Get the answers you need to learn more about the SunTrust Graduate Business School Loan
Click on a question to get an answer.
Who is eligible to apply?
The SunTrust Graduate Business School Loan is available to graduate students enrolled at least half-time in a graduate level business program at an approved school; find out if a school is eligible.
Legal age of majority
The student must be the legal age of majority1 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.
Many students will need a creditworthy cosigner to qualify
If a student is concerned about being approved for a private student loan, or doesn't have a substantial credit history, approval chances can be strengthened by adding a qualified cosigner.
SunTrust private student loans are generally offered across the United States; however, they are not available to students who are permanent residents of Iowa or Wisconsin.
Applicants, including cosigners, if applicable, must be U.S. citizens or permanent residents with a Social Security Number.
How much can be borrowed with a Graduate Business Loan?
The maximum annual loan amount is determined by the school's cost of attendance, minus any federal student loans, scholarships or grants, up to $95,000.2
The aggregate maximum student loan debt allowed is $175,000 (includes all student loans and any unsecured, deferred consumer debt).
The minimum loan size is $1,001.3
How can a cosigner help with loan approval?
Applying with a cosigner who has good credit and positive income can help a student satisfy credit criteria and may increase chances of approval and to receive a lower interest rate. Click here for more information about applying with a cosigner.
Can this loan cover past due balances?
Yes. SunTrust Graduate Business School Loan applications for past due balances will be accepted up to one calendar month beyond the applicant's academic period end date or graduation date.
- How do I apply?
How quickly can my school get the loan funds?
If timing is a concern, the loan process can be expedited by choosing to electronically sign the Credit Agreement and by faxing or uploading all supporting/required documentation. There are instructions for this within the application process. This includes, at minimum:
A completed, executed Applicant Self-Certification form (required for all private student loans)
Acceptance of the Approval Disclosure
If applications are received early, and documentation is received promptly, the school will likely receive the funds in plenty of time. If there is question about loan deadlines for a particular school, please contact the financial aid office or check the school website for a published timeline.
What repayment options are available?
The SunTrust Graduate Business School Loan has several repayment options to choose from:4
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.7
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.5,6
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.5,7
The repayment plan chosen can make a big difference in a loan's overall cost options should be reviewed carefully. It's essential to understand how rates and payments will be affected by the loan choices made during the application process. Once a loan application has been submitted, loan options cannot be changed. A repayment calculator is available at time of application to allow applicants to see the impact of different repayment options to the loan's overall cost and estimated payment amounts.
Why is an Applicant (Borrower) Self-Certification Form required?
The federal government requires this form in an effort to provide more transparency to borrowers. All private student loan lenders must obtain an Applicant Self-Certification prior to disbursing private student loan funds. Applicants of the SunTrust Graduate Business School Loan must complete, sign and return a Self-Certification form. The form will ask for total cost of attendance and expected financial assistance.
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.
Applicants applying for the SunTrust Graduate Business School Loan, will be presented the ASD 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.
What happens when a borrower (and cosigner, if applicable) defaults on a private student loan?
Defaulting on any loan is a serious matter that could have a long-term, adverse effect on a person's credit score. SunTrust Graduate Business School Loans are usually reported as "late" to consumer credit reporting agencies once they are 30 or more days delinquent.
Bankruptcy usually doesn't cancel the obligation to repay a student loan. If a consumer is about to miss a loan payment, the loan servicer should be contacted immediately to work out a repayment schedule.
Do I have to make payments while I go to school?
Borrowers who select to defer payments while in school can defer payments (a) while enrolled at least half-time at an approved school and (b) during the 6-month grace period after graduation or dropping below half-time status. In any case, the initial deferment period may not exceed 66 months from the first disbursement date. This option must be chosen during the application process. Any accrued and unpaid interest will be capitalized (added to the unpaid principal loan balance) when repayment of principal and interest begins. There are no prepayment penalties.
How do I know if my school is an approved school for a Graduate Business School Loan?
Please visit the first page of the online application, select the school state and then a list of schools in that state will be listed. If the branch of your school is not listed, please choose the main campus. Visiting the application does NOT obligate you to apply.
What if my school is not listed as an approved school for a Graduate Business School Loan?
The Graduate Business School Loan is for graduate level business students. Approved schools for this program are determined on an annual basis. If neither the branch nor the main campus is listed, your school is not eligible to participate in this program. In this case, please check the approved schools for the SunTrust Custom Choice Loan your school may be approved for that program.
