SunTrust Bank Student Loans

A higher education loan that sets high standards.

SunTrust Custom Choice Loan®

Now through August 31, 2019, SunTrust is offering 0.50% off your interest rate on a new Custom Choice Loan®*. The Custom Choice Loan can help pay for college with a loan made just for you. Available to undergrads and graduate students, the Custom Choice Loan provides money for tuition, housing and other school expenses — along with benefits you won’t find elsewhere.

UNDERGRADUATE & GRADUATE STUDENT LOAN FEATURES

  • For a limited time, get a 0.50% interest rate discount*
  • Apply online in as little as 15 minutes
  • Applications may be submitted up to 6 months in advance of student’s academic period start date
  • Initial credit review available online and credit approval is valid for 180 days1
  • No origination, application or prepayment fees
  • Earn a 2.00% principal reduction with proof of graduation2
  • Receive up to a 0.50% interest rate reduction with auto pay3
  • Option to refinance existing private student loans into a new loan4

FLEXIBLE REPAYMENT OPTIONS

  • Choice of competitive fixed or variable interest rates
  • Multiple repayment term options to choose from: 7, 10 or 15 years5
  • Multiple repayment options available:
    • full deferment6
    • interest only6
    • partial interest6
    • immediate repayment6
  • Borrow up to $65,000/year or $150,000 in total7

ELIGIBILITY REQUIREMENTS

  • Be enrolled at least half-time at a title IV eligible institution in a degree-granting program
  • Be the legal age of majority, or at least 17 years of age at the time of application if applying with a cosigner who meets the age of majority requirements in the cosigner's state of residence8
  • Be a U.S. citizen or permanent resident alien. The Custom Choice Loan is not available to students or cosigners who permanently reside in Iowa or Wisconsin.

SUNTRUST CURRENT STUDENT LOAN RATES

Undergraduate & Graduate Loan Variable APR9,103.142% - 10.675%Apply Now
Undergraduate & Graduate Loan Fixed APR9,103.819% - 11.050%Apply Now

APRs shown include the summer savings rate discount; Lowest APRs shown include a 0.50% interest rate reduction for auto pay from a SunTrust account.9,10

SUNTRUST IN-SCHOOL REFINANCE OPTION

SunTrust offers an In-School Refinance Option that gives students the option to refinance existing private student loans4 into a new Custom Choice Loan. Learn More.


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

© 2019 SunTrust Banks, Inc. SUNTRUST, the SunTrust logo and Custom Choice Loan are trademarks of SunTrust Banks, Inc. All rights reserved.

Certain restrictions and limitations may apply. SunTrust Bank reserves the right to change or discontinue these programs without notice. Availability of the Custom Choice Loan program is subject to approval under the SunTrust credit policy and other criteria and may not be available in certain jurisdictions.

* 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.

1. Initial credit approval is valid for 180 calendar days from the date on which SunTrust obtained a credit report. If the loan is not scheduled for disbursement within this time period, the application will be withdrawn.

2. The 2% principal reduction is based on the total dollar amount of all disbursements made, excluding any amounts that are reduced, cancelled, or returned. To receive this principal reduction, it 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.

3. Earn an interest rate reduction for making automatic payments of principal and interest from a bank account (“auto pay discount”) by completing the direct debit form provided by the Servicer. 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. The auto pay discount will be applied after the Servicer validates your bank account information and will continue until (1) three automatic deductions are returned for insufficient funds during the life of the loan (after which the discount cannot be reinstated) or (2) automatic deduction of payments is stopped (including during any deferment or forbearance, even if payments are made). In addition, the extra 0.25% interest rate reduction for auto pay from a SunTrust Bank checking, savings or money market account will be discontinued if automatic payments are no longer made from one of the aforementioned SunTrust Bank accounts. In the event the auto pay discount is discontinued, the loan will accrue interest at the rate stated in your Credit Agreement.

4. 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 past due. 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”. Qualified higher education expenses, is defined by the Internal Revenue Code, generally include tuition and fees, room and board, costs for rental or purchase of any equipment, materials, or supplies required of all students in the same course of study, an allowance for books, supplies, transportation, and miscellaneous personal expenses, and a reasonable allowance for the documented rental or purchase of a personal computer.

5. The 15-year term is only available for loan amounts of $5,000 or more. Payment examples within this footnote assume a 45-month deferment period, a six-month grace period before entering repayment, the summer savings rate discount of 0.50% applicable to applications submitted for a credit decision between 12:00:00am EST on June 1, 2019 and 11:59:59pm EST on August 31, 2019, no rate reduction for auto pay, and the Partial Interest Repayment option. 7-year term: $10,000 loan disbursed over two transactions with a 7-year repayment term (84 months) and 7.553% APR would result in a monthly principal and interest payment of $186.60. 10-year term: $10,000 loan disbursed over two transactions with a 10-year repayment term (120 months) and an 8.014% APR would result in a monthly principal and interest payment of $150.41. 15-year term: $10,000 loan disbursed over two transactions with a 15-year repayment term (180 months) and an 8.488% APR would result in a monthly principal and interest payment of $124.45.

6. 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. 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. With the Full Deferment option, payments may be deferred while the 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 Partial Interest Repayment option (paying $25 per month during in-school deferment) is only available on loans of $5,000 or more. See footnote 5 for payment examples. With the Immediate Repayment option, the first payment of principal and interest will be due approximately 30-60 calendar days after the final disbursement date and the minimum monthly payment will be $50.00. Making interest only or partial interest payments during in-school deferment (including the grace period) will not reduce the principal balance of the loan. There are no prepayment penalties.

7. 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: $5,201, Rhode Island: $5,001, South Carolina: $3,701. The maximum annual loan limit to cover in-school expenses for each academic year is determined by the school’s cost of attendance, minus other financial aid such as federal student loans, scholarships or grants, up to $65,000. The loan amount must be certified by the school. In any event, the loan amount cannot cause the aggregate maximum student loan debt (which includes all student loans and certain unsecured consumer debt) to exceed $150,000, per applicant (on cosigned applications, separate calculations are performed for the student and cosigner). If you choose the In-School Refinance Option, the maximum amount that you can refinance is subject to the aggregate maximum student loan debt limit ($150,000) minus the amount that you are applying for to cover in-school expenses. In any event, the loan amount cannot cause the aggregate maximum student loan debt (which includes all student loans and certain unsecured consumer debt) to exceed $150,000 per applicant (on cosigned applications, separate calculations are performed for the student and cosigner.

8. 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). The Custom Choice Loan is available to applicants who are U.S. citizens or permanent resident aliens; it is not available to international students.

9. 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 on or after 08/01/2019. The variable interest rate for each calendar month is calculated by adding the current index (One-month LIBOR index) to your margin. 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 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 2.375% on 08/01/2019. The variable interest rate will increase or decrease if the One-month LIBOR index changes or if a new index is chosen. The applicable index or margin for variable rate loans may change over time and result in a different APR than shown. The fixed rate assigned to a loan will never change except as required by law or if you request and qualify for the auto pay discount.

10. APR Assumptions: APRs assume a $10,000 loan with two-disbursements and the summer savings rate discount of 0.50% (applicable to applications submitted for a credit decision between 12:00:00am EST on June 1, 2019 and 11:59:59pm EST on August 31, 2019). The high APRs assume a 15-year term with deferred principal payments. The low APRs assume a 7-year term, no deferment and payments beginning 30-60 days after the last disbursement via auto pay from a SunTrust Bank account. See footnote 3 (above) for auto pay details.