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Suntrust Student Loan Review

Loan Amount: $1,001 - 95,000
Deferment Period: 6 months
APRs From: Fixed: 4.551% - 13.75%Variable: 3.751% - 13.25%
Loan Types Offered: Undergraduate, graduate, graduate business school private loans, in-school refinance
Co-Signer:
Loan Types Offered: 7, 10 or 15 years

Who is a  Suntrust Student Loan Good For?

SunTrust Bank is a good option for undergraduate and graduate students who need a private loan with competitive rates, flexible repayment options and opportunities to save money. Anyone who has exhausted federal aid, scholarships and other ways to pay for school may want to explore private student loan opportunities from this lender.

This is also a good lender for anyone looking to refinance. It offers an in-school refinance option for consolidating existing private student loans.

Suntrust Student Loan Eligibility Requirement

Borrowers also get rewarded for graduating. There’s a 2 percent principal reduction per loan after graduation for its Custom Choice Student Loan and a 1 percent reduction for its Graduate Business School Loan.

In order to apply, students must be:

  • Enrolled at least half time in a bachelor’s, graduate or professional degree program at an approved school.
  • A U.S. citizen or permanent resident. International students are eligible for the Union Federal Private Loan.
  • The age of majority in their state at the time of the application, or at least 17 years of age if applying with a co-signer.

Loans from SunTrust are not available to permanent residents of Iowa or Wisconsin.

Interest Rates and Terms

Both fixed- and variable-rate loan options are available. Fixed rates range from 4.551 percent to 13.75 percent, while variable rates range from 3.751 percent to 13.25 percent.

Here are the rate ranges for each loan product at SunTrust:

Loan productVariable rateFixed rate
Custom Choice Loan3.751% – 10.80%4.551% – 11.30% APR
Union Federal Private Loan4.251% – 13.25% APR5.051% – 13.75% APR
Graduate Business School Loan3.751% – 8.76% APR4.551% – 9.129% APR

The rates above do not reflect discounts for autopay. The rate range for the Custom Choice Loan includes a “Summer Savings” discount of 0.50 percent.

 

Fees:

There are no origination, application or prepayment fees with loans from SunTrust. The bank does, however, charge a late payment fee.

How to Get a Student Loan

The application process for any SunTrust student loan can be completed entirely online in as little as 15 minutes.

Before applying, gather information including your Social Security number and email address, employment information, income data and your desired loan amount. You’ll also need school information, including the name of the school, cost of attendance, estimated financial assistance and your expected graduation date.

Here’s what the process looks like:

  1. Start the loan application on SunTrust’s website. The first page of the application asks about school selection, what the loan will be used for, enrollment information and the requested loan amount.
  2. Fill out student information, including your grade level and expected graduation date.
  3. Decide if you want to add a co-signer. If so, fill out all requested co-signer data.
  4. Review and submit the application.
  5. Finish the loan process and get a decision.