Experts agree that not all college funding sources benefit students equally because some sources, like scholarships and grants, are "free" — while others, like loans, may charge an interest rate and fees.
The rule of thumb is that you should seek college funds in the following order:
The money for college is out there, you just have to know how to look for it. Learn about the most common ways to finance your education:
It’s never too early to start saving for college. Some parents and grandparents begin when a child is born by putting money into tax-advantaged products like 529 plans or a Coverdell Educational Savings Account (ESA). Remember, any money you save now is money you don’t have to borrow down the road.Explore ways to save for college >
When people think of financial assistance for college, what usually comes to mind is Federal financial aid, which consists of grants, loans and work-study programs. To receive federal funds for college, you must complete the Free Application for Federal Student Aid, which comes out during the fall of the year.Learn about the types of federal financial aid >
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.
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* 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.
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.
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