How can we help simplify repayment of your private student loans?
How many private student loans are you paying right now? A SunTrust Private Student Loan Consolidation can help simplify and put you in control of the repayment of your private student loans. Consolidating allows for one simple payment with the option of a fixed or variable rate and choice of repayment term. Learn More about the SunTrust Private Student Loan Consolidation Program.
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| Loan Eligibility1 | One or multiple private student loan(s) from any lender may be consolidated Existing private student loan consolidations qualify Federal student loans are not eligible to be consolidated within this program; for details on federal student loan consolidation, click here Debt to income ratio requirements and credit standards must be met |
|---|---|
| Degree Requirement | Primary applicant must have earned a bachelor's degree or higher from an approved school |
| Interest Rate: Low |
Choice of fixed or variable rate Variable Option: Fixed Option: 5.85%, a 5.850%4 APR |
| Interest Rate: High |
Choice of fixed or variable rate Variable Option: Fixed Option: 10.35%, a 10.350%6 APR |
| Origination Fees | None |
| Loan Limits | Maximum loan amount: $75,000 with proof of a bachelor's degree or $150,000 with proof of a graduate degree The aggregate maximum education debt allowed is $150,000 with proof of a bachelor's degree or $250,000 with proof of a graduate degree Minimum loan amount $7,500 |
| Automatic Payment (ACH) Benefit | 0.25% interest rate reduction for making ACH payments7 SunTrust Bank customer benefit – receive an additional 0.25% interest rate reduction for making ACH payments from a SunTrust account7 |
| Repayment | Monthly payments of principal and interest begin approximately 45 days after disbursement |
| Repayment Term | Choice of several repayment terms |
| Cosigner Release | Option available9 |
| Residency Requirements | U.S. citizen or permanent resident All applicants must be the legal age of majority or at least 18 years of age at the time of the loan application, except in Alabama (19 years old), Nebraska (19 years old, only for wards of the state), and Mississippi and Puerto Rico (21 years old) The primary applicant's permanent residence cannot be in Illinois, Iowa, or Wisconsin. The cosigner's permanent residence cannot be in Illinois |
1 The SunTrust Private Student Loan Consolidation Program is not available to applicants who are permanent residents of IA, IL, or WI, or for cosigners who are permanent residents of IL.
2 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.
3 This APR example assumes a $25,000 loan disbursed in one transaction with immediate repayment, a monthly principal and interest payment of $186.18 (there is a minimum monthly payment of $50), a 15-year repayment term (180 months), no Origination Fee, and a 3.85% margin. Margins can range from 3.85% to 8.10% depending on your and/or your cosigner's credit histories, the repayment term selected and loan amount. Other repayment terms include 20 and 25 years. Rates and terms effective for applications received on or after 03/01/13.
4 This APR example assumes a $25,000 loan disbursed in one transaction with immediate repayment, a monthly principal and interest payment of $208.94(there is a minimum monthly payment of $50), a 15-year repayment term (180 months), no Origination Fee, and a 5.85% interest rate (in effect as of 03/01/13). Current interest rates can range from 5.85% to 10.35% depending on your and/or your cosigner's credit histories, the repayment term selected and loan amount. Other repayment terms include 20 and 25 years. Rates and terms effective for applications received on or after 03/01/13.
5 This APR example assumes a $25,000 loan disbursed in one transaction with immediate repayment, a monthly principal and interest payment of $198.79 (there is a minimum monthly payment of $50), a 25-year repayment term (300 months), no Origination Fee, and a 8.10% margin. Margins can range from 3.85% to 8.10% depending on your and/or your cosigner's credit histories, the repayment term selected and loan amount. Other repayment terms include 15 and 20 years. Rates and terms effective for applications received on or after 03/01/13.
6 This APR example assumes a $25,000 loan disbursed in one transaction with immediate repayment, a monthly principal and interest payment of $233.37 (there is a minimum monthly payment of $50), a 25-year repayment term (300 months), no Origination Fee, and a 10.35% interest rate (in effect as of 03/01/13). Current interest rates can range from 5.85% to 10.35% depending on your and/or your cosigner's credit histories, the repayment term selected and loan amount. Other repayment terms include 15 and 20 years. Rates and terms effective for applications received on or after 03/01/13.
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 will be applied after the first automatic payment is successfully deducted from a SunTrust Bank checking, savings or money market account.
8 Request for the cosigner to be released can be made after the first 48 consecutive, on-time payments (not later than ten days after the due date) of principal and interest have been made. The borrower must meet credit criteria on their own at the time of the request. The borrower must also be currently enrolled for automatic deduction of monthly payments from a bank account.
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.