SunTrust offers two private education loans — the Academic Answer® and Custom Choice LoanSM — to help fill the gap when federal loans, scholarships, grants and work-study programs don't quite meet your financial need. Learn more about private student loans.
| Interest Rates | Variable rate | Variable or Fixed rate (consumer choice) |
|---|---|---|
| Origination Fees | No fees | Fees may apply |
| Loan Limits | Borrow up to Cost of Attendance less aid; annual limits by grade level | Borrow up to Cost of Attendance less aid |
| Money-saving Benefits | $300 Principal Reduction per loan at graduation1 0.25% interest rate reduction3 |
1% Principal reduction per loan at graduation2 0.25% interest rate reduction4 |
| Deferred payment* while in school |
Available to all borrowers | Available based on credit history5 |
| Grace period | Six months | Varies by payment plan |
| 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.
* Interest will continue to accrue while your payments are deferred, and it will be added to your principal loan balance when full repayment begins.
1 Proof of graduation must be submitted within 90 days of graduation. Copy of diploma or final transcript is acceptable.
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.
3 To qualify, the student must arrange with the loan servicer to automatically deduct monthly principal and interest payments from a bank account.
4 To qualify, the student must arrange with the loan servicer to automatically deduct monthly principal and interest payments from a bank account. Refer to the Credit Agreement for further details on this borrower benefit.
5 Minimum payment of $25 may apply during in-school period.
Certain restrictions and limitations may apply. SunTrust Bank reserves the right to change or discontinue these programs without notice. All loan programs may not be available in certain jurisdictions.