Planning for college can be complex at times, with many questions to think about. Where should I go to school? Can I afford it? Should I take out a federal or private student loan? Will I be able to repay it?
The following information is designed to help students understand when a private student loan may be a good option and how to plan for a SunTrust student loan.
A private student loan is a loan issued by a lender other than the federal government. When considering student loans, remember that some federal student loans may offer advantages over private student loans. For this reason, it is suggested that students seek federal student aid and scholarships before private student loans. Here is a checklist of questions to ask when applying for federal financial aid:
If your financial aid award package doesn't cover all your education costs, look into private student loan options from SunTrust. Private student loans, sometimes referred to as alternative loans, can help with college-related costs including miscellaneous expenses such as a computer, transportation, housing, etc.
If you've decided a private student loan is the right choice, when you apply, you'll need to know the loan amount to apply for and, if approved, the loan options you want. Here are some things to help you prepare:
Your loan amount should be the cost of attending your school (including education related expenses such as tuition, room and board, books, living expenses) minus the financial aid, savings and other funding resources you have.
Try it yourself: Use our College Loan Calculator to find a loan amount to request. (Don't know the cost of attending a school or your financial aid and scholarships yet? Plug in sample amounts for now to see how it works.) Try the College Loan Calculator now >
Unlike a side order of fries with a burger, loan options are not an afterthought of the whole loan request. Loan options, such as a choice of fixed or variable interest rate, the loan term length and repayment options, are very important and should be a central part of your loan planning because they can greatly affect the total amount of interest you pay over the life of the loan. Here are the SunTrust private student loan options available for you to consider:
Rate type: fixed versus variable
Once a repayment option is chosen, and the loan has been disbursed, it cannot be changed. Please consider carefully. If you opt to choose a repayment option that requires making payments while in school, make sure you consider what your budget will be like during the time you'll be in school to ensure you can afford to make the payments. Learn about SunTrust’s private student loan repayment options.
Loan length/repayment term2
Try it yourself: Use the Payment Comparison Tool for the Custom Choice Loan to see how changing the loan term from 7 to 10 to 15 years can change the Total of Payments amount. Try the Payment Comparison Tool >
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 Bank under license. SunTrust Bank 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 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.
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 except that in this scenario, the Start Student Loan is not offered. 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. Any applicant who applies for the Start Student Loan will only be offered the Full Deferment option and the loan cannot be used for a past due balance. 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 Loan, the Union Federal Private Student Loan or the Graduate Business School Loan. Payment example for the Start Student Loan (assumes a 45-month deferment period, a six-month grace period before entering repayment, no auto pay discount, and the Full Deferment Repayment option): 15 year term: $10,000 loan disbursed over two transactions with, a 15-year repayment term (180 months) and a 8.937% APR would result in a monthly principal and interest payment of $145.91. 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.
View payment examples for the Custom Choice Loan, the Union Federal Private Student Loan, or the Graduate Business School Loan. Payment example for the Start Student Loan (assumes a 45-month deferment period, a six-month grace period before entering repayment, no auto pay discount, and the Full Deferment Repayment option): 15 year term: $10,000 loan disbursed over two transactions with, a 15-year repayment term (180 months) and a 8.937% APR would result in a monthly principal and interest payment of $145.91. 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.
Read Important Disclaimers
* Offer valid for new Custom Choice Loans for which applications are submitted for a credit decision between 12:00:00am EST on June 1, 2019 and 11:59:59pm EST on August 31, 2019. A 0.50% interest rate reduction will be included in the loan options presented to an applicant during the online application process, upon passing the initial credit review. The interest rate reduction will be applied as of the first disbursement date and will be effective for the life of the loan.
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