Are you wondering if a private student loan is the right choice for you? Here are some important things to know before you apply:
With all of this information in mind, we hope you can make an informed and confident decision about whether to apply for a SunTrust private student loan. Compare SunTrust private student loans.
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.
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.
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.
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.
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 SunTrust private student loan can last 7, 10 or 15 years.4
So before borrowing, try to develop a long-term, repayment plan. If you can do that, a student loan may be a good option. Remember, like a federal loan, a private student loan can't be easily discharged in bankruptcy.
Factor in potential unemployment after college.
Your job type and income can greatly affect your ability to repay your loan, as can plans for graduate school.
Not sure how you'll pay back the loan?
Give it more thought and look for other solutions before taking on the debt.
SunTrust explains how you can save money on college by making the most of financial aid.
Graduating with student loan debt? Here are some tips to help you manage the process.
It's crucial to discuss personal finance with college-bound kids.
This tool helps you to budget for living expenses for one year of college.
Determine the future cost of tuition based on the inflation rate you input.
For more details about Wire Transfers with SunTrust, call 800.947.3786.
SunTrust incoming wire instructions:
SunTrust incoming wire instructions are also available by calling 800.947.3786 - option 1
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