Below are some helpful tips to consider before you apply for a private student loan:
- You should always borrow from the federal student loan programs before you apply for private student loans. Federal student loans, like the Stafford and PLUS loan, usually offer lower interest rates and an overall lower cost of borrowing. For more information view our federal and private loan comparison chart.
- Private student loans are offered by lenders, like SunTrust Bank. Because these supplemental loans aren't guaranteed by the federal government, you don't need to fill out any federal forms to apply.
- Private student loans can be used for all education-related expenses. You can borrow up to the cost of attendance at your school, minus other financial aid received. See our private student loan brochure.
- Credit guidelines apply in determining your eligibility for private loans. Learn more about how to manage a private loan.
- Interest rates for private student loans can be variable or fixed. Variable rates are usually based on an index (such as Prime or LIBOR) plus a margin, depending upon your credit history. Compare SunTrust private student loans.
Find out more information about the Academic Answer® Loan or Custom Choice Loan® from SunTrust or Apply Now.