Who is eligible?
To be eligible for a Custom Choice Loan, the student must:
- Be enrolled at least half-time in a Title IV eligible program at an eligible school.
- Be a U.S. citizen or permanent resident;
- Be the legal age of majority, or at least 17 years of age at the time of application*;
- Have a permanent residency address that is NOT in Illinois, Iowa, Texas, or Wisconsin.
Do you need a cosigner?
A cosigner is not required; however, most students, especially those without a substantial credit history, may need a creditworthy cosigner to qualify. You can invite your cosigner from within the application with an EasyInviteSM email. This tool lets your cosigner link right to your application to fill in their information and help finalize the application. Find out more about how a cosigner can help. A cosigner release option is available.1
How much can you apply for?
Custom Choice lets you borrow up to the cost of education minus financial aid received,and it is a school-certified product. When certifying a loan, the financial aid office will verify you are eligible for the loan amount requested, and your funds will be sent directly to the financial aid office to be applied to your account.
View our Repayment Examples to see sample monthly payments for Custom Choice Loans.
What do you need to apply?
Be sure to have your contact information, Social Security number, and a personal reference (not living with you or your cosigner, if applicable). In addition, you may need to provide supporting documentation (see details here).
How do I know which options to choose?
Upon passing the initial credit review2, you can run real-time scenarios to see how different options affect your loan rate and fees. You can view estimated monthly payments with total loan costs. Then, evaluate which options may benefit you the most before you make your final decision. We'll help you through the application process with information and tips along the way.
Any questions?
Feel free to review Frequently Asked Questions about our Custom Choice private student loan, or talk to a SunTrust representative at 866-232-3889.
* 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).
1 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 and must not have used forbearance on the loan prior to the request.
2 Passing the initial credit review is based on review of all the information you and your cosigner (if applicable) provide during the application process and the information obtained from your credit report. If you pass the initial credit review, we will need to obtain documentation such as your income verification, school certification, and Applicant Self-Certification Form before the final loan decision can be made.
EasyInvite is a registered service mark of First Marblehead Corporation.
Certain restrictions and limitations may apply. SunTrust 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.