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SunTrust Bank

in Student Loan Refinancing

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SunTrust Bank

Unaffiliated

in Student Loan Refinancing

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Overview

Where does SunTrust Bank do business?

SunTrust Bank is a bank based in Atlanta, GA. It was founded in 1865 and offers student loan refinancing in 11 states (and Washington, DC).

What APRs does SunTrust Bank offer on its student refinancing loans?

The range of APRs you qualify for when refinancing a student loan vary widely by lender and will depend on your creditworthiness and the type of loan you choose. Loans with fixed rates will typically have higher APRs than loans with a variable rate. 

SunTrust Bank offers variable rate APRs that range from 2.001% to 10.05%.
Borrowers who choose a fixed-rate refinancing loan can expect APRs that range from 4.751% to 11.5% APR.

Does SunTrust Bank charge an origination fee?

No, SunTrust Bank does not charge a loan origination fee.

A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.

Does SunTrust Bank charge prepayment fees?

Yes, SunTrust Bank charges additional fees to borrowers who pay off their loans sooner than anticipated. Take this into consideration when choosing a lender because prepayment fees can reduce or even cancel the interest savings of repaying a loan early.

What terms does SunTrust Bank offer?

SunTrust Bank provides refinancing loans of 7 to 15 years.

It also offers borrowers unemployment protection. This means that if you lose your job your loan payments may qualify for a temporary hold.

What type of borrowers will SunTrust Bank consider?

SunTrust Bank considers loans applications from:

  • undergraduate degree holders
  • graduate degree holders

What do you need to qualify for a SunTrust Bank student loan refinance?

SunTrust Bank doesn’t disclose its credit score minimum.

Note that borrowers can add a cosigner to the loan to either meet eligibility requirements or qualify for lower interest rates.

What is the estimated funding time for a student loan refinance via SunTrust Bank?

SunTrust Bank will typically fund loans within 7 and 14 days of approval.

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Availability

Available in 11 States and Washington, DC
  • Alabama
  • Alaska
  • Washington, DC
  • Florida
  • Georgia
  • Maryland
  • Mississippi
  • North Carolina
  • South Carolina
  • Tennessee
  • Virginia
  • West Virginia

Feature Breakdown

Grace Period / Deferred Interest (Months)
6
No Origination Fee
Cosigner Optional
Funding Time Range (in days)
7 - 14
1 28
Unemployment Protection
Variable APR
2.001% - 10.05%
2% 10%
Loan Amount
Up to
$175,000
Loan Term (Years)
7 - 15
1 25
Fixed APR
4.751% - 11.5%
0% 30%

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