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:
APRS shown above apply after the 0% APR introductory period for the first 6 months.8
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. Start Student Loan is a trademark of Cognition Financial Corporation. Both are used by SunTrust under license. Truist Financial Corporation (“SunTrust now Truist” or “Lender”) is the lender of these private student loans and they are not offered in connection with any other lender or the federal government. Cognition Financial Corporation is not an affiliate of Lender.
Certain restrictions and limitations may apply. Lender reserves the right to change or discontinue these programs without notice. These loan programs are subject to approval under the Lender’s 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, (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 APRs for all products except the Start Student Loan assume a $10,000 loan with two disbursements and no auto pay; the low APRs assume a 7-year loan with no deferment and the high APRs assume a 15-year loan with full-deferment while in-school. The APRs for the Start Student Loan assume a 0% introductory APR for six months from the first disbursement date, a 15-year $10,000 loan, with two-disbursements and full deferment. The variable interest rate for each calendar month is calculated by adding the current index (One-month LIBOR index) to your margin. 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 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 . The variable interest rate will increase or decrease if the One‐month LIBOR index changes or if a new index is chosen. The applicable index or margin for variable rate loans may change over time and result in a different APR than shown. The fixed rate assigned to a loan will never change except as required by law or if you request and qualify for the auto pay discount(s).
With Full Deferment, principal and interest payments are 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. Making interest only or partial interest payments during in-school deferment (including the grace period) will not reduce the principal balance of the loan.
Earn an interest rate reduction for making automatic payments of principal and interest from a bank account (“auto pay discount”) by completing the direct debit form provided by the Servicer. 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 or BB&T checking, savings, or money market account. The auto pay discount will be applied after the Servicer validates your bank account information and will continue until (1) three automatic deductions are returned for insufficient funds during the life of the loan (after which the discount cannot be reinstated) or (2) automatic deduction of payments is stopped (including during any deferment or forbearance, even if payments are made). In addition, the extra 0.25% interest rate reduction for auto pay from a SunTrust or BB&T checking, savings or money market account will be discontinued if automatic payments are no longer made from one of the aforementioned SunTrust accounts. In the event the auto pay discount is discontinued, the loan will accrue interest at the rate stated in your Credit Agreement. The auto pay discount is not available when payments are deferred or when the loan is in forbearance, even if payments are being made. Please note that SunTrust and BB&T have branch locations in certain states (visit suntrust.com or BBT.com to determine locations). Most transactions can be performed online or over the phone, however some infrequent transactions may require visiting a branch. This is not a solicitation to open such accounts. Some products may have an associated cost.
The principal reduction is based on the total dollar amount of all disbursements made, excluding any amounts that are reduced, cancelled, or returned. To receive this principal reduction, it 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 (except for the Start Student Loan for which the minimum loan amount is $5,001) with exceptions based on the student’s state of permanent residence, as follows: Alaska: $5,001, Colorado: $3,001, New Mexico: $2,501, Oklahoma: $5,201, Rhode Island: $5,001, South Carolina: $3,701. The maximum annual loan limit to cover in-school expenses for each academic 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 (Custom Choice Loan, Start Student Loan and Union Federal Private Student Loan) or $95,000 (Graduate Business Loan). The loan amount must be certified by the school. In any event, the loan amount cannot cause the aggregate maximum student loan debt (which includes all student loans and certain unsecured consumer debt) to exceed $150,000 (Custom Choice Loan, Start Student Loan and Union Federal Private Student Loan) or $175,000 (Graduate Business Loan), per applicant (on cosigned applications, separate calculations are performed for the student and cosigner). If you choose the In-School Refinance Option, the maximum amount that you can refinance is subject to the aggregate maximum student loan debt limit ($150,000 or $175,000) 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.
