Whether you’re going off to college for the first time or heading back for another year, there are some steps to take to get ready. Here are answers to some questions you may have to help get you started.
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.
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.
With a SunTrust private student loan, you have the benefit of being able to release your cosigner if you meet certain requirements. Here are the answers to some questions you may have about this benefit.
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.
Keeping up with student loan payments is an important, if sometimes challenging, responsibility. Here are answers to some questions you may have.
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.
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.
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".
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.
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. 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.
“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.
To automatically receive a 0.25% interest rate reduction, the first 36 consecutive monthly payments must be made on-time (received by the servicer within 10 calendar days after their due date). Alternatively, if no late payments have been made, the rate reduction can be received prior to the end of the first 36 months of scheduled payments if the loan has been prepaid in an amount equal to the first 36 monthly scheduled payments, based on the monthly payment amount in effect when you make your payments. Payments made prior to the start of the repayment term do not count toward the number of required monthly payments.
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.
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. With the Full Deferment option, payments may be deferred while a 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 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. For Partial Interest and Fully Deferred loans, 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. The Partial Interest Payment option of $25 per month is only available on loans of $5,000 or more. View payment examples for the Custom Choice Loan; view payment examples for the Union Federal Private Student Loan; view payment examples for the Graduate Business School Loan. Making interest only or partial interest payments while in deferment (including the grace period) will not reduce the principal balance of the loan. If you choose the Immediate Repayment option, the first payment of principal and interest will be due approximately 30‐60 calendar days after the final disbursement date, the minimum monthly payment will be $50.00 and it will apply to the new loan in full, including, if applicable, any existing private student loans that you refinance into the new loan.
View payment examples for the Custom Choice Loan. View payment examples for the Union Federal Private Student Loan. View payment examples for the Graduate Business School Loan. The 15 year term offered with Custom Choice and Union Federal is only available for loan amounts of $5,000 or more.
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 and has met credit criteria, and the first 36 consecutive monthly principal and interest payments have been made on‐time (received by the servicer within 10 calendar days after the due date). Alternatively, if no late payments have been made, the cosigner release request can be made prior to the end of the first 36 months of scheduled principal and interest payments if you have prepaid part of your loan and the aggregate amount that you have paid equals the amount that would be due over the first 36 months of scheduled principal and interest payments, based on the monthly payment amount in effect when you make your payment(s). Cosigner release may not be available if a loan is in a forbearance status.
If the student dies after any part of the loan has been disbursed, and the loan has not been charged off loan 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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For more details about Wire Transfers with SunTrust, call 800.947.3786.
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SunTrust incoming wire instructions are also available by calling 800.947.3786 - option 1
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