Student Loan FAQs

Frequently Asked Questions about SunTrust Private Student Loans

  • Getting Started FAQs

  • General Private Student Loan and Application FAQs

    • The soaring cost of college may make a degree seem out of reach, but a SunTrust private student loan can help pay for college with a loan made just for you. Following are some answers to general questions you may have about SunTrust private student loans.

      Frequently Asked Questions

      Who do I contact with questions?

      SunTrust is here to help throughout the entire process. For more information, or to speak to a Customer Service representative, please call the phone number for the program you're interested in, as listed below:

      • Custom Choice Loan® - 866.232.3889 
      • AAA Advantage Loan - 800.513.1464
      • Union Federal® Private Student Loan - 866.513.8445 
      • Graduate Business Loan - 866.232.3889

      How much can I borrow?2

      • The minimum loan size is $1,001.2
      • The maximum loan amount:
        • Per loan – the maximum loan amount for the upcoming semester/academic period is determined by your school's cost of attendance, minus any federal student loans, scholarships or grants, up to the amounts shown below: 
        • $65,000 for the Custom Choice Loan and Union Federal Private Student Loan 
        • $95,000 for the Graduate Business School Loan
        • For multiple loans - the maximum loan amounts per year for applicants borrowing more than one SunTrust private loan are as follows: 
        • $65,000 for the Custom Choice Loan and Union Federal Private Student Loan 
        • $95,000 for the Graduate Business School Loan
        • With the In-School Refinance Option – when refinancing existing private student loans3 into a new loan, the maximum loan amount you can borrow (including the amount for the next semester/academic period plus the outstanding balance of the private student loansyou want to refinance) is as follows: 
        • $150,000 for the Custom Choice Loan and Union Federal Private Student Loan 
        • $175,000 for the Graduate Business School Loan ‐ Learn about the In-School Refinance Option
        • Learn about the In-School Refinance Option

      If I have other student loans, do they influence the amount I can borrow?2

      Yes. The credit review for a SunTrust student loan will take into consideration the aggregate student loan debt (both federal and private) of the student and, if applicable, your cosigner. The aggregate maximum student loan debt allowed is $150,000 for the Custom Choice Loan and the Union Federal Private Student loan and $175,000 for the Graduate Business Loan (includes all student loans and certain unsecured consumer debt). If the current student loan debt exceeds these amounts, for either the student or the cosigner, the application will be declined.

      • When there is no cosigner – We take the student’s aggregate student loan debt into consideration.
      • When there is a cosigner on a loan, we take the student and cosigner’s aggregate student loan debtinto consideration. 

      What can a SunTrust private student loan be used for?

      The loan can be used for Qualified Higher Education Expenses- such as tuition, books, fees, transportation, housing, food, a new computer.

      Who is eligible to apply?

      • Enrollment:
        • The Custom Choice Loan and Union Federal Private Student Loan are available to bachelor’s, graduate and professional students who are enrolled at least half-time or more in a degree-seeking program at an approved school.
        • The Graduate Business School Loan is available to graduate students enrolled at least half-time in a graduate level business program at an approved school.
        • Applications can be submitted 4 months or less from the start date for the academic period for which the loan is being taken out. So, for example, if the fall semester starts on August 20, you can apply starting in April of the same year.
      • Citizenship:
        • Custom Choice Loan and Graduate Business School Loan: All applicants must be a U.S. citizen or permanent resident with a Social Security Number.
        • Union Federal Private Student Loan: unless the applicant is an international student, all applicants must be a U.S. citizen or permanent resident with a Social Security number. International students must apply with an eligible cosigner who is a U.S. citizen or permanent resident alien.
      • The student must be the legal age of majority5 at the time of application, or at least 17 years of age if applying with a cosigner who meets the age of majority requirements in the cosigner's state of residence.
      • Either the student or the cosigner, if applicable, must have an income source for the Custom Choice Loan or Union Federal Private Student Loan.
      • Applicants cannot be a permanent resident of Iowa or Wisconsin.

      What kinds of degrees can I use a private loan for?

