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 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.
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.
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
Investment and Insurance Products:
Are Not FDIC or any other Government Agency Insured Are Not Bank Guaranteed May Lose Value
© 2018 SunTrust Banks, Inc
SunTrust Bank is an Equal Housing Lender. Member FDIC
Equal Housing Lender. SunTrust Mortgage, Inc
SunTrust, SunTrust Mortgage, SunTrust PortfolioView, SunTrust Robinson Humphrey, SunTrust Premier Program, AMC Pinnacle, AMC Premier, Access 3, Signature Advantage Brokerage, Custom Choice Loan and SunTrust SummitView are federally registered service marks of SunTrust Banks, Inc. All other trademarks are the property of their respective owners.
Services provided by the following affiliates of SunTrust Banks, Inc.: Banking products and services are provided by SunTrust Bank, Member FDIC. Trust and investment management services are provided by SunTrust Bank, SunTrust Delaware Trust Company and SunTrust Banks Trust Company (Cayman) Limited. Securities, brokerage accounts and insurance (including annuities) are offered by SunTrust Investment Services, Inc., a SEC registered broker-dealer, member FINRA, SIPC, and a licensed insurance agency. Investment advisory services are offered by SunTrust Advisory Services, Inc., a SEC registered adviser. GFO Advisory Services, LLC is a SEC registered investment adviser that provides investment advisory services to a group of private investment funds and other non-investment advisory services to affiliates. Mortgage products and services are provided by SunTrust Mortgage, Inc.
SunTrust Mortgage, Inc. - NMLS #2915, 901 Semmes Avenue, Richmond, VA 23224, 1-800-634-7928. CA: licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, IL: Illinois Residential Mortgage Licensee #MB-989, Department of Financial and Professional Regulation, 100 W. Randolph, Suite 900, Chicago, IL 60601, 1-888-473-4858, MA: Mortgage Lender license #-ML-2915, NJ: Mortgage Banker License - New Jersey Department of Banking and Insurance, NY: Licensed Mortgage Banker—NYS Department of Financial Services, and RI: Rhode Island Licensed Lender.
"SunTrust Advisors" may be officers and/or associated persons of the following affiliates of SunTrust Banks, Inc.: SunTrust Bank, our commercial bank, which provides banking, trust and asset management services; SunTrust Investment Services, Inc., a registered broker-dealer, which is a member of FINRA and SIPC, and a licensed insurance agency, and which provides securities, annuities and life insurance products; SunTrust Advisory Services, Inc., a SEC registered investment adviser which provides Investment Advisory services.
SunTrust Private Wealth Management, International Wealth Management, Business Owner Specialty Group, Sports and Entertainment Group, and Legal and Medical Specialty Groups and GenSpring are marketing names used by SunTrust Bank, SunTrust Banks Trust Company (Cayman) Limited, SunTrust Delaware Trust Company, SunTrust Investment Services, Inc., and SunTrust Advisory Services, Inc.
SunTrust Bank and its affiliates do not accept fiduciary responsibility for all banking and investment account types offered. Please consult with your SunTrust representative to determine whether SunTrust and its affiliates have agreed to accept fiduciary responsibility for your account(s) and if you have completed the documentation necessary to establish a fiduciary relationship with SunTrust Bank or an affiliate. Additional information regarding account types and important disclosures may be found at www.suntrust.com/investmentinfo.
SunTrust Robinson Humphrey is the trade name for the corporate and investment banking services of SunTrust Banks, Inc. and its subsidiaries, including SunTrust Robinson Humphrey, Inc., member FINRA and SIPC.