SunTrust Bank is one of the nation's largest & strongest financial holding companies. It was established in 1891 in Atlanta, Georgia, where it still has its headquarters. SunTrust is the ninth biggest bank in the United States and has 1,600 branches. The bank has an A+ rating with the BBB and is a member of the FDIC. Among the many banking services and loan products it offers is a selection of student loans.
How Does SunTrust’s Student Loans Work?
SunTrust offers two main types of private student loans: Custom Choice Loans and Graduate Business School Loans.
The Custom Choice Loan is a bridge loan for students who don’t get enough money from grants, scholarships, federal student loans and other sources of income.
Graduate Business School Loans are designed exclusively for graduate students who want to enroll in a business program and need help to cover costs.
Both types offer variable and fixed rates, and loan terms of 7, 10 or 15 years.
What Are SunTrust’s Rates?
Rates vary based on credit history and the specific loan terms.
For private student loans, you can choose between having a variable or fixed APR. The variable rate ranges from 3.001% APR to 10.050% APR and the fixed rate ranges from 4.751% APR to 11.500% APR.
For student loan refinancing, SunTrust offers an in-school refinance option that gives students the ability to refinance existing private student loans into a new private student loan. The variable rate ranges from 3.001% APR to 10.050% APR and the fixed rate ranges from 4.751% APR to 11.500% APR.
Payment schedules are flexible and there are no origination, application or prepayment fees. Borrowers who enroll in automatic payments receive a rate reduction, particularly those who also have a SunTrust bank account. Another bonus is that borrowers who graduate receive a 1% principal reduction as a reward for graduating.
How Much Can You Borrow From SunTrust?
SunTrust offers Custom Choice Loans ranging from $1,001 to $65,000 ($150,000 if the loan is used to consolidate other loans).
Graduate Business Students can borrow anything from $1,001 to $95,000 ($175,000 if used to consolidate other loans).
Which States Does SunTrust Operate In?
SunTrust operates in all 50 states.
What Is SunTrust’s Application Process Like?
The application process starts online by completing an Application and Solicitation Disclosure, which clarifies the rate ranges, loan cost examples and federal loan alternatives. SunTrust then does a hard credit check on the borrower and cosigner (if there is one). If the borrower passes the credit check, SunTrust presents a firm loan offer with the terms and rates available. Once the borrowers choose a loan type they must complete an Applicant Self-Certification Form and provide documentation to verify the information provided in the loan application. SunTrust then sends an Approval Disclosure that details the terms of the loan. If the borrower agrees to the loan terms, the school of attendance must certify the loan before the funds are disbursed.
How Is SunTrust Better Than Other Lenders?
SunTrust is a large and established bank with a proven track record as a commercial lender. Rates are competitive and there are generous financial incentives to pay on time and graduate. For instance, rates are reduced when borrowers enroll in automatic payments and there is a 1% deduction of the loan balance when a student graduates.
The application process is not the shortest in the business, but rates are competitive and there are a variety of repayment options and loan types. Not having to worry about prepayment, origination or application fees is also a bonus.