      • The Custom Choice Loan and Union Federal Private Student Loan can be used for most college degrees, undergraduate and graduate, from an approved 4-year institution. This includes bachelor’s degrees, master’s degrees, Ph.D.s, as well as medical, dental, veterinary and law degrees. It cannot be used for an associate’s degree.
      • The Graduate Business School Loan can only be used for graduate business degrees like an MBA or a master’s or Ph.D. in a business discipline.

      What are the advantages of getting a private student loan over a federal student loan?

      A private student loan is not intended to be used instead of a federal student loan; it is intended to fill the gap in educational expenses after a student has already sought other forms of financing (such as federal student loans and scholarships) and the student still needs funds to pay for school.  The main benefit of a private student loan is that it may offer additional funding beyond what you qualify for in federal aid. For more details, please see this comparison of private and Federal student loans.

      Is a private student loan a secured loan?

      No, this is an unsecured loan available to qualified applicants.

      How do I qualify for the rate reductions for auto pay and for the SunTrust customer benefit?

      There are three ways to earn a rate reduction with a SunTrust private student loan:

      • Choose to make automatic loan payments (Auto pay)6 – Get a 0.25% interest rate reduction for automatic loan payment withdrawal. 
      • Auto pay from a SunTrust bank account6 – Get an additional 0.25% interest rate reduction if you make automatic payments from a SunTrust bank account. 
      • Make on-time payments (Union Federal Private Student Loan only)7 – Get a 0.25% interest rate reduction when you make the first 36 consecutive monthly payments on-time (received within 10 calendar days after the due date)

      How does the SunTrust graduation reward work? 

      The principal reduction offered on the Custom Choice Loan and Graduate Business School Loan is based on the net disbursed loan amount (the dollar amount sent, or disbursed, to the school), 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. This reward is not available on the Union Federal Private Student Loan.

      Are there any fees with a SunTrust private student loan?

      There are no application or origination fees. There is also no prepayment fee. If you are late making a loan payment, a late fee will apply.

      Do I have to make payments while I go to school? 

      No. With SunTrust private student loans, borrowers can choose to make or defer payments while enrolled in school at least half-time.Borrowers who select to defer payments (put them on hold) while in school can do so (a) while 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. Good things to know about deferring your loan:

      • The initial deferment period may not exceed 66 months from the first disbursement date. 
      • The initial deferment option must be chosen during the application process. 
      • Accrued and unpaid interest will be capitalized (added to the unpaid principal loan balance) when repayment of principal and interest begins. 
      • There are no pre-payment penalties which means you can choose to pay off the loan early without penalty.

      Can my loan cover past due college account balances? 

      Yes, the loan may be applied to qualified educational expenses for the prior academic period that are owed to the school. Important: You must apply within a specified timeframe after the academic period for which the past-due bill was incurred:

      • Custom Choice Loan and Graduate Business School Loan: Up to one month after the past-due academic period. (Applications for past due balances will be accepted up to the end of the next month following the academic period for which the applicant was enrolled.)
      • Union Federal Private Student Loan: Up to three months after the past-due academic period.
      • (Applications for past due balances will be accepted up to three (3) months following the academic period for which the applicant was enrolled.)

      How quickly can my school get the loan funds?

      If you're concerned about timing, you can speed up the process by uploading all supporting/required documentation as well as choosing to electronically sign documents within the loan packet (Credit Agreement, Applicant Self-Certification form, and Approval Disclosure).

      If you apply early and documentation is received promptly, your school will likely receive the funds in plenty of time. If you're unsure of the school's loan deadlines, contact the financial aid office or check the school website for a published timeline.

      What repayment options are available?9

      With a SunTrust private student loan, borrowers can choose to defer or start making some or part of the monthly loan payment while the student is in school. Opting to make payments isn’t necessary but doing so will typically lower the total amount of interest paid over the life of the loan. Here are the four repayment options:

      • In-School Deferment (Full Deferment)8: This option allows you to postpone loan payments while in-school. Both the principal and interest payments are postponed, or deferred, until after school. In-School Deferment is the most costly repayment option because deferred monthly interest is added to the loan principal during the time you are in school.
      • Immediate Repayment: With this option, regular loan payments of both the principal and the interest begin approximately 30-60 days after SunTrust sends the final disbursement (loan funds) to your school. This is the least expensive loan repayment option if you can afford to make payments while in school. 
      • Interest-Only Repayment: Pay only the accrued monthly interest while in school; principal and interest payments begin six months after graduation or dropping below half-time status. 
      • Partial Interest Repayment: Pay partial interest of $25 per month10 while enrolled in school. Option available for loans of $5,000 or more.

