Academic Answer Loan Highlights
Defer payments until after graduation1
Rates as low as one-month London Interbank Offered Rate (LIBOR)2 + 2.75%, currently a 3.125% interest rate and 3.06% APR3
0.25% interest rate reduction for automatic payments from a personal bank account and an additional 0.25% interest rate reduction when your payments are automatically deducted from a SunTrust Bank deposit account.4
Graduation Reward: 2% principal reduction for each Academic Answer Loan upon graduation5
Six-month grace period while you find a job
If you still need money for school, SunTrust's certified private student loan, Academic Answer, can help fill the gap where other financial aid leaves off. An Academic Answer loan can help with all your education-related expenses — tuition, room and board, books, a new computer, dorm necessities, transportation, and more.
Apply today or, learn more about the Academic Answer loan.
1Interest will continue to accrue while your payments are deferred, and it will be capitalized (added to your principal loan balance) when repayment begins.
2LIBOR 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 or your cosigner's credit history, 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 was 0.375% on 02/01/12.
3This APR example assumes a $10,000 cosigned loan disbursed over two transactions with a deferment period of 45 months upon initial disbursement and a six month grace period upon graduation, a monthly principal and interest payment of $78.55 (there is a minimum monthly payment of $50), a 15 year repayment term (180 months), and a 2.75% margin. Margins can range from 2.75% to 9.74% depending if the loan is co-signed and upon your or your cosigner's credit history.
4ACH 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 a rolling 12-month period. 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.
5Effective for loans first disbursed on or after April 21, 2011. Proof of graduation must be submitted within 90 days of graduation. Copy of diploma or final transcript is acceptable. 2% principal reduction is based on the original principal amount. Graduation benefit also requires no more than one late payment (any payment made more than ten days after due date.)
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.