Important Information About These Products
SunTrust recommends you compare all financial aid alternatives including grants, scholarships, federal loans and SunTrust private student loans prior to applying for private student loans. Before selecting a private student loan, compare options offered by SunTrust.
1 Interest rate reductions offered for automatic payment from a bank account: 0.25% interest rate reduction for ACH payment from any bank account and an extra 0.25% interest rate reduction when ACH payments are made from a SunTrust Bank account. ACH interest rate reduction(s) only apply when full payments (including both principal and interest) are automatically drafted from a bank account. Interest rate reduction(s) will remain on the account unless (a) the automatic deduction of payments is stopped (including times during deferment or forbearance) or (b) there are three automatic deductions returned for insufficient funds over the life of the loan. The additional SunTrust Bank account ACH interest rate reduction 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 or if you close your SunTrust Bank account. In the event the benefit(s) is removed, the interest rate stated in the Credit Agreement shall be applied in accordance with the terms of the Credit Agreement.
2 The APR listed is for an unsecured PreK-12 education loan between $10,000 and $24,999 with a term between 24 and 36 months, for applicants with excellent credit. Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates under the invoicing option are 0.50% higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.
* Payment example: Monthly payments for a $10,000 loan at 5.99% APR with a term of 3 years would result in 36 monthly payments of $304.17.
3 You can fund your loan today if today is a banking business day, your application is approved, and you complete the following steps by 2:30 p.m. Eastern time: (1) review and electronically sign your loan agreement; (2) provide us with your funding preferences and relevant banking information; and (3) complete the final verification process.
4 After receiving your loan from us, if you are not completely satisfied with your experience, please contact us. We will email you a questionnaire so we can improve our services. When we receive your completed questionnaire, we will send you $100. Our guarantee expires 30 days after you receive your loan. We reserve the right to change or discontinue our guarantee at any time. Limited to one $100 payment per funded loan. LightStream and SunTrust teammates do not qualify for the Loan Experience Guarantee.
5 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: $4,901, Rhode Island: $5,001, South Carolina: $3,601.
6 The maximum annual loan amount for the upcoming semester/academic period is determined by the 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 and up to $95,000 for Graduate Business School Loan; max loan sizes are subject to an aggregate maximum student loan debt limit of $150,000 for Custom Choice Loan and Union Federal Private Student Loan and $175,000 for Graduate Business School Loan; aggregate student debt limit includes all student loans and certain unsecured consumer debt.
7 Click here to see payment examples. Certain repayment terms are only available for loan amounts of $5,000 or more. Click here to find out more about available options.
8 Private student loans that can be refinanced with a new SunTrust private student loan are private student loans and private consolidation loans that the student applicant used for, or to refinance loans used for, postsecondary Qualified Higher Education Expenses not currently in a past due status. Loans that cannot be refinanced into this loan are (1) private student loans for which the student applicant is not the primary borrower, (2) Federal student loans and (3) student loans made by an educational institution. Qualified Higher Education Expenses generally include tuition and fees, room and board, costs for rental or purchase of any equipment, materials, or supplies required of all students in the same course of study, an allowance for books, supplies, transportation, and miscellaneous personal expenses, and a reasonable allowance for the documented rental or purchase of a personal computer. The formal definition for Qualified Higher Education Expenses is included in Section 221 of the Internal Revenue Code (26 U.S.C. § 221) and includes the items in the definition of “cost of attendance” in Section 472 of the Higher Education Act of 1965 (20 U.S.C. § 1087ll), except as otherwise stated in the Internal Revenue Code’s definition of Qualified Higher Education Expenses. If you have questions about particular costs or specialized circumstances or need more information, please consult the Internal Revenue’s full definition of "cost of attendance".
9 Payments may be deferred (a) while a student is enrolled at least half-time at an approved school, and (b) during the 6 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 but unpaid interest will be capitalized (added to the unpaid principal loan balance) when repayment of principal and interest begins. There are no prepayment penalties.
10 The 1% principal reduction is based on the net disbursed loan amount which is the total dollar amount of all disbursements made, excluding the dollar amount of any reductions, cancellations, or returns, as applicable. 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 borrower receives more than one degree.
11 Consult your tax advisor regarding deductibility of interest.
Certain restrictions and limitations may apply. SunTrust Bank reserves the right to change or discontinue these programs without notice. All loan programs are subject to approval and may not be available in certain jurisdictions.