      With any option, any interest that is unpaid will accrue and will be capitalized (added to the loan balance) at the time of repayment.

      The repayment option you choose can make a big difference in your loan's overall cost — so review your options carefully. It's essential to understand how your rates and payments will be affected by your choices, because once you complete your loan application with those selections, you cannot make any further changes. When you apply, there will be a repayment calculator you can use to see the impact of different repayment options to the loan's overall cost and estimated payment amounts. You can also get an idea now of how a repayment option could affect your overall loan cost.

      Why do I need to complete an Applicant Self-Certification Form? 

      The federal government mandates certain regulations be followed for private education loans in an effort to provide more transparency to borrowers. The Applicant Self-Certification is one of those mandates. About this form:

      • This form is provided to students during the application process but it can also be obtained from the school’s financial aid office.
      • All private student loan lenders must obtain this form prior to disbursing any private student loan funds.
      • During the application process, you will be asked for your total cost of attendance and estimated financial assistance in order to complete the form. 

      What is an Application and Solicitation Disclosure (ASD)? 

      Regulations governing private education loans require three disclosure documents be provided to borrowers during the application process: an Application and Solicitation Disclosure (ASD), Approval Disclosure, and Final Disclosure. About this form:

      • This form will be provided during the application process.
      • The ASD displays current interest rate ranges, loan cost examples, federal student loan alternatives, and other general loan information.
      • Completion of an application is not required in order to view an ASD with current interest rates; however, all applicants must acknowledge that they have reviewed this disclosure before continuing the application process. 

      How do I know if my school is an approved school for a SunTrust private student loan? 

      Please visit the approved school list, select the school state and then a list of schools in that state will be listed. If the branch of your school is not listed, please choose the main campus.

       

      What if my school is not listed as an approved school for a SunTrust private student loan? 

      If neither the branch nor main campus is listed, you and other students at your school will be unable to apply for a SunTrust private student loan. In this case, we recommend that you contact the financial aid office at your school for a list of available options.

      Does SunTrust offer loans to international students? 

      Yes. SunTrust offers loans to international students with an eligible U.S. cosigner through the Union Federal Private Student Loan program. This option is not available with the Custom Choice Loan program.

      What documents will I need to provide if I am approved? 

      Approved documentation can be found here but not all applicants are required to submit documentation. If documentation is required, it will be requested during the loan application process.

  • Cosigner FAQs

    • For a private student loan, a cosigner is an additional applicant besides the student, such as a parent or grandparent or other adult, who bears the same responsibility as the student for the loan. Here are some answers to questions you may have.

      Frequently Asked Questions

      What is a cosigner?

      A cosigner is an additional applicant besides the student, such as a parent, guardian, grandparent or other person, who will bear the same legal responsibility as the student.

      Why is a cosigner important?

      Many students don't have a substantial credit history or have other concerns about being approved for a private student loan, and adding a creditworthy cosigner may help them qualify and also obtain a lower interest rate.

      What makes a good cosigner on a loan?

      A good cosigner:

      • Has a substantial credit history
      • Does not have any serious negative items on their credit report
      • Meets their credit obligations on time
      • Is not over burdened with debt
      • Has steady employment and/or income sufficient to meet debt obligations

      How many cosigners can be on a SunTrust private student loan? 

      One cosigner can be on the loan. The cosigner is in addition to the student.

      Can a cosigner be released from the loan?

      The cosigner can be released from liability after a specific number of consecutive monthly principal and interest payments (either 36 or 48 monthly payments, as set forth in your Credit Agreement) have been made on-time11 (received within 10 calendar days after the due date). The borrower must meet credit criteria on their own at that time. Cosigner release may not be available for loans in a forbearance status. For more details, click here.

      What if there is an unfortunate event, such as death or disability, of the student borrower?

