Custom Choice Loan® Repayment Examples1


The interest rates and examples shown on this page reflect the Summer Savings of 0.75%. The discount is only valid through 8/31/2014.
The rates below are examples only. Fixed interest rates range from 4.00% (a 4.001%2 APR) to 10.50% (a 9.771%3 APR) and variable interest rates range from 2.49% (a 2.491%4 APR) to 8.49% (a 8.009%5 APR), all depending on your and/or your cosigner's credit histories, the repayment option selected, the repayment term selected and loan amount.

Examples include:

Link to Footnotes

Repayment Example for Custom Choice Fixed Rate Loan

Immediate Repayment

Lowest Rate Highest Rate
Loan Amount $10,000 $10,000
Origination Fee 0.00% 0.00%
Fixed Interest Rate
APR
6.31%
6.31%7
9.78%
9.78%8
Deferment Period 3 months 3 months
Monthly Payment $86.75 $107.43
Repayment Period* 15 years (180 months) 15 years (180 months)
Total of Payments Over Life of Loan $15,616.15 $19,335.82

Partial Interest Payment
     ($25 per month while in school)

Lowest Rate Highest Rate
Loan Amount $10,000 $10,000
Origination Fee 0.00% 0.00%
Fixed Interest Rate
APR
6.60%
6.435%10
10.47%
9.925%11
Deferment Period9 51 months
(includes six month grace period)
51 months
(includes six month grace period)
Monthly Payment $100.37 $143.99
Repayment Period* 15 years (180 months) 15 years (180 months)
Total of Payments Over Life of Loan $19,342.19 $27,191.32

Repayment Example for Custom Choice Variable Rate Loan12

Immediate Repayment

Lowest Rate Highest Rate
Loan Amount $10,000 $10,000
Variable Interest Rate
(1-month LIBOR12 + Margin)
APR
4.13%
(1-month LIBOR + 3.88%)
4.130%13
7.6%
(1-month LIBOR + 7.35%
7.600%14
Deferment Period 3 months 3 months
Monthly Payment15 $75.01 $94.16
Repayment Period* 15 years (180 months) 15 years (180 months)
Total of Payments Over Life of Loan $13,501.83 $16,950.04

Partial Interest Payment
     ($25 per month while in school)

Lowest Rate Highest Rate
Loan Amount $10,000 $10,000
Variable Interest Rate
(1-month LIBOR12 + Margin)
APR
4.30%
(1-month LIBOR + 4.05%)
4.262%16
8.33%
(1-month LIBOR + 8.08%
8.020%17
Deferment Period 51 months
(includes six month grace period)
51 months
(includes six month grace period)
Monthly Payment15 $79.23 $118.58
Repayment Period* 15 years (180 months) 15 years (180 months)
Total of Payments Over Life of Loan $15,536.30 $22,618.92

* Repayment periods are 7, 10, and 15 years (15 year terms are only available for loans of $5,000 or more).

1 The amounts in this chart are examples only. Your specific repayment schedule will be based on your specific loan amount, repayment option, repayment term, and for variable rate loans, on the current variable rate in effect each month during the life of the loan.

2 This APR assumes a $10,000 loan disbursed over two transactions and an immediate repayment option and is based on a 7-year repayment term (84 months), a monthly principal and interest payment of $137.38 (there is a minimum monthly payment of $50), and a 4.00% interest rate (in effect as of 07/01/14). Interest rates are based on the borrower's and/or cosigner's credit histories, the repayment option selected, the repayment term selected and loan amount.

3 This APR assumes a $10,000 loan disbursed over two transactions and a deferred repayment option and is based on a 15-year repayment term (180 months), a 45-month deferment period upon initial disbursement, a six month grace period before entering repayment, a monthly principal and interest payment of $158.46 (during repayment there is a minimum monthly payment of $50) and a 10.50% interest rate (in effect as of 07/01/14). Interest rates are based on the borrower's and/or cosigner's credit histories, the repayment option selected, the repayment term selected and loan amount.

4 This APR example assumes a $10,000 loan disbursed over two transactions and an immediate repayment option and is based on a 7-year repayment term (84 months), a monthly principal and interest payment of $130.25 (there is a minimum monthly payment of $50), and a 2.24% margin (in effect as of 07/01/14). Interest rates are based on the borrower's and/or cosigner's credit histories, the repayment option selected, the repayment term selected and loan amount.

5 This APR assumes a $10,000 loan disbursed over two transactions and a deferred repayment option and is based on a 15-year repayment term (180 months), a 45-month deferment period upon initial disbursement, a six month grace period before entering repayment, a monthly principal and interest payment of $132.91 (during repayment there is a minimum monthly payment of $50), and a 8.24% margin (in effect as of 07/01/14). Interest rates are based on borrower's and/or cosigner's credit histories, the repayment option selected, the repayment term selected and the loan amount.

6 The partial interest repayment plan is available on loans of $5,000 or more. Making interest only payments while in school will not reduce the balance on the loan. Any unpaid interest will be capitalized (added to your principal loan balance) when repayment of principal and interest begins.

7 This APR example assumes a $10,000 fixed rate loan made in two disbursements with immediate repayment, a monthly principal and interest payment of $86.75 (there is a minimum monthly payment of $50), a 15-year repayment term (180 months), and a 6.31% interest rate (in effect as of 07/01/14). With a 15-year repayment term, current interest rates can range from 6.31% to 10.50% depending on the borrower's and/or cosigner's credit histories and the repayment option selected. If other repayment terms and options are selected, interest rates may range from 4.00% up to 10.50%. Other repayment options include interest-only, partial interest payment, and full deferment. Repayment terms and options may vary depending upon the amount borrowed.

