SunTrust Student Loans

The Custom Choice Loan is a private student loan that can help fill the gap when federal loans, scholarships, and grants aren't enough to cover college expenses.

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Custom Choice Loan: Frequently Asked Questions

Frequently Asked Questions about the Custom Choice Loan

Get the answers you need to learn more about the Custom Choice Loan from SunTrust. Click on a question to get an answer.

  1. Am I eligible to apply?

    The Custom Choice Loan is available to undergraduate and graduate students who are enrolled at least half-time in a Title IV eligible degree program at an eligible school. Students and cosigners, if applicable, must be a U.S. citizen or permanent resident with a Social Security Number.

    The student must be the legal age of majority or at least 17 years of age with a Cosigner who is legal age of majority.*

    The borrower's permanent residence cannot be in Iowa or Wisconsin.

    Many students will need a creditworthy cosigner to qualify. If you are concerned about being approved for a private loan, or you don't have a substantial credit history, we recommend you consider strengthening your chances by adding a qualified cosigner.

    * 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), and Mississippi and Puerto Rico (21 years old).

  2. How much can I borrow?
    • The maximum loan amount is determined by your school's cost of attendance, minus any federal loans, scholarships or grants, up to $65,000.

    • The aggregate maximum student loan debt allowed is $150,000 (includes all student loans and any unsecured, deferred consumer debt). The minimum loan size is $1,001*.

      * The minimum loan amounts are higher for borrowers in these states: Alaska: $5,001, Colorado: $3,001, New Mexico: $2,501, Oklahoma: $4,901, Rhode Island: $5,001, South Carolina: $3,601. The Custom Choice Loan is not available to students whose permanent residency state is IA or WI.

  3. How can a cosigner help me get loan approval?

    Applying with a cosigner who has good credit and positive income can help you satisfy credit criteria and may increase your chances of approval and receiving a lower interest rate.

  4. Can my loan cover past due balances?

    Yes. Custom Choice Loan applications for past due balances will be accepted up to the end of the next month following the academic period for which the applicant was enrolled.

  5. How quickly can my school get the loan funds?

    If you're concerned about timing, you can speed up the process by choosing to eSign your Credit Agreement and by faxing or uploading all supporting/required documentation. This includes, at minimum:

    • A completed, executed Applicant Self-Certification form (required for all private student loans)

    • Acceptance of the Approval Disclosure

    If you apply early and documentation is received promptly, your school will likely receive the funds in plenty of time. (If you're unsure of your school's loan deadlines, contact the financial aid office or check the school website for a published timeline.) You may return your documents via fax, mail, or through the document upload process within the application.

  6. What repayment options are available?

    The Custom Choice Loan has four repayment options as described below:

    • Immediate Repayment: Begin making monthly principal and interest payments approximately 45 days following the last disbursement of funds.

    • Interest-Only Repayment: Pay only the accrued monthly interest while in school; principal and interest payments begin six months after graduation or dropping below half-time status.

    • Partial Interest Payment: Pay partial interest of $25 per month while enrolled in school. Option available for loans of $5,000 or more. Note that all accrued, unpaid interest will be capitalized (added to the loan balance) at the time of repayment.

    • Full Deferment: Defer all principal and interest charges while in school at least half-time; note that interest will accrue during the deferment period and will be capitalized (added to the loan balance) at the time of repayment.

    The repayment plan you choose can make a big difference in your loan's overall cost - so review your options carefully. It's essential to understand how your rates and payments will be affected by your choices, because once you complete your loan application with those selections, you cannot make any further changes. Within the application, you can use the repayment calculator that allows you to see the impact of different repayment options to the loan's overall cost and estimated payment amounts.

  7. Why do I need to complete an Applicant (Borrower) Self-Certification Form?

    The federal government instituted regulations for private education loans in an effort to provide more transparency to borrowers. The Applicant Self-Certification is one of the new requirements. All private student loan lenders must obtain the Applicant Self-Certification prior to disbursing any private student loan funds. Applicants of the Custom Choice Loan must complete and sign the Self-Certification form and return it. You will need your total cost of attendance and expected financial assistance to complete this portion of the application process.

  8. What is an Application and Solicitation Disclosure (ASD)?

    Regulations governing private education loans require three disclosure documents be provided to borrowers during the application process: an Application and Solicitation Disclosure (ASD), Approval Disclosure, and Final Disclosure. The ASD displays current interest rate ranges, loan cost examples, federal loan alternatives, and other general loan information.

    When a student and cosigner, if applicable, apply for the Custom Choice Loan online, the ASD will be presented electronically. Completion of an application is not required in order to view an ASD with current interest rates; however, all applicant(s) must acknowledge that they have reviewed this disclosure before continuing the application process.

  9. What happens if I default on my loan?

    Defaulting on your loan is a serious matter that could have a long-term, adverse effect on your credit score. Custom Choice Loans are usually reported as "late" to consumer credit reporting agencies once they are 30 or more days delinquent.

    Bankruptcy usually doesn't cancel your obligation to repay an education loan. If you're about to miss a loan payment, you should contact your servicer immediately to work out a repayment schedule you can meet.

Contact Us

To speak with a
Custom Choice Loan Specialist:

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