Once you’ve taken out a student loan, whether a federal student loan or a private student loan, you are responsible for repaying it, even if you drop out of school or become unemployed. In most cases, you cannot declare your loan in bankruptcy. That means the debt will always stay with you — either in good standing or in default (when your loan is considered a "bad" debt).
Defaulting on a SunTrust federal or private student loan occurs when your loan has gone a certain number of days without an agreed upon payment (as early as the 120th day of delinquency). Defaulting on any student loan is something you really want to avoid, since it can have major repercussions that will affect your credit history for years to come.
On a positive note, defaulting on your loan can sometimes be avoided if you stay in close contact with your loan servicer. It’s understood that life happens, and from time to time you might have difficulty paying. Student loan servicers are there to help you find a solution. The important thing is not to wait too long to contact them!
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.
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.
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SunTrust incoming wire instructions are also available by calling 800.947.3786 - option 1
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