How many private student loans
are you paying right now?
One, two, three, four? Let SunTrust Bank help. Consolidating your private student loans gives you the chance to combine multiple private student loans into one monthly payment.
Consolidate all of your private student loans with SunTrust
How it works when you're approved:
- The eligible, underlying private student loans that you choose to consolidate are paid off
- You select a new loan term
- You select a fixed or variable interest rate
- You make one monthly payment
- Your consolidation interest rate and monthly payment may be lower than your current
rate and payment
When is it time to think about private student loan consolidation?
- Now, when private student loan rates are at historic lows.
- When it's hard to keep track of what you owe, and who you owe it to.
- When you want to change your monthly payment to fit your budget.
- When you want to change the amount of time you have to repay your private student loans. SunTrust offers 15, 20 and 25 year repayment periods.1,2
Here's an example of how extending your term can reduce your monthly payments.
|15 years1, 2|
|20 years1, 2|
|25 years1, 2|
This example assumes that the amount being consolidated, $25,000, is consistent across all repayment term options. The examples shown here assume that the balance of the underlying loans and the consolidation loan each equal $25,000 and have a 5% APR. A 5% initial APR may be available on current variable rate consolidation loans, but will be higher on fixed rate loans. Your actual loan details may vary from this estimate based on your creditworthiness (which may impact the interest rate you receive), the options you select, the loan amount requested, the interest rates in effect at the time your loan application is submitted, and whether or not you choose a fixed or variable rate. Choosing a variable rate may cause your monthly payment to change from time to time. Choosing a longer repayment term may increase your total loan costs. ALL DOLLAR FIGURES GIVEN IN THIS EXAMPLE ARE ESTIMATES. The loan terms described here are subject to change.
Frequently Asked Questions:
Q. Can I consolidate all of my student loans?
A. Federal loans are not eligible to be consolidated with this program. Only your private student loans may be consolidated with SunTrust. Consolidation of federal student loans is offered through the Federal Direct Consolidation Loan program.
Q. What are the interest rates?
A. We offer fixed or variable interest rates:
- Variable interest rates range
to 7.96% with
- Fixed interest rates
with APRs ranging
Q. Are there any fees?
A. There are no origination fees when you consolidate your private student loans with SunTrust.
Three ways to bring
your interest rate
- Apply with a creditworthy cosigner. You may apply to have the cosigner released from liability after the first 48 initial, consecutive principal and interest payments are made on time. You must meet credit criteria on your own at that time.3
- Set up automatic payment withdrawals. You can lower your interest rate by .25%.4
- Use a SunTrust account for automatic payment withdrawal and save another .25% on your interest rate.4