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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.
(Subsidized/Unsubsidized)
|
|
|
|
Interest Rate | |||
Borrower | Student is the primary borrower and responsible for repayment | Student and cosigner, if applicable, are responsible for repayment | |
Credit Review | No debt-to-income analysis or credit check performed | No debt-to-income analysis performed, but a credit report is reviewed | Comprehensive credit approval process |
Loan Limits | Annual and aggregate limits set by the federal government are based on grade level and dependency status | May borrow up to the cost of attendance minus financial aid received | Borrowing limits vary by lender, loan program and by cost of attendance |
Repayment | |||
Deferment | Multiple deferment options available3 | Multiple deferment options available3 | Deferment options vary by lender and loan program4 |
Forbearance | Multiple forbearance options available3, but federal student loans typically offer forbearance intervals of up to 12 months at a time for up to a total of three years | Multiple forbearance options available3, but federal student loans typically offer forbearance intervals of up to 12 months at a time for up to a total of three years | Forbearance options vary by lender and loan program4 |
Death/Disability Forgiveness | Loan forgiveness in the event of death or disability | Loan forgiveness in the event of death or disability | Several lenders offer loan forgiveness in the case of student death or disability |
|
|
|
Interest Rate | ||
Borrower | ||
Student is the primary borrower and responsible for repayment | Student and cosigner, if applicable, are responsible for repayment | |
Credit Review | ||
No debt-to-income analysis or credit check performed | No debt-to-income analysis performed, but a credit report is reviewed | Comprehensive credit approval process |
Loan Limits | ||
Annual and aggregate limits set by the federal government are based on grade level and dependency status | May borrow up to the cost of attendance minus financial aid received | Borrowing limits vary by lender, loan program and by cost of attendance |
Repayment | ||
Deferment | ||
Multiple deferment options available3 | Multiple deferment options available3 | Deferment options vary by lender and loan program4 |
Forbearance | ||
Multiple forbearance options available3, but federal student loans typically offer forbearance intervals of up to 12 months at a time for up to a total of three years | Multiple forbearance options available3, but federal student loans typically offer forbearance intervals of up to 12 months at a time for up to a total of three years | Forbearance options vary by lender and loan program4 |
Death/Disability Forgiveness | ||
Loan forgiveness in the event of death or disability | Loan forgiveness in the event of death or disability | Several lenders offer loan forgiveness in the case of student death or disability |
Apply for a new SunTrust private student loan and you may be able to transfer the balance of an existing loan.
How does $500 for school sound?
Enter now for the SunTrust Off to College Scholarship Sweepstakes.
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.
Apply for a new SunTrust private student loan now and get a quick decision.
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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