SunTrust offers two private student loans — the Academic Answer® and Custom Choice Loan® — to help fill the gap when federal loans, scholarships, grants and work-study programs don't quite meet your financial need. Learn more or Apply now.
| Interest Rates | Variable rate | Fixed or Variable rate (Consumer choice) |
|---|---|---|
| Origination Fees | No fees | No fees |
| Loan Limits | Borrow up to Cost of Attendance less aid; annual limits by grade level | Borrow up to Cost of Attendance less aid |
| Borrower Benefits | Graduation Reward: 2% Principal Reduction1 0.25% Rate Reduction for ACH payment and an additional 0.25% Rate Reduction for ACH payment from a SunTrust account.3 |
Graduation Reward: 1% Principal Reduction2 0.25% Rate Reduction for ACH payment and an additional 0.25% Rate Reduction for ACH payment from a SunTrust account.4 |
| Deferred Payment* while in school |
Available to all borrowers | Available to all borrowers |
| Grace Period | Six months | Generally six months5 |
| Cosigner Release | Option available | Option available |
| Enrollment | Student must be enrolled half-time or more in a Title IV program at an eligible school | Student must be enrolled half-time or more in a Title IV program at an eligible school |
| Residency Requirement | U.S. citizen or permanent resident | U.S. citizen or permanent resident |
| More Information | Visit the Academic Answer Loan Web site | Visit the Custom Choice Loan Web site |
Please note that SunTrust recommends you exhaust all financial aid alternatives including grants, scholarships, and federal loans (Stafford, PLUS and Grad PLUS), prior to applying for private student loans. Completing a FAFSA is highly recommended; however, it is not required for either the Academic Answer or Custom Choice Loan.
* Any accrued and unpaid interest will be capitalized (added to your principal loan balance) when repayment of principal and interest begins. There are no prepayment penalties.
1 Effective for loans first disbursed on or after April 21, 2011. Proof of graduation must be submitted within 90 days of graduation. Copy of diploma or final transcript is acceptable. 2% principal reduction is based on the original principal amount. Graduation benefit also requires no more than one late payment (any payment made more than ten days after due date.)
2 Proof of graduation must be submitted within 90 days of graduation. Certified copy of diploma is acceptable. 1% principal reduction is based on the fully disbursed loan amount. To receive reward, no more than one late payment (a payment received more than 10 days after the due date) is allowed.
3 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 a rolling 12-month period (for Academic Answer). 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.
4 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.
5 Grace period may be dependent upon repayment option selected and length of time enrolled in school.
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.