      In the event of the primary borrower's death or permanent disability, the loan will be forgiven. Proper documentation is required and the cosigner won't be responsible for repayment.12

      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.

      How can a cosigner help me get loan approval?

      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. More information about applying with a cosigner.

       

      Must I have a cosigner to get a SunTrust 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.

  • Cosigner Release FAQs

  • In-School Refinance Option FAQs

    • When considering the option to refinance existing private student loan(s) into a new SunTrust private student loan, SunTrust wants to ensure you've thought through potential considerations of doing so. Here are answers to some of the questions you may have about the In-School Refinance Option.

      Frequently Asked Questions

      Is this option offered after I graduate, when I am out of school, like a consolidation?

      No. This option is similar to a balance transfer option and is only offered to students that are also taking out a private student loan to fund an upcoming semester or academic period. 

      What kinds of student loans can I refinance with a new SunTrust private student loan? 

      The student (not a cosigner) can refinance private student loans and private consolidation loans that are not in past due status and that were used for, postsecondary (post high school) Qualified Higher Education Expenses (see below for a description of Qualified Higher Education Expenses).

      Loan types that cannot be refinanced into a new SunTrust private student loan:

      • Private student loans for which the student applicant is not the primary borrower
      • Federal student loans
      • Loans made by a school or other educational institution
      • Private student loans in past due status

      What are Qualified Higher Education Expenses?

      • In order to refinance existing private student loans into a new SunTrust private student loan, the existing private student loans must have been used to pay for Qualified Higher Education Expenses. Private student loan consolidation loans can also be included as long as the loans that were consolidated were also used to pay for Qualified Higher Education Expenses.
      • 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 full definition of "cost of attendance".

      How will refinancing my loan(s) affect my rate?

      You can choose to lock in a fixed interest rate or refinance at a variable rate.

      • By choosing a fixed interest rate, the interest rate and monthly payment on the new SunTrust private student loan will be constant throughout the life of the loan.
      • By choosing a variable interest rate, the interest rate on the new loan will be based on the 1-Month LIBOR index and will fluctuate throughout the life of the loan. The monthly payment on the new SunTrust private student loan will fluctuate based on changes in the 1-Month LIBOR index.

      If I refinance my student loan(s) with a new repayment option and/or term, how will that affect me?

      The loan options (rate type, repayment option and term) that you choose for the new SunTrust private student loan will apply to the existing private student loan(s) that you refinance.

      • For example, if payments on the existing private student loans(s) are currently deferred, choosing a repayment option other than deferment on the new loan will require you to make payments while you are in school on the principal and/or interest, depending on which repayment option you choose: Interest-Only, Partial-Interest or Immediate Repayment. Conversely, if you are currently paying on your existing private student loans while in school and you choose In-School Deferment8, you will no longer be required to pay on your loan while you are enrolled in school.9
      • When a longer repayment term is chosen through refinancing, it is likely that more interest will be paid over the life of the loan unless the interest rate is significantly lower.
      • Conversely, when a shorter repayment term is chosen through refinancing, it is likely less interest will be paid over the life of the loan unless the interest rate is significantly higher. With shorter repayment terms, consider the monthly payment — shorter repayment terms carry higher monthly payments.

      What if I have a cosigner on my existing private student loan(s)?

      Unless the cosigner on the private student loan(s) being refinanced is on the new loan, that cosigner will be relieved from the debt obligation, which typically improves the cosigner's debt to income ratio.

      When is refinancing not an advantage?

      • The terms of the new loan may not be advantageous if your credit has undergone significant negative changes since you applied for your existing private student loan(s).
      • If your existing private student loan(s) has options that reduce the interest rate, or save you money through rewards, those will be lost if the loan is paid off by the new loan. If your existing private student loan(s) did not offer these, or you lost the benefits, this may not be a consideration.
      • If you are currently receiving relief in the form of a 6% interest rate cap on an existing private student loan(s) pursuant to the Servicemembers Civil Relief Act, by choosing to refinance such loan(s), that benefit will be discontinued, although the loan may continue to be eligible for relief in certain circumstances:
        • If you are a resident of Louisiana, Ohio or Pennsylvania and are on active duty
        • If you are a resident of Louisiana or Ohio and your spouse is a qualifying servicemember
        • If the cosigner is a resident of Louisiana, Ohio or Pennsylvania and is on active duty
        • If the cosigner is a resident of Louisiana or Ohio and his or her spouse is a qualifying servicemember

      Should I continue making payments on the loan(s) I'm requesting to refinance?

