Financial aid is money provided to students to pay for college. It includes “free” money that you don’t have to pay back, like grants, as well as aid you do have to repay, like student loans. Financial aid can be used to cover a variety education expenses, such as:
While state governments, colleges and private organizations all provide financial aid to students, when people refer to financial aid, they are usually talking about programs sponsored by the U.S. government. Learn about:
There are three types of federal student aid: grants, student loans and work-study assistance. Here is an overview of each.
Unlike grants, federal student loans are borrowed money that must be repaid. Federal loans should be considered before private student loans because they may have several advantages such as:
The federal government, through the William D. Ford Direct Loan Program, has several primary student loan programs for students of varying degrees of need:
Grants are "free" money, or "gift aid," that doesn't have to be repaid. Federal student grant amounts may change from year to year, but recently, the grant awards have ranged between $3,000 and $6,000 — which means federal grants alone won't typically cover the full cost of college. Currently, there are several federal student grant programs; learn more about federal grants.
The Federal Work-Study program allows students with financial need to work at part-time jobs to earn money to help pay education expenses. The program emphasizes community service work or work related to the student’s field of study.
Federal Work-Study at a glance:
To qualify for federal financial aid, you'll need to complete the federal financial aid application process.
|When||Action Item||What To Do/Expect|
Senior Year (Early Fall)
Senior Year (October)
|Fill out the FAFSA||
Senior Year (Fall)
|Note admissions and financial aid deadlines||
Senior Year (Spring)
|Receive school application decisions
Receive your financial aid Award Letters
Select your school
Respond to your Award Letters
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.
To be eligible for some types of federal financial aid, a student must demonstrate need. However, there are certain eligibility requirements a student must meet:
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
© 2019 SunTrust Banks, Inc.
Equal Housing Lender. SunTrust Bank - NMLS #93471Link opens a new window. Member FDIC.
SunTrust, SunTrust PortfolioView, SunTrust Robinson Humphrey, SunTrust Premier Program, AMC Pinnacle, AMC Premier, Access 3, Signature Advantage Brokerage, Custom Choice Loan and SunTrust SummitView are trademarks of SunTrust Banks, Inc. All rights reserved. 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. 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 offered through SunTrust Mortgage, a tradename for SunTrust Bank, and loans are made by SunTrust Bank.
"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 FINRALink opens a new window and SIPCLink opens a new window, 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 Delaware Trust Company, SunTrust Investment Services, Inc., and SunTrust Advisory Services, Inc.
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 FINRALink opens a new window and SIPCLink opens a new window.