Federal vs. Private Student Loans

With so many borrowing options available to parents and students, it’s easy to be confused about the best way to finance a college education. Among the more commonly used options are federal student loans and private student loans. The chart below is designed to help you understand the differences that exist between student loan types. SunTrust recommends students exhaust all aid alternatives including grants, scholarships and federal loans prior to applying for private loans.

Apply for a new SunTrust private student loan and you may be able to transfer the balance of an existing loan.

 

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Important Information

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.

1  Effective July 1, 2010, Federal Education Loans are only available directly from the U.S. Department of Education.

2  For current federal loan interest rates, visit studentaid.ed.gov or contact your school’s financial aid office.

3  Interest will continue to accrue during periods of deferment or forbearance, and it will be capitalized (added to the principal loan balance) at the end of each deferment or forbearance period.

4  Interest will continue to accrue during periods of deferment or forbearance. Interest capitalization policies may vary by lender.

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      For more details about Wire Transfers with SunTrust, call 800.947.3786.

       

      SunTrust incoming wire instructions:

      • For domestic incoming wires, use Routing ABA: 061000104
      • For international incoming wires, use SWIFT/BIC: SNTRUS3A
      • Beneficiary account number: SunTrust full account number
      • Beneficiary name: The name as it appears on the SunTrust account

      SunTrust incoming wire instructions are also available by calling 800.947.3786 - option 1

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