Frequently Asked Questions

Below are answers to some commonly asked questions about Federal student loans.

Do I have to repay my student loans
What if I can't afford to pay my student loan back?
How long will I be paying my loans back?
How do I apply for an alternative repayment option?
How do I know which plans I can choose from?
What if my loans are delinquent?
Will the total amount I have to repay stay the same?
How do my student loans affect my credit rating?
What if I am not receiving a bill?

Do I have to repay my student loans?
Yes. Student loans are real loans — just as real as a credit card or car loan. You have to pay back student loans just like you have to pay a credit card or car loan. And your student loan payment history, on time and late payments, are reported and show up on your credit report. So, it’s important to make your payments in a timely fashion.

What if I can't afford to pay my student loan back?
SunTrust is here to help. There are several repayment options available to help you through financial rough spots. For more information click here.

How long will I be paying my loans back?
Depending on the type of loan you have, and the repayment period you've currently opted for, your loan term can be anywhere from 10-30 years. Stafford and PLUS loans must be repaid 10 years from the start of repayment unless you choose an option to extend your term (such as the Extended Repayment Option).

How do I apply for an alternative repayment option?
We are here to help! You can either call SunTrust or your loan servicer. SunTrust Education Loan Specialists are available 8:30 am - 5:30 pm, EST, Mon-Fri. Call 800.552.3006.

How do I know which plans I can choose from?
The repayment options guide may help — click here. You may also call our Education Loan Specialists at 800.552.3006 to point you in the right direction.

What if my loans are delinquent?
You will need to contact your loan servicer to bring your loan to a current status before your new repayment option can take effect. However, there are many ways to get back on track. SunTrust and its student loan servicers are here to help.

Will the total amount I have to repay stay the same?
No. Your repayment amount is based on the amount borrowed, commonly referred to as principal, and interest that may have accrued. Therefore, the monthly amount due will determine how quickly you repay the loan as well as the interest that accrues on your loan. For example, if you lower your monthly payments by extending the term over a longer period of time, you will increase the total amount you pay back over the term of the loan. However, if you increase your monthly payment, you will likely pay your loan over a shorter amount of time, thereby decreasing the amount your pay back over the term of the loan.

How do my student loans affect my credit rating?
Your student loans, as well as repayment history, are reported on your credit report. If you have a negative repayment history, it will likely have an adverse affect on your credit rating.

What if I am not receiving a bill?
If you are in a repayment status, you must make payments on your loan even if you don't receive a bill or repayment notice. If you are not receiving a bill, and are out of school, please call us immediately.