Does a student you know need money for college?
As a cosigner, you may assist a student's efforts in getting money for college. Since a credit check is standard, not everyone is approved for an alternative loan, and many students need a creditworthy cosigner for approval.
What is a cosigner?
A cosigner is someone who becomes jointly obligated on a loan with the borrower, and assumes responsibility for the loan if the borrower fails to repay it.
How can a cosigner help a students chances of getting a loan?
For the Academic Answer Loan, a credit-worthy cosigner can be added without the student having to reapply. The better credit score between the borrower and cosigner is used to determine the interest rate provided all other criteria are met. In some cases, the interest rate may actually be lower with a cosigner.
What makes a good cosigner?
Getting your loan is an important key in your collegiate success. When choosing a cosigner, the following factors should be considered:
- Choose someone who doesn't have serious derogatory items on their credit report
- Choose someone who meets their credit obligations (pays their bills)
- Choose someone who's credit is not over burdened with debt
- Choose someone who has at least 27 months of credit history
- Choose someone who has steady employment with income sufficient to meet current debt obligations
A cosigner can be released from the loan in the future!
If the borrower meets the credit criteria on their own after the first 48 initial, consecutive principal and interest payments are made on time, a cosigner can be released from liability.
Applying as a Cosigner is Easy
Our online application has made applying as a cosigner an easy process that only takes about 15 minutes. With your student's social security number in hand, simply click on the link below to complete the application provided by our servicing partner, AES.
About the Academic Answer Loan:
At SunTrust, we understand that paying for college can be difficult. Academic Answer is a private student loan designed to bridge the gap between financial aid and the cost of college.
Before applying for a private student loan, even as a cosigner, you should encourage the student to consider all aid alternatives including grants, scholarships, and federal loans (Stafford, PLUS, and Grad PLUS) prior to applying for private student loans.
Academic Answer Borrowing Limits
In an academic school year, students can borrower up to $45,000 or the cost of attendance, whichever is less.
On a cumulative basis, students can borrow up to $75,000 for undergraduate studies and up to $150,000 for graduate studies.
Everything you'd expect from SunTrust and more
Students can get the money they need for college, and experience the benefits of choosing SunTrust.
- Graduates will receive a $300 principal reduction on every SunTrust Academic Answer loan upon graduation*
- No Upfront Fees!1
- Interest rate can be lowered by 0.25% when payments are automatically deducted from a personal bank account2
- Deferred payments until after graduation3
- Six month grace period while borrowers find a job
1A repayment finance charge may apply based on your or your cosigner's credit history.
2The 0.25% rate reduction is available to borrowers who arrange with their servicer to automatically deduct monthly payments from their personal bank account. Savings programs are effective for all loans disbursed on or after October 13, 2006. SunTrust reserves the right to change or discontinue these benefits without notice.
3Interest will continue to accrue while your payments are deferred, and it will be capitalized (added to your principal loan balance) when repayment begins.
*Proof of graduation is required.
Certain restrictions and limitations may apply. SunTrust reserves the right to change or discontinue these benefits without notice. This loan program may not be available in all jurisdictions
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