Compare Private Student Loans

Considering a private student loan for college?

A private student loan is a college loan that’s issued by a private lender rather than the government. It can be used to cover the costs at an approved public or private college when federal aid isn’t enough. Studies show that 72% of college students stress about money1, which makes it hard to focus on school. With a SunTrust private student loan, you’ll have the funds you need to pursue your education confidently – along with a variety of benefits:

  • Up to 0.50% in rate reductions — Get 0.25% off for making automatic loan payments (auto pay) and an additional 0.25% for auto pay from a SunTrust account. Together, it really adds up.2
  • A graduation reward — Receive 1% reduction of your student loan principal as a special graduation reward.3
  • No fee to apply — Some lenders charge a variety of fees. With SunTrust, there are no application, origination or prepayment fees.
In-School Refinance Option Add-On Feature

Already have a private student loan? With the In-School Refinance Option, you can transfer the balance of your existing student loan4 to a new SunTrust student loan.

SunTrust Private Student Loans

Before you can get a loan, you have to know how much to borrow. Use our loan amount calculator to find out how much you need.

 

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Want to know how the application process works? Get all of the details about the application process, loan disbursement, repayment options and more.

 

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Are you still in the college planning stage? Would you like to learn more about how to plan and pay for college? This is where to start. 

 

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Important Information About These Products

Before applying for a private student loan, SunTrust recommends comparing all aid alternatives including grants, scholarships, and both federal and 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.

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“Auto pay” refers to making automatic payments of principal and interest from a bank account. Earn a 0.25% interest rate reduction when you auto pay from any bank account and an extra 0.25% interest rate reduction when you auto pay from a SunTrust Bank checking, savings or money market account. Interest rate reduction(s) will continue until (1) automatic deduction of payments is stopped (including during any deferment or forbearance), (2) three automatic deductions are returned for insufficient funds during the life of the loan, or, (3) if you are making automatic payments from a SunTrust Bank account, you close that account. The 0.25% interest rate reduction when you auto pay from a SunTrust Bank account will be applied after the first automatic payment is successfully deducted from a SunTrust Bank checking, savings or money market account and will be removed for the reasons stated above. In the event the benefit(s) is removed, the loan will accrue interest at the rate stated in your Credit Agreement. This benefit is not available during any time when your principal payments are deferred or when your loan is in forbearance, even if you are making payments.

3

The 1% principal reduction is based on the total dollar amount of all disbursements made, excluding any amounts that are reduced, cancelled, or returned. To receive the reward, the benefit must be requested from the servicer, the student borrower must have earned a bachelor’s degree or higher and proof of such graduation (e.g. copy of diploma, final transcript, or letter on school letterhead) must be provided to the servicer. This reward is available once during the life of the loan, regardless of whether the student receives more than one degree.

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Private student loans that can be refinanced with a new SunTrust private student loan are private student loans and private consolidation loans that the student applicant used for, or used to refinance loans used for, certain postsecondary expenses not currently in a past due status. Loans that cannot be refinanced into this loan are (1) private student loans for which the student applicant is not the primary borrower, (2) Federal student loans and (3) student loans made by an educational institution. Loans being refinanced must have been used for "qualified higher education expenses" (defined by the Internal Revenue Code), which consists of expenses included in the Higher Education Act's definition of "cost of attendance".

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The student must be enrolled at least half‐time or more in a degree granting program at an approved school. The student must be the legal age of majority at the time of application, or at least 17 years of age if applying with a cosigner who meets the age of majority requirements in the cosigner's state of residence. The legal age for entering into contracts is 18 years of age in every state except Alabama (19 years old), Nebraska (19 years old, only for wards of the state), Mississippi and Puerto Rico (21 years old). Private student loans funded by SunTrust are not available to students or cosigners who are permanent residents of Iowa or Wisconsin. International students can apply for the Union Federal Private Student Loan with an eligible cosigner who is a U.S. citizen or permanent resident alien.

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Interest rates and APRs (Annual Percentage Rates) depend upon (1) the student’s and cosigner’s (if applicable) credit histories, (2) the repayment option and repayment term selected, (3) the requested loan amount and (4) other information provided on the online loan application. If approved, applicants will be notified of the rate applicable to your loan. Rates and terms are effective for applications received after The variable interest rate for each calendar month is calculated by adding the current One-month LIBOR index to your margin. The One-month LIBOR index is captured on the 25th day of the immediately preceding calendar month (or if the 25th is not a business day, the next business day thereafter), and is rounded up to the nearest 1/8th of one percent. The current One‐month LIBOR index is % on . LIBOR stands for London Interbank Offered Rate. The One‐month LIBOR is published in the "Money Rates" section of the Wall Street Journal (Eastern Edition). The variable interest rate will increase or decrease if the One‐month LIBOR index changes. The fixed rate assigned to a loan will never change except as required by law or if you request and qualify for the ACH reduction benefit(s).

