $35,000, you could get $700 back at graduation. Similarly, the Graduate Business School Loan offered a 1% principal reduction with proof of graduation.
  • In-school refinance option: When you took out a SunTrust student loan, you had the option of refinancing any existing private student loans you already had into a new SunTrust loan. You had the convenience of making one monthly payment, and you may have been 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 had a cosigner on a SunTrust loan, you could apply to have them released after you made 36 consecutive on-time monthly payments.

Compare rates from multiple lenders

A SunTrust student loan was 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.

Compare student loan rates from top lenders
SunTrust no longer offers student loans. But you can use Credible to compare rates in 2 minutes from other lenders who offer private student loans.

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  • Finance almost any degree

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About the author
Matt Carter
Matt Carter

Matt Carter is a Credible expert on student loans. Analysis pieces he’s contributed to have been featured by CNBC, CNN Money, USA Today, The New York Times, The Wall Street Journal and The Washington Post.

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Home » All » Other Student Loan Lender Reviews » SunTrust Private Student Loans Review: Are They Worth It? | 2022

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Discover Student Loans Disclosure

The interest rates depicted on Credible represent the APR. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable Margin percentage. The margin is based on your credit evaluation at the time of application and does not change. For variable interest rate loans, the 3-Month LIBOR is 2.375% as of July 1, 2018. Discover Student Loans will adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of The Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Please visit http://www.discover.com/student-loans/interest-rates.html for more information about interest rates.

Citizens Bank Disclosures

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 July 1, 2018, the one-month LIBOR rate is 2.10%. Variable interest rates range from 4.07%-12.04% (4.07%-11.94% 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 cosigner. Fixed interest rates range from 5.25%-12.19% (5.25% – 12.09% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown requires application with a cosigner, 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.

Citizens Bank - Refi - Disclosures

Education Refinance 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 July 1, 2018, the one-month LIBOR rate is 2.10%. Variable interest rates range from 2.75%-8.20% (2.75%-8.20% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 3.50%-8.69% (3.50% – 8.69% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown require application with a cosigner, are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. 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 their loan.