8 This APR example assumes a $10,000 fixed rate loan made in two disbursements with immediate repayment, a monthly principal and interest payment of $107.43 (there is a minimum monthly payment of $50), a 15-year repayment term (180 months), and a 9.78% interest rate (in effect as of 07/01/14). With a 15-year repayment term, current interest rates can range from 6.31% to 10.50% depending on the borrower's and/or cosigner's credit histories and the repayment option selected. If other repayment terms and options are selected, interest rates may range from 4.00% up to 10.50%. Other repayment options include interest-only, partial interest payment, and full deferment. Repayment terms and options may vary depending upon the amount borrowed.

9 Any accrued and unpaid interest will be capitalized (added to your principal loan balance) when repayment of principal and interest begins.

10 This APR example assumes a $10,000 fixed rate loan made in two disbursements with partial interest payments of $25 while in school, a monthly principal and interest payment of $100.37 (during repayment there is a minimum monthly payment of $50), a 15-year repayment term (180 months), and a 6.60% interest rate (in effect as of 07/01/14). With a 15-year repayment term, current interest rates can range from 6.31% to 10.50% depending on the borrower's and/or cosigner's credit histories and the repayment option selected. If other repayment terms and options are selected, interest rates may range from 4.00% up to 10.50%. Other repayment options include immediate repayment, interest-only, and full deferment. Repayment terms and options may vary depending upon the amount borrowed.

11 This APR example assumes a $10,000 fixed rate loan made in two disbursements with partial interest payments of $25 while in school, a monthly principal and interest payment of $143.99 (during repayment there is a minimum monthly payment of $50), a 15-year repayment term (180 months), and a 10.47% interest rate (in effect as of 07/01/14). With a 15-year repayment term, current interest rates can range from 6.31% to 10.50% depending on the borrower's and/or cosigner's credit histories and the repayment option selected. If other repayment terms and options are selected, interest rates may range from 4.00% up to 10.50%. Other repayment options include interest-only, partial interest payment, and full deferment. Repayment terms and options may vary depending upon the amount borrowed.

12 The variable interest rates used in these examples are based on the One-month LIBOR rate effective on 07/01/14 plus the low and high margins indicated. Interest rates are variable and these repayment examples may not reflect your specific interest rate. 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, the repayment option selected, and the repayment term selected, and will increase or decrease monthly when 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 0.25% as of 07/01/14.

13 This APR example assumes a $10,000 variable rate loan made in two disbursements with immediate repayment, a monthly principal and interest payment of $75.01 (there is a minimum monthly payment of $50), a 15-year repayment term (180 months), and a 3.88% margin (in effect as of 07/01/14). With a 15-year repayment term, current variable interest rates can range from One-month LIBOR + 3.88% to One-month LIBOR + 8.24% depending on the borrower's and/or cosigner's credit histories and the repayment option selected. If other repayment terms and options are selected, interest rates may range from One-month LIBOR + 2.24% to One-month LIBOR + 8.24%. Other repayment options include partial interest payment, interest-only, and full deferment. Repayment terms and options may vary depending upon the amount borrowed.

14 This APR example assumes a $10,000 variable rate loan made in two disbursements with immediate repayment, a monthly principal and interest payment of $94.16 (there is a minimum monthly payment of $50), a 15-year repayment term (180 months), and a 7.35% margin (in effect as of 07/01/14). With a 15-year repayment term, current variable interest rates can range from One-month LIBOR + 3.88% to One-month LIBOR + 8.24% depending on the borrower's and/or cosigner's credit histories and the repayment option selected. If other repayment terms and options are selected, interest rates may range from One-month LIBOR + 2.24% to One-month LIBOR + 8.24%. Other repayment options include partial interest payment, interest-only, and full deferment. Repayment terms and options may vary depending upon the amount borrowed.

15 The monthly payment amount shown will increase or decrease when the One-month LIBOR index increases or decreases. The Custom Choice Loan requires a minimum monthly payment of $50, which may shorten your loan term. The standard repayment term is 180 months.

16 This APR example assumes a $10,000 variable rate loan made in two disbursements with partial interest payment of $25 during school, a monthly principal and interest payment of $79.23 (during repayment there is a minimum monthly payment of $50), a 15-year repayment term (180 months), and a 4.05% margin (in effect as of 07/01/14). With a 15-year repayment term, current variable interest rates can range from One-month LIBOR + 3.88% to One-month LIBOR + 8.24% depending on the borrower's and/or cosigner's credit histories and the repayment option selected. If other repayment terms and options are selected, interest rates may range from One-month LIBOR + 2.24% to One-month LIBOR + 8.24%. Other repayment options include immediate repayment, interest-only, and full deferment. Repayment terms and options may vary depending upon the amount borrowed.

17 This APR example assumes a $10,000 loan variable rate made in two disbursements with partial interest payment of $25 during school, a monthly principal and interest payment of $118.58 (during repayment there is a minimum monthly payment of $50), a 15-year repayment term (180 months), and a 8.08% margin (in effect as of 07/01/14). With a 15-year repayment term, current variable interest rates can range from One-month LIBOR + 3.88% to One-month LIBOR + 8.24% depending on the borrower's and/or cosigner's credit histories and the repayment option selected. If other repayment terms and options are selected, interest rates may range from One-month LIBOR + 2.24% to One-month LIBOR + 8.24%. Other repayment options include immediate repayment, interest-only, and full deferment. Repayment terms and options may vary depending upon the amount borrowed.

Certain restrictions and limitations may apply. SunTrust reserves the right to change or discontinue these benefits without notice. This loan program is subject to approval and may not be available in all jurisdictions.