In-School Refinance Option

Refinance existing private student loans into a new private student loan.

SunTrust offers an in-school refinance option that gives students the option to refinance existing private student loans into a new private student loan. This option combines existing student loans with the funds needed for next semester into one new loan. Before choosing to add existing eligible private student loans into this loan, please review the potential considerations of this choice.

What loans can be refinanced?

Private student loans that can be refinanced with this option are private student loans and private consolidation loans that the student applicant used for, or to refinance loans used for, postsecondary Qualified Higher Education Expenses1 not currently in a past due status. Loans that cannot be refinanced into this loan are (1) private student loans for which the student applicant is not the primary borrower, (2) Federal student loans and (3) student loans made by an educational institution.

What's the process?

The process is easy — after the student and, if applicable, cosigner, have applied and been approved for a new SunTrust private student loan, the option to refinance existing private student loans will be presented. The following information, typically found on a billing statement or online account, will be requested for each of the loans the applicant wants to refinance:

  • Loan Servicer Name (often a third party servicing company such as AES or Nelnet)
  • Lender
  • Loan Type
  • Interest Rate (interest rate being charged on your loans)
  • Account Number
  • Payoff Balance
  • Payoff statement dated within the past 30 days

Are the loans paid off?

Following the completion of the application process, the outstanding balance on the private student loans being refinanced will be paid off and included in the balance of the new SunTrust private student loan. Until the loan is paid off, payments should continue to be made until they are paid off by SunTrust Bank.2

More about this option.

Before choosing the in-school refinance option, please compare the interest rates, borrower benefits, and repayment terms on your existing private student loans to your new SunTrust loan to ensure that the option to refinance is the right choice for you.


Get started! One loan, one bill, one repayment option, and one repayment term. Simply apply for the SunTrust private student loan you're interested in and we'll take care of the rest. Not sure which program to apply for? Compare SunTrust private student loans.

1 Qualified Higher Education Expenses generally include tuition and fees, room and board, costs for rental or purchase of any equipment, materials, or supplies required of all students in the same course of study, an allowance for books, supplies, transportation, and miscellaneous personal expenses, and a reasonable allowance for the documented rental or purchase of a personal computer. The formal definition for Qualified Higher Education Expenses is included in Section 221 of the Internal Revenue Code (26 U.S.C. § 221) and includes the items in the definition of "cost of attendance" in Section 472 of the Higher Education Act of 1965 (20 U.S.C. § 1087ll), except as otherwise stated in the Internal Revenue Code's definition of Qualified Higher Education Expenses. If you have questions about particular costs or specialized circumstances or need more information, please consult the Internal Revenue's full definition of "cost of attendance".

2 You should continue making required payments on the loan(s) you choose to refinance until they are paid off. Time will elapse between when this option is requested and when the loans are actually paid off. If the payoff amount(s) sent to your servicer(s) do not cover the entire balance owed on the existing loan(s), the outstanding balance(s) will remain your responsibility.

Paying for college can be a challenge. SunTrust can help navigate the options.

  • Money Management

    Before you look into paying for your college expenses, it's important to know how much money you'll need. Our money management resources, tools, and budgeting tips can help.

  • Financial Aid Tools

    Use our college tuition guide and step-by-step guide to paying for college for planning advice on how to avoid getting too over-burdened with debt before you've earned a degree.

  • Scholarships & Grants

    Before you get a loan, we encourage you to try getting scholarships and grants first. Our list of online resources can help. You can also register for the SunTrust Off to College Scholarship Sweepstakes (see Official Rules for details).