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To automatically receive a 0.25% interest rate reduction, the first 36 consecutive monthly payments must be made on-time (received by the servicer within 10 calendar days after their due date). Alternatively, if no late payments have been made, the rate reduction can be received prior to the end of the first 36 months of scheduled payments if the loan has been prepaid  in an amount equal to the first 36 monthly scheduled payments, based on the monthly payment amount in effect when you make your payments.   Payments made prior to the start of the repayment term do not count toward the number of required monthly payments.

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All of SunTrust private student loans are available to U.S. citizens or permanent resident aliens. International students can apply for the Union Federal Private Student Loan with an eligible cosigner who is a U.S. citizen or permanent resident alien. None of SunTrust private student loans are available to students/cosigners who are permanent residents of Iowa or Wisconsin.

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The minimum loan amount is $1,001 with exceptions based on the student’s state of permanent residence, as follows: Alaska: $5,001, Colorado: $3,001, New Mexico: $2,501, Oklahoma: $5,001, Rhode Island: $5,001, South Carolina: $3,601. The maximum annual loan limit to cover in-school expenses for each academic year (July 1 to June 30 of the applicable year) is determined by your school’s cost of attendance, minus other financial aid such as federal student loans, scholarships or grants, up to $65,000 for the Custom Choice Loan and Union Federal Private Student Loan or up to $95,000 for the Graduate Business Loan. The loan amount must be certified by the school. The annual loan amount maximums are subject to an aggregate maximum student loan debt limit (which includes all student loans and certain unsecured consumer debt and is calculated per applicant separately including students and cosigners) of $150,000 for Custom Choice Loan and Union Federal Private Student Loan or up to $175,000 for the Graduate Business Loan. If you choose the In-School Refinance Option, the maximum amount that you can refinance is $150,000 minus the amount that you are applying for to cover in-school expenses.

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View payment examples for the Custom Choice Loan. View payment examples for the Union Federal Private Student Loan. View payment examples for the Graduate Business School Loan. The 15 year term offered with Custom Choice and Union Federal is only available for loan amounts of $5,000 or more.

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Any applicant who applies for a loan the month of, the month prior to, or the month after the student's graduation date, as stated on the application or certified by the school, will only be offered the immediate repayment option. With the Full Deferment option, payments may be deferred while a student is enrolled at least half‐time at an approved school and during the six month grace period after graduation or dropping below half‐time status, but the total initial deferment period, including the grace period, may not exceed 66 months from the first disbursement date. The student must be enrolled at least half-time to be eligible for the partial interest, fully deferred and interest only repayment options unless the loan is being used for a past due balance and the student is out of school. For Partial Interest and Fully Deferred loans, any accrued and unpaid interest will be capitalized (added to the unpaid principal loan balance) when repayment of principal and interest begins. There are no prepayment penalties. The Partial Interest Payment option of $25 per month is only available on loans of $5,000 or more. View payment examples for the Custom Choice Loan; view payment examples for the Union Federal Private Student Loan; view payment examples for the Graduate Business School Loan. Making interest only or partial interest payments while in deferment (including the grace period) will not reduce the principal balance of the loan. If you choose the Immediate Repayment option, the first payment of principal and interest will be due approximately 30‐60 calendar days after the final disbursement date, the minimum monthly payment will be $50.00 and it will apply to the new loan in full, including, if applicable, any existing private student loans that you refinance into the new loan.

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A cosigner may be released from the loan upon request to the servicer provided that the student borrower is a U.S. citizen or permanent resident alien and has met credit criteria, and the first 36 consecutive monthly principal and interest payments have been made on‐time (received by the servicer within 10 calendar days after the due date). Alternatively, if no late payments have been made, the cosigner release request can be made prior to the end of the first 36 months of scheduled principal and interest payments if you have prepaid part of your loan and the aggregate amount that you have paid equals the amount that would be due over the first 36 months of scheduled principal and interest payments, based on the monthly payment amount in effect when you make your payment(s). Cosigner release may not be available if a loan is in a forbearance status.

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