The 0.25% interest rate reduction will automatically be applied if either one of the following payment conditions has been met: (a) the first 36 consecutive monthly payments are made on-time (received by the servicer within 10 calendar days after their due date) or (b) an amount equal to the first 36 months of scheduled payments (based on the monthly payment amount in effect when you make the most recent payment) has been paid and is not preceded by any late payments. Payments made prior to the start of your repayment term do not count toward the number of required monthly payments. As an example, if you have made 30 months of consecutive on-time payments, and then, based on the monthly payment amount in effect on the due date of your 31st consecutive monthly payment, you pay a lump sum equal to 6 months of payments, the reduction will be automatically applied as of your 31st payment.
The Start Student Loan has a 0% introductory APR, meaning that the loan will not accrue interest during the introductory period. The Introductory Period will begin on the first disbursement date of the loan and end on that date which is six (6) months from the first disbursement date. By way of example only, if the first disbursement date is January 15, the introductory period will end on July 15. The fist disbursement date means the date on which loan funds are first transmitted on the student’s behalf.
View payment examples for the Custom Choice Loan, the Union Federal Private Student Loan, Start Student Loan or the Graduate Business School Loan. The 15 year term and Partial Interest Repayment option (paying $25 per month during in-school deferment) are only available for loan amounts of $5,000 or more. The Full Deferment option is the only option offered on the Start Student Loan. Making interest only or partial interest payments during in-school deferment (including the grace period) will not reduce the principal balance of the loan.
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For more details about Wire Transfers with SunTrust, call 800.947.3786.
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Services provided by the following affiliates of Truist Financial Corporation: Banking products and services, including loans and deposit accounts, are provided by SunTrust Bank and Branch Banking and Trust Company, both now Truist Bank, Member FDIC. Trust and investment management services are provided by SunTrust Bank and Branch Banking and Trust Company, both now Truist Bank, and SunTrust Delaware Trust Company. Securities, brokerage accounts and /or insurance (including annuities) are offered by SunTrust Investment Services, Inc. and BB&T Securities, LLC, P.J. Robb Variable Corp., and Precept Advisory Group, LLC, which are SEC registered broker-dealers, members FINRALink opens a new window, SIPCLink opens a new window, and a licensed insurance agency where applicable. Investment advisory services are offered by SunTrust Advisory Services, Inc., GFO Advisory Services, LLC, BB&T Securities, LLC, Sterling Capital Management, LLC, and BB&T Institutional Investment Advisors, Inc., each SEC registered investment advisers. BB&T Sterling Advisors, BB&T Investments and BB&T Scott & Stringfellow, are divisions of BB&T Securities, LLC. Mutual fund products are advised by Sterling Capital Management, LLC. Mortgage products and services are offered through SunTrust Mortgage, a tradename for SunTrust Bank now Truist Bank.
"SunTrust Advisors" may be officers and/or associated persons of the following affiliates of Truist Financial Corporation: SunTrust Bank now Truist Bank, our commercial bank, which provides banking, trust and asset management services; SunTrust Investment Services, Inc., a registered broker-dealer, which is a member of FINRALink opens a new window and SIPCLink opens a new window, and a licensed insurance agency, and which provides securities, annuities and life insurance products; SunTrust Advisory Services, Inc., a SEC registered investment adviser which provides Investment Advisory services.
SunTrust Private Wealth Management, International Wealth Management, GenSpring, Business Owner Specialty Group, Sports and Entertainment Group, and Legal and Medical Specialty Groups are marketing names used by SunTrust Bank now Truist Bank, SunTrust Investment Services, Inc., and SunTrust Advisory Services, Inc.
SunTrust Robinson Humphrey is the trade name for the corporate and investment banking services of Truist Financial Corporation and its subsidiaries, including SunTrust Robinson Humphrey, Inc., member FINRALink opens a new window and SIPCLink opens a new window.
Thank you for choosing SunTrust now Truist. We welcome the opportunity to serve your financial needs. While SunTrust and BB&T have merged to become Truist, both institutions will continue to offer independent product lines for a period of time. This may include differing underwriting guidelines, product features, terms, fees, and pricing.
Our friendly teammates at your local BB&T branches will be happy to walk you through their products. You can also learn more by contacting them at 1-800-BANK-BBT or BBT.com.