If you’ve explored federal aid and other ways to pay for school, and you’re still falling short, a SunTrust private student loan can help fill the gap. Available to undergrads and graduate students, SunTrust college loans provide money for tuition, housing and other school expenses — along with benefits you won’t find everywhere:
What is a private student loan for college?
A private student 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.
Similar to the Custom Choice Loan®, except this loan is also open to international students.6
Important Information About These Products
Before applying for a private student loan, SunTrust recommends comparing all financial aid alternatives including grants, scholarships, and both federal and private student loans. View and compare the available features of SunTrust private student loans.
Union Federal is a federally registered trademark of Cognition Financial Corporation used by SunTrust Bank under license. The Union Federal Private Student Loan is funded by SunTrust Bank and is not offered in connection with any other lender or the federal government. Cognition Financial Corporation is not an affiliate of SunTrust Bank.
Certain restrictions and limitations may apply. SunTrust Bank reserves the right to change or discontinue these programs without notice. These loan programs are subject to approval under the SunTrust credit policy and other criteria and may not be available in certain jurisdictions.
Interest rates and APRs (Annual Percentage Rates) depend upon (1) the student’s and cosigner’s (if applicable) credit histories, (2) the repayment option and repayment term selected, (3) the requested loan amount and (4) other information provided on the online loan application. If approved, applicants will be notified of the rate applicable to your loan. Rates and terms are effective for applications received after . The variable interest rate for each calendar month is calculated by adding the current One-month LIBOR index to your margin. The One-month LIBOR index is captured on the 25th day of the immediately preceding calendar month (or if the 25th is not a business day, the next business day thereafter), and is rounded up to the nearest 1/8th of one percent. The current One‐month LIBOR index is % on . LIBOR stands for London Interbank Offered Rate. The One‐month LIBOR is published in the "Money Rates" section of the Wall Street Journal (Eastern Edition). The variable interest rate will increase or decrease if the One‐month LIBOR index changes. The fixed rate assigned to a loan will never change except as required by law or if you request and qualify for the ACH reduction benefit(s).
Principal and interest payments may be deferred while the student is enrolled at least half‐time at an approved school and during the six month grace period after graduation or dropping below half‐time status, but the total initial deferment period, including the grace period, may not exceed 66 months from the first disbursement date. Any accrued and unpaid interest will be capitalized (added to the unpaid principal loan balance) when repayment of principal and interest begins. There are no prepayment penalties.
“Auto pay” refers to making automatic payments of principal and interest from a bank account. Earn a 0.25% interest rate reduction when you auto pay from any bank account and an extra 0.25% interest rate reduction when you auto pay from a SunTrust Bank checking, savings or money market account. Interest rate reduction(s) will continue until (1) automatic deduction of payments is stopped (including during any deferment or forbearance), (2) three automatic deductions are returned for insufficient funds during the life of the loan, or, (3) if you are making automatic payments from a SunTrust Bank account, you close that account. The 0.25% interest rate reduction when you auto pay from a SunTrust Bank account will be applied after the first automatic payment is successfully deducted from a SunTrust Bank checking, savings or money market account and will be removed for the reasons stated above. In the event the benefit(s) is removed, the loan will accrue interest at the rate stated in your Credit Agreement. This benefit is not available during any time when your principal payments are deferred or when your loan is in forbearance, even if you are making payments.
The 1% principal reduction is based on the total dollar amount of all disbursements made, excluding any amounts that are reduced, cancelled, or returned. To receive the reward, the benefit must be requested from the servicer, the student borrower must have earned a bachelor’s degree or higher and proof of such graduation (e.g. copy of diploma, final transcript, or letter on school letterhead) must be provided to the servicer. This reward is available once during the life of the loan, regardless of whether the student receives more than one degree.
The minimum loan amount is $1,001 with exceptions based on the student’s state of permanent residence, as follows: Alaska: $5,001, Colorado: $3,001, New Mexico: $2,501, Oklahoma: $5,001, Rhode Island: $5,001, South Carolina: $3,601. The maximum annual loan limit to cover in-school expenses for each academic year (July 1 to June 30 of the applicable year) is determined by your school’s cost of attendance, minus other financial aid such as federal student loans, scholarships or grants, up to $65,000 for the Custom Choice Loan and Union Federal Private Student Loan or up to $95,000 for the Graduate Business Loan. The loan amount must be certified by the school. The annual loan amount maximums are subject to an aggregate maximum student loan debt limit (which includes all student loans and certain unsecured consumer debt and is calculated per applicant separately including students and cosigners) of $150,000 for Custom Choice Loan and Union Federal Private Student Loan or up to $175,000 for the Graduate Business Loan. If you choose the In-School Refinance Option, the maximum amount that you can refinance is $150,000 minus the amount that you are applying for to cover in-school expenses.
International students can apply for the Union Federal Private Student Loan with an eligible cosigner who is a U.S. citizen or permanent resident alien.
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For more details about Wire Transfers with SunTrust, call 800.947.3786.
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