How can we help you finance your education?
The Custom Choice Loan can help fill the gap when federal loans, scholarships, and grants aren't enough. Learn More about the Custom Choice Loan.
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| Interest Rate: Low |
Variable Option: Fixed Option: 3.75%, a 3.747%3 APR |
|---|---|
| Interest Rate: High |
Variable Option: Fixed Option: 12.25%, a 11.354%5 APR |
| Origination Fees | No fees |
| Loan Limits | Borrow up to Cost of Attendance less Financial Aid |
| Graduation Reward | Graduation Reward: 1% Principal Reduction 6 |
| Automatic (ACH) Payment Benefit | 0.25% Rate Reduction for ACH payment7 SunTrust customer benefit – receive an additional 0.25% Rate Reduction for ACH payment from a SunTrust account.7 |
| Grace Period | Generally six months9 |
| Repayment Options | Immediate Repayment Interest-Only Repayment Partial Interest Repayment8 Full Deferment8 |
| Cosigner Release | Option available |
| Enrollment | Student must be enrolled half-time or more in a Title IV program at an eligible school |
| Residency Requirement | U.S. citizen or permanent resident |
1 LIBOR stands for London Interbank Offered Rate. The One-month LIBOR is the Current Index, as published in the "Money Rates" section of the Wall Street Journal (Eastern Edition). Your variable interest rate and Annual Percentage Rate (APR) may be higher depending upon your and/or your cosigner's credit histories, and will increase or decrease if the One-month LIBOR index changes. Your variable interest rate is calculated by adding the current One-month LIBOR index (captured on the 25th day of each month, or the next business day thereafter, of the month immediately preceding such calendar month and rounded up to the nearest 1/8th of one percent) to your margin. The current One-month LIBOR index is 0.250% on 03/01/13.
2 This APR example assumes a $10,000 loan disbursed over two transactions with immediate repayment, a monthly principal and interest payment of $176.86 (there is a minimum monthly payment of $50), a 5-year repayment term (60 months), and a 2.00% margin. Margins can range from 2.00% to 9.61%. Other repayment options include Interest-Only, Partial Interest payment, and Full Deferment (Partial Interest option available on loans of $5,000 or more and requires a $25 monthly interest-only payment). Other repayment terms include 10, 15, and 20 years (15 and 20 years only available for loans of $5,000 or more). Rates and terms effective for applications received on or after 03/01/13.
3 This APR example assumes a $10,000 loan disbursed over two transactions with immediate repayment, a monthly principal and interest payment of $183.89 (there is a minimum monthly payment of $50), a 5-year repayment term (60 months), and a 3.75% interest rate (in effect as of 03/01/13). Current interest rates can range from 3.75% to 12.25% depending on your and/or your cosigner's credit histories, the repayment option selected and the repayment term selected and loan amount. Other repayment options include Interest-Only, Partial Interest payment, and Full Deferment (Partial Interest option available on loans of $5,000 or more and requires a $25 monthly interest-only payment). Other repayment terms include 10, 15, and 20 years (15 and 20 years only available for loans of $5,000 or more).
4 This APR assumes a $10,000 loan disbursed over two transactions with a deferred repayment, a monthly principal and interest payment of $134.46 (there is a minimum monthly payment of $50), a 20-year repayment term (240 months), a 45-month deferment period, a six month grace period before entering repayment and a 9.61% margin. Margins can range from 2.00% to 9.61%. Other repayment options include Immediate Repayment, Interest-Only, and Partial Interest payment (Partial Interest option available on loans of $5,000 or more and requires a $25 monthly interest-only payment). Other repayment terms include 5, 10, and 15 years (15 and 20 years only available for loans of $5,000 or more). Rates and terms effective for applications received on or after 03/01/13.
5 This APR example assumes a $10,000 loan disbursed over two transactions with a deferred repayment, a monthly principal and interest payment of $168.39 (there is a minimum monthly payment of $50), a 20-year repayment term (240 months), a 45-month deferment period, a six month grace period before entering repayment and a 12.25% interest rate (in effect as of 03/01/13). Current interest rates can range from 3.75% to 12.25% depending on your and/or your cosigner's credit histories, the repayment option selected, the repayment term selected and loan amount. Other repayment options include Interest-Only, Partial Interest payment, and Full Deferment (Partial Interest option available on loans of $5,000 or more and requires a $25 monthly interest-only payment). Other repayment terms include 10, 15, and 20 years (15 and 20 years only available for loans of $5,000 or more).
6 Proof of graduation (certified copy of diploma) must be submitted within 90 days of graduation. 1% principal reduction is based on the fully disbursed loan amount. To receive the reward, no more than one late payment (payment received more than 10 days after the due date) is allowed.
7 ACH discount(s) only apply when full payments (including both principal and interest) are automatically drafted from a bank account. Discount(s) will remain on the account unless (1) the automatic deduction of payments is stopped (including times during deferment or forbearance) or (2) there are three automatic deductions returned for insufficient funds within the life of the loan. The additional SunTrust ACH reward is available for loans first disbursed on or after 6/1/11 and will be applied after the first automatic payment is successfully deducted from a SunTrust Bank checking, savings or money market account.
8 Partial Interest Payment plan of $25 per month is available on loans of $5,000 or more. Any accrued and unpaid interest will be capitalized (added to your principal loan balance) when repayment of principal and interest begins. Students must be enrolled at least half-time to be eligible.
9 Grace period may be dependent upon repayment option selected and length of time enrolled in school.
Certain restrictions and limitations may apply. SunTrust Bank reserves the right to change or discontinue these programs without notice. All loan programs are subject to approval and may not be available in certain jurisdictions.