      Yes, you should continue making any required payments on the existing private student loans you choose to refinance until they are paid off. There will be a lag between the time you request this option and the time the loans are actually paid off and it's important to continue to make payments so your credit isn't affected and no late-payment fines are incurred.

      Who do I contact with questions?

      SunTrust is here to help throughout the entire process. For more information, or to speak to a Customer Service representative, please call the phone number for the program you're interested in, as listed below:

      • Custom Choice Loan® - 866.232.3889
      • AAA Advantage Loan - 800.513.1464
      • Union Federal® Private Student Loan - 866.513.8445
      • Graduate Business Loan - 866.232.3889
  • Repayment and Loan Servicing FAQs

    • Keeping up with student loan payments is an important, if sometimes challenging, responsibility. Here are answers to some questions you may have.

      Frequently Asked Questions

      When do my principal and interest payments start?

      Unless you chose the Immediate Repayment option – making principal and interest payments during your in-school deferment period – you will start making principal and interest payments after you graduate, leave school or drop below half-time status.8

      What is a loan servicer?

      • Many lenders partner with loan servicers to manage private student loans after the loan proceeds have been sent to the school. Servicers process payments, accept deferment requests and maintain all records and files.  American Education Services (AES) is the servicer for SunTrust private student loans and manages contact with borrowers during in-school, grace and repayment periods.
      • Prior to first payment due date, borrowers will be sent information from AES with monthly payment information (amount due, date due and where to send the payment).
      • It is very important to inform AES of any changes in address, phone number and/or enrollment status.

      What are my responsibilities as a private student loan borrower?

      The credit agreement (sometimes also called a promissory note) explains all borrower and cosigner obligations. Among them are the following:

      • Private student loan borrowers, and their cosigners, if applicable, are responsible for paying back the loan, even if the student borrower doesn't complete coursework, graduate from college or cannot find a job after graduating.
      • Private student loan borrowers and their cosigners must notify the lender or servicer if: 
        • There is a change in name, address, phone number or Social Security number
        • The student drops below half-time enrollment status
        • The student graduates, withdraws or transfers to another school
        • Scheduled loan payments cannot be made as scheduled
        • Loan repayment needs to be delayed or put on hold with a deferment
        • The student or cosigner becomes an active service member within the military
      • In addition, borrowers and cosigners should open and read all mail related to any student loan

      How do I contact my SunTrust private student loan servicer, AES?

      Contact your SunTrust private student loan servicer, AES

      • Website: www.aessuccess.org to securely access account information online, make online payments or sign up for auto-debit 
      • Phone: 800.233.0557 for assistance

      What happens if I miss a payment?

      • If you miss a payment, you may incur additional charges, such as late fees.
      • Missing a payment will cause your loan to be delinquent. If you fail to make payments for a specified period of time according to your loan agreement, your loan will be in default.
      • Defaulting on a private student loan can result in consequences for both you and your cosigner, if applicable. Your credit score and your cosigner’s credit score could be negatively impacted.

       If you have difficulty making your payments as scheduled, you should immediately contact AES to discuss your available options.

      What happens if I default on my loan? 

      Defaulting on your loan is a serious matter that could have a long-term, adverse effect on your credit score. SunTrust private student loans are usually reported as "late" to consumer credit reporting agencies once they are 60 or more days delinquent.

      Bankruptcy usually doesn't cancel your obligation to repay an education loan. If you're about to miss a loan payment, you should contact your servicer immediately to work out a repayment schedule you can meet.

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.

©2010 fafsa.gov. All rights reserved. FAFSA is a trademark of the U.S. Department of Education.

1  Source: Homeroom, the official Blog of the U.S. Department of Education: 10 Myths About the FAFSA and Applying for Financial Aid.


