SunTrust Bank has been a major figure in banking since it opened its doors back in 1891. SunTrust is headquartered in Atlanta, Georgia and has about 1,500 branches nationwide. The physical bank locations are mostly located in the southern United States. One of SunTrust’s well known customers and partners is the Coca-Cola Company. A number of banking services are available through SunTrust, including savings and checking accounts, mortgages, securities, asset management, loans, and more!
SunTrust encourages young students to borrow responsibly. Therefore, they suggest looking for scholarships or grants as a first step. Next, they suggest completing a FAFSA to determine whether any federal funding is available. Lastly, if there is still a difference between the amount of money awarded and the student’s educational costs, a private student loan – such as those offered by SunTrust – may be needed.
Who is Eligible for SunTrust Student Loans?
SunTrust’s primary student loan is known as the Custom Choice loan. This loan is open to both graduate and undergraduate students. Students must be enrolled at least half-time at an eligible college or university. Students must also be residents of the United States. Students may apply alone if they are at least 18 years of age and students who are 17 years of age may apply if they have a cosigner. Students who have limited credit and who are 18 or over may want to consider adding a cosigner in order to qualify for a better interest rate, though it isn’t required. These loans are not open to students who have permanent addresses in Iowa or Wisconsin, but students from any other state are eligible to apply.
What are SunTrust Student Loans?
SunTrust is one of the companies that does not offer student loan consolidation. As a result, students are not able to combine their federal and private loans into one payment through this bank. However, they do offer a number of different loans to help meet students educational needs.
The Custom Choice Loan is open to undergraduate and graduate students. It provides the option for a fixed or variable rate loan, boasts no origination fees, and comes with various repayment options. There are also no fees for the application and no penalties if a borrower decides to pay the loan off early. Current variable rates range from 4.113% APR to 9.479% APR. Current fixed interest rates for this loan range from 4.597% to 10.328% APR. Students can choose a 7 year, 10 year, or 15 year loan term. Furthermore, they can choose from a number of repayment options, such as interest-only, immediate repayment, partial interest, or full deferment. Students have the option to pay some of the loan while they are attending school or they can defer the interest until they graduate. These loans generally include a six month grace period and cosigners can be released from their obligation after 48 consecutive payments have been made on time. Students may borrow up to a maximum of $150,000 total and up to $65,000 per year.
The Graduate Business Loan provides many of the same benefits as the Custom Choice Loan. However, this loan is only open to students who are enrolled in graduate business degree programs. Furthermore, students must be residents of the United States and must be at least 18 years of age or have a cosigner. The current interest rates for these loans range from 3.863% to 7.391% for a variable rate loan and between 4.347% to 8.167% for a fixed rate loan. Students may choose to repay the loan over a 7 year or 10 year period and student have the option of deferring payments while still in school. The minimum loan must be at least $1,001 and the maximum annual loan is $95,000. The total amount that can be borrowed is $175,000.
Benefits of SunTrust Student Loans
- Low interest rates for private loans
- The option to defer payments or pay the interest while still in school
- The option to choose between variable or fixed rate repayment terms
- A reduction of up to 0.75% for students who apply early (before the end of July)
- A savings worth 0.50% off of current interest rates for students who agree to pay their loans automatically each month
- A savings of up to 1.00% off the interest rate when students graduate from college
- Online tools, such as loan cost calculators, which enable students to better understand how much their loan will cost them overall
- The option to spread loan payments out somewhere between seven to fifteen years
- Loan forgiveness if the borrower dies or becomes permanently disabled
- No application or prepayment fees
Applying for a SunTrust Student Loan
Applying for a loan through SunTrust Bank is fast and easy! Students can complete an application form online, along with their cosigner, if applicable. They may complete the form at the same time or during separate sessions. After passing an initial credit review, potential borrowers will be able to review loan options and select their interest rate and preferred repayment option. In the third step, students will see a list of required documentation which must be given to the bank before the loan can be finalized. These documents, which include proof of income, proof of identification, and proof of residency, can be submitted online, faxed, or sent via postal mail. After the bank has received all required documentation, an Approval Disclosure is sent and must be signed. The school must also certify that the loan is required and then final loan terms will be provided to the borrower. Lastly, the loan is dispersed directly to the school. If there are any funds remaining after paying the bill, the school will take care of providing a refund to the student.