Does SunTrust offer loans to international students?
Yes. SunTrust offers loans to international students through a program called the Union Federal Private Student Loan program. This option is not available with the Graduate Business School program.
What documents will I need to provide if I am approved?
In general, documents required relate to income, residency status, identity verification, etc. Not all applicants are required to submit all of these. If documentation is required, it will be requested during the loan application process.
Listed below are income types and acceptable documentation. If you have any questions about acceptable documents, please contact us.
Previous W-2 statement or paystub dated within the past 60 days that states the employer's name, employee's name and, if available, year-to-date income.
Signed copy of the last two (2) years' federal personal income tax returns with all schedules (or, for electronically filed returns, an IRS confirmation notice may substitute for a signature)
One of the following:
- A copy of most recent pension statement (1099)
- A copy of most recent social security income statement (1099)
- A copy of the first two pages of the most recent federal tax return (signed by the Applicant/taxpayer or, for electronically filed returns, accompanied by an IRS confirmation notice)
- A copy of a bank statement showing deposit of retirement income
- A copy of a benefit award letter
- A copy of proof of current pension payment (including a check stub)
- A copy of proof of current social security payment
Other income documentation (only required when applicants choose to list this type of income within the loan application)
- Interest and dividends, note receivable, installment sales and land contracts, trust, rental, capital gains, income from a foreign source: copy of the two most recent federal personal income tax returns (signed by the Applicant(s)/taxpayer) with all applicable schedules
- Alimony, child support, or separate maintenance payments (for applicants who wish to have this considered for the loan application): complete copy of the divorce decree or court order which specifies the amount and duration of payments. Further, applicant(s) who choose to rely on child support, and who wish to have this considered for the loan application, must provide proof of receipt of child support for the last six months in the form of bank statements or cancelled checks
- GI Bill income: proof of scheduled GI Bill payments for the duration of the academic period
- Disability, worker's compensation benefits and public assistance (AFDC/TANF): appropriate documentation, which may include award letters, policy Agreements, account statements, etc
- Royalty Income: most recent 1099-Misc or the previous year's federal personal income tax returns
- Annuity Income: award letters or most recent 1099-Misc; if those are not available, then the previous year's federal personal income tax returns or bank statements showing direct deposit must be provided
Permanent Residents will need to provide verification of Residency and Immigration Status:
All Permanent Residents must provide a copy of the most current Resident Alien Card, FORM I-551 (I.E. Green Card) showing permanent Resident Alien Status of the United States or other CIS documentation demonstrating the legal right to reside in the U.S. permanently. Acceptable forms for permanent resident aliens include:
- Alien Registration Receipt Card, Form I-551 (i.e., Green Card) with an unexpired date on the front of the card.
- Conditional Alien Registration Receipt Card, I-551 with an unexpired INS I-751.
- Unexpired passport with an unexpired stamp "Process for I-551. Temporary Evidence of Lawful Admission for Permanent Resident. Valid until MM-DD-YYYY. Employment Authorized.".
In order to validate information obtained during the loan approval process, one or more identification documents are required. Copies of identification documents such as driver's licenses, state issued identification cards, or social security cards must be legible and display identification information such as name and identification numbers.
If you have any questions about what documents are acceptable, please contact us.
1 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 The maximum annual loan amount is determined by your school's cost of attendance, minus other financial aid such as federal student loans, scholarships or grants, up to $95,000.
3 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: $4,901, Rhode Island: $5,001, South Carolina: $3,601.
4 Any applicant who applies for the loan the month of, the month prior to, or the month after their graduation date, as stated on the application or certified by the school, will only be offered the immediate repayment option. Partial Interest Repayment is available on loans of $5,000 or more.
5 For Partial Interest and Fully Deferred loans, 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 for these repayment options.
6 Making interest only or partial payments while in school will not reduce the principal balance of the loan. Partial Interest Payment plan of $25 per month is available on loans of $5,000 or more. Click here to see payment examples.
7 Payments may be deferred (a) while a student is enrolled at least half-time at an approved school, and (b) during the 6 month grace period after graduation or dropping below half-time status. In any case, the initial deferment period may not exceed 66 months from the first disbursement date. Any accrued but unpaid interest will be capitalized (added to the unpaid principal loan balance) when repayment of principal and interest begins. There are no prepayment penalties.