 

2

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 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. In any event, the annual loan amount cannot cause the aggregate maximum student loan debt (which includes all student loans and certain unsecured consumer debt) to exceed $150,000 for the Custom Choice Loan and Union Federal Private Student Loan or $175,000 for the 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.

3

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 used to refinance loans used for, certain postsecondary 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. Loans being refinanced must have been used for "qualified higher education expenses" (defined by the Internal Revenue Code), which consists of expenses included in the Higher Education Act's definition of "cost of attendance".

4

Loans being refinanced must have been used for "qualified higher education expenses" (defined by the Internal Revenue Code), which consists of expenses included in the Higher Education Act's definition of "cost of attendance". "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. 

5

Eligibility Requirements and Age Limits: the student must be enrolled at least half‐time or more in a degree granting program at an approved school. The student must be the legal age of majority at the time of application, or at least 17 years of age if applying with a cosigner who meets the age of majority requirements in the cosigner's state of residence. The legal age for entering into contracts is 18 years of age in every state except Alabama (19 years old), Nebraska (19 years old, only for wards of the state), Mississippi and Puerto Rico (21 years old). Private student loans funded by SunTrust are not available to students or cosigners who are permanent residents of Iowa or Wisconsin. The Custom Choice Loan and Graduate Business Loan are available to applicants who are U.S. citizens or permanent resident aliens; it is not available to international students. 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.

6

“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. SunTrust Member FDIC. Any interest rate reduction for auto pay 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. Interest rate reductions for auto pay are not available during any time when your principal payments are deferred or when your loan is in forbearance status, even if you are making payments.

7

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.

8

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. Making interest only or partial interest payments during in-school deferment (including the grace period) will not reduce the principal balance of the loan.

9

Any applicant who applies for a loan the month of, the month prior to, or the month after the student’s graduation date, as stated on the application or certified by the school, will only be offered the Immediate Repayment option. The student must be enrolled at least half-time to be eligible for the partial interest, fully deferred and interest only repayment options unless the loan is being used for a past due balance and the student is out of school. With the Full Deferment option, 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. The Partial Interest Repayment option (paying $25 per month during in-school deferment) is only available on loans of $5,000 or more. View payment examples for the Custom Choice Loanthe Union Federal Private Student Loan or the Graduate Business School Loan. With the Immediate Repayment option, the first payment of principal and interest will be due approximately 30-60 calendar days after the final disbursement date and the minimum monthly payment will be $50.00. There are no prepayment penalties.

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View payment examples for the Custom Choice Loan, the Union Federal Private 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. 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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A cosigner may be released from the loan upon request to the servicer, provided that the student borrower is a U.S. citizen or permanent resident alien, has met credit criteria, and met either one of the following payment conditions: (a) the first 36 consecutive monthly principal and interest payments have been made on-time (received by the servicer within 10 calendar days after their due date) or (b) the loan has not had any late payments and has been prepaid prior to the end of the first 36 months of scheduled principal and interest payments in an amount equal to the first 36 months of scheduled principal and interest payments (based on the monthly payment amount in effect when you make the most recent payment). 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, you will have satisfied the payment condition. Cosigner release may not be available if a loan is in a forbearance status.

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If the student dies after any part of the loan has been disbursed, and the loan has not been charged off due to non‐payment or bankruptcy, then the outstanding balance will be forgiven if the servicer is informed of the student's death and receives acceptable proof of death. If the student becomes totally and permanently disabled after any part of the loan has been disbursed and the loan has not been charged off due to non‐payment or bankruptcy, the loan will be forgiven upon the servicer's receipt and approval of a completed discharge application. If the student borrower dies or becomes totally and permanently disabled prior to the full disbursement of the loan, and the loan is forgiven, all future disbursements will be cancelled. Loan forgiveness for student death or disability is available at any point throughout the life of the loan.

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  • Wires

      For more details about Wire Transfers with SunTrust, call 800.947.3786.

       

      SunTrust incoming wire instructions:

      • For domestic incoming wires, use Routing ABA: 061000104
      • For international incoming wires, use SWIFT/BIC: SNTRUS3A
      • Beneficiary account number: SunTrust full account number
      • Beneficiary name: The name as it appears on the SunTrust account

      SunTrust incoming wire instructions are also available by calling 800.947.3786 - option 1

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