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Suntrust Student Loan 2019 in United States (U.S.).
Suntrust Student Loan – SunTrust student loans are known as private loans for current students who are at least 17 years old.
To be eligible for a student loan from SunTrust, you can be either a U.S. citizen, a U.S. permanent resident or in some cases a qualified international student.
Everyone who takes out a SunTrust student loan has to show they have an adequate credit history and income to make payments on the loan. Most students will need to have a cosigner take out the loan with them.
In this article, I am going more on the SunTrust Student Loan
More About SunTrust
The SunTrust Custom Choice Loan is a private loan solution for students whose federal loans, scholarships and grants aren’t enough.
The SunTrust Custom Choice Loan is available to undergraduate and graduate students enrolled at least half-time in Title IV eligible degree programs.
- Interest rates and fees:
SunTrust offers competitive fixed or variable interest rates. There are no origination, application or prepayment fees.
- Repayment options:
SunTrust offers seven, 10 or 15-year repayment terms. The firm also presents various repayment terms including immediate repayment, interest-only, partial interest, and full deferment.
- Benefits and discounts:
SunTrust offers a graduation reward of one percent principal reduction and up to .50 percent rate reduction for automatic payments. There’s also a cosigner release option available.
- Financial aid tools:
SunTrust’s robust educational portal includes step-by-step educational guides, calculators, scholarship and grant information, tax benefits and general money management tools.
- Best for:
Students looking for college funding information and access to private lending solutions.
How SunTrust Could Improve
SunTrust could improve by offering additional programs such as:
- Personalized rate estimates without affecting credit.
- A biweeklystudent loan payment option.
- Offering loans to borrowers in all 50 states.
SunTrust Student Loans Interest Rates and Terms
SunTrust offers three private student loan options for students who are still in school. The Custom Choice Student Loan and Union Federal Private Student Loan are nearly identical, but the latter accepts international students while the former does not.
The graduate business school loan is only for students who are in an MBA or similar business school programs.
All three loans have four repayment options. The first repayment option is full deferment in which a student makes no payments during school. For six months following school, interest continues to accrue during deferment.
The second option is immediate repayment in which the borrower starts to make loan payments right away.
The third option is a $25/month payment which lasts during school and for six months following graduation.
With this option, the principal balance will continue to grow (in most cases). Finally, borrowers can choose to make interest-only payments during school to keep the principal balance from growing.
If you’re looking for private student loans, SunTrust has three options:
- Custom Choice Loan
- Union Federal Private Student Loan
- Graduate Business Loan
Both undergraduate and graduate students can apply for the Custom Choice Loan and the Union Federal Private Student Loan. For the most part, the terms of these two loans are identical.
However, the Union Federal Private Student Loan differs in two ways:
- The loan is available to international students.
- You can earn a 0.25 percent interest rate reduction after you’ve made your first 36 consecutive on-time payments or total payments in the amount equal to the first 36 monthly payments and no prior late payments.
If you’re a graduate student, you also can opt for the Graduate Business Loan. This loan is designed specifically for students who enroll in a business program.
Interest Rate and Principal Reductions
All three types of SunTrust student loans offer a 0.25 percent interest rate reduction if you set up auto pay for your monthly payments.
You’ll get an extra 0.25 percent discount if those automatic payments come from a SunTrust bank account.
With the Union Federal Private Student Loan, you can earn another 0.25 percent interest rate reduction after you have made your first 36 consecutive on-time payments.
Alternatively, you can make total payments in the amount equal to the first 36 monthly payments and no prior late payments.
Plus, all three loans offer a reward for graduating. You’ll get a 1 percent reduction of your principal balance when you show proof that you’ve graduated with a bachelor’s degree or higher. You can get this reward only once.
SunTrust Student Loans Eligibility Requirements
To qualify for a SunTrust student loan, you must meet the following requirements:
- You must be enrolled at least half time in a degree-seeking program at an eligible school.
- You must be a U.S. citizen or permanent resident.
- You must be the age of majority in your state or at least 17 years old at the time of application if applying with a co-signer who is the age of majority in their state of residence.
Additionally, the Graduate Business Loan requires that you be enrolled at least half time as a graduate-level business student in a degree-seeking program at an eligible school.
The Union Federal Private Student Loan also will be available to you if:
- You are an eligible international student applying with an eligible co-signer who is a U.S. citizen or permanent resident alien.
- You have a good credit history with no previous student loan defaults or bankruptcies.
- You have positive income or a co-signer with positive income.
None of the loans are available to students or co-signers whose permanent residency state is Iowa or Wisconsin.
SunTrust doesn’t share minimum credit score requirements publicly. Also, the lender does not allow you to see potential offers with a soft credit check, so you have to fill out an application to know your chances of getting approved.
1. How quickly can my school get the loan funds?
If you are concerned about timing, you can speed up the process by uploading all required documentation as well as choosing to electronically sign documents within the loan packet.
If you apply early and documentation is received promptly, your school will likely receive the funds in plenty of time.
If you’re not sure of the school’s loan deadlines, contact the financial aid office or check the school website for a published timeline.
2. What can sun trust student loan be used for?
The loan can be used for Qualified Higher Education Expenses such as tuition, books, fees, transportation, housing, food, and a new computer.
3. Must I have a cosigner to get a sun trust student loan?
No. A student may apply without a cosigner but the student then must meet the credit requirements to be approved for the loan.
Applying with a cosigner who has good credit and positive income can help you satisfy credit criteria and may increase your chances of approval and receiving a lower interest rate.
4. What is a private student loan?
A private student loan, like the Custom Choice Loan, is a student loan issued by a private lender like a bank, rather than the federal government.
And while it may sound like it’s for private schools, a private student loan can be used to pay for costs at an approved public or private college or university.
5. How is a cosigner added?
Applying as a cosigner takes about 15 minutes. Either the cosigner or the student can start the application within the online application; there is a feature that allows the cosigner or the student to be invited to the application.
6. Who do I contact for inquiries?
For more information, you will have to speak to a Customer Service representative, please call 866.232.3889.
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