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Education Loans

Custom Choice Loan

Custom Choice Loan Highlights

  • Choice of a fixed or variable interest rate, and choice of repayment plans and terms

  • Fixed rates range from 3.40% (a 3.40%1 APR) to 13.49% (a 12.41%2 APR)
    Variable rates range from One-month LIBOR3 + 2.60%, (currently a 2.975% interest rate and 2.97%4 APR) to One-month LIBOR3 + 9.74% (currently a 10.115% interest rate and a 9.52%5 APR)

  • 0.25% interest rate reduction when you have your payments automatically deducted 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.6

  • 1% principal balance reduction on every Custom Choice Loan upon graduation7

  • Defer payments until after graduation8

With the Custom Choice Loan, you can choose a fixed rate student loan with predictable monthly payments, or a variable-rate loan — both with their own advantages. The Custom Choice program also has four repayment options: Immediate Repayment, Interest-Only Repayment, Partial Interest Payment, or Full Deferment.8 (Partial Interest Payment plan of $25 per month is available on loans of $5,000 or more.) Our online application tools will help you make an informed decision — view current rates and calculate different loan scenarios online before committing to a loan type.

Apply today or, learn more about the Custom Choice Loan.

1 This APR example assumes a $10,000 loan disbursed over two transactions with immediate repayment, a monthly principal and interest payment of $182.50 (there is a minimum monthly payment of $50), a 5-year repayment term (60 months), no Origination Fee, and a 3.40% interest rate (in effect as of 02/01/12). Current interest rates can range from 3.40% to 13.49% depending on your or your cosigner's credit history, the repayment option selected and the repayment term selected and loan amount. Other repayment options include Interest-Only, Partial Interest payment, and Full Deferment (Partial Interest option available on loans of $5,000 or more and requires a $25 monthly interest-only payment). Other repayment terms include 10, 15, and 20 years (15 and 20 years only available for loans of $5,000 or more).

2 This APR example assumes a $10,000 loan disbursed over two transactions with a deferred repayment, a monthly principal and interest payment of $187.50 (there is a minimum monthly payment of $50), a 20-year repayment term (240 months) and a 13.49% interest rate (in effect as of 02/01/12). Current interest rates can range from 3.40% to 13.49% depending on your or your cosigner's credit history, the repayment option selected, the repayment term selected and loan amount. Other repayment options include Interest-Only, Partial Interest payment, and Full Deferment (Partial Interest option available on loans of $5,000 or more and requires a $25 monthly interest-only payment). Other repayment terms include 10, 15, and 20 years (15 and 20 years only available for loans of $5,000 or more).

3 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 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.

4 This APR example assumes a $10,000 loan disbursed over two transactions with immediate repayment, a monthly principal and interest payment of $180.24 (there is a minimum monthly payment of $50), a 5-year repayment term (60 months), no Origination Fee, and a 2.60% margin. Margins can range from 2.60% to 9.74%. Other repayment options include Interest-Only, Partial Interest payment, and Full Deferment (Partial Interest option available on loans of $5,000 or more and requires a $25 monthly interest-only payment). Other repayment terms include 10, 15, and 20 years (15 and 20 years only available for loans of $5,000 or more). Rates and terms effective for applications received on or after 02/01/12.

5 This APR assumes a $10,000 loan disbursed over two transactions with a deferred repayment, a monthly principal and interest payment of $137.43 (there is a minimum monthly payment of $50), a 20-year repayment term (240 months), and a 9.74% margin. Margins can range from 2.60% to 9.74%. Other repayment options include Immediate Repayment, Interest-Only, and Partial Interest payment (Partial Interest option available on loans of $5,000 or more and requires a $25 monthly interest-only payment). Other repayment terms include 5, 10, and 15 years (15 and 20 years only available for loans of $5,000 or more). Rates and terms effective for applications received on or after 02/01/12.

6 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 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.

7 Proof of graduation (certified copy of diploma) must be submitted within 90 days of graduation. 1% principal reduction is based on the fully disbursed loan amount. To receive the reward, no more than one late payment (payment received more than 10 days after the due date) is allowed.

8 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.

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.