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  SunTrust Custom Choice Student Loan

SunTrust Custom Choice Student Loan

in Private Student Loans from SunTrust Bank

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SunTrust Custom Choice Student Loan

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in Private Student Loans from SunTrust Bank

Net Recommendation Score -100

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly not recommended by SuperMoney users with a score of -100, equating to 1 on a 5 point rating scale.

-100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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Highlights
Community Rating

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Loan Amount $1,001 - $175,000
Fixed APR 4.751% - 11.5%
Variable APR 3.501% - 10.55%

SunTrust Custom Choice Student Loan Review

SunTrust Custom Choice Student Loan is offered by SunTrust Bank, a bank founded in 1865 and based in Atlanta, GA. SunTrust Custom Choice Student Loan is available in 50 states (and Washington, DC).

SunTrust Custom Choice Student Loan FAQ

What rates does SunTrust Custom Choice Student Loan offer for in-school private student loan?

SunTrust Custom Choice Student Loan has a variable APR that ranges from 3.501% up to 10.55%.

It offers a fixed APR that ranges from 4.751% up to 11.5%.

Many students have little or no credit history when they start college. By having a parent or other creditworthy individual cosign the loan, the student may improve their chance of approval or qualify for lower interest rates.

How much can you borrow from SunTrust Custom Choice Student Loan?

Available loan amounts may vary by applicant but SunTrust Custom Choice Student Loan has a minimum loan amount of 1.001K and offers loans up to 175K.

Does SunTrust Custom Choice Student Loan charge an origination fee?

No, SunTrust Custom Choice Student Loan 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 Custom Choice Student Loan charge prepayment fees?

No, SunTrust Custom Choice Student Loan does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.

What terms does SunTrust Custom Choice Student Loan offer?

SunTrust Custom Choice Student Loan provides repayment terms ranging from 7 to 15 years.

SunTrust Custom Choice Student Loan offers borrowers unemployment protection. This means that if you lose your job -- or you have just finished school -- your loan payments are placed on a temporary hold.

What type of borrowers will SunTrust Custom Choice Student Loan consider?

SunTrust Custom Choice Student Loan considers loans applications from:

  • undergraduate students
  • graduate students

What do you need to qualify for SunTrust Custom Choice Student Loan?

SunTrust Custom Choice Student Loan does not require or does not disclose a credit score minimum. The minimum age to be eligible is 17 or the state minimum, whichever is higher.

SunTrust Custom Choice Student Loan does not have or does not disclose a minimum annual income eligibility requirement. SunTrust Custom Choice Student Loan only considers borrowers who are employed.

U.S. citizens are, of course, eligible for the services offered by SunTrust Custom Choice Student Loan. Permanent resident / green card holders are also eligible to apply. An uncommon feature is for lenders to offer their services to non-residents. SunTrust Bank is one of the few that does.

To qualify, applicants may need to provide the following documentation:

  • Proof of income
  • Proof of identity
  • Proof of citizenship or residence permit
  • Proof of residence
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Message From Our Editor

What We Love About SunTrust

SunTrust Bank offers student loans for educational needs from pre-k through graduate school. SunTrust Bank offers highly competitive interest rates along with no application or origination fees. The online lending division of SunTrust Bank called LightStream provides the pre-k through 12th-grade loan options, while SunTrust offers postgraduate options. Each type of loan has cost-saving benefits, such as an interest rate reduction for autopay. The Custom Choice loan even offers a 1% reduction of your principal when you graduate. (We love that they reward graduates!) If you need a cosigner to qualify for the student loan, after 36-48 months of on-time payments, you can apply to release your cosigner.

What Could SunTrust Do Better?

The catch is SunTrust caters to those with good to excellent credit. Established credit history, positive income, and an upper 600’s credit score are what they are looking for. If you do not meet the criteria, you can still obtain the loan with a qualifying cosigner.

SunTrust’s Backstory

SunTrust Banks, Inc. is a well-established company dating back to 1891. SunTrust Bank is the largest subsidiary of SunTrust Banks, Inc (now Truist). Together with their online lending division, LightStream provides lending, credit card, deposits, and trust and investment services.

The Verdict

SunTrust is a competitive option for private student loans, provided you can meet their high standards or have a co-signer who meets them. The benefits of a SunTrust or LightStream loan are generous with low interest rates, discounts for completing your studies, and no origination fees. They also have in-house refinancing available of student loans, once again, provided you qualify.

Undergraduate and graduate students should seek out and apply for grants and scholarships before looking at loan options. SunTrust cannot compete with Federal Student Loan programs. Federal Financial aid provides the lowest interest rates and most flexible repayment terms. Only after grants, scholarships, and Federal loans are exhausted should a student consider a private loan.

Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

No Interest Grace Period for Late Payment 6 days
No Origination Fee
No Prepayment Fee
Cosigner Optional
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
  • Non-Resident
Minimum Age 17
Verification Documents Required
  • Proof of Income
  • Proof of Identity
  • Proof of Residence
  • Proof of citizenship/residence (Green Card)
Funding Time Range 7 - 14 days
Payment Options Automatic Payments
Unemployment Protection
Loan Term 7 - 15 years
Fixed APR 4.751% - 11.5%
Variable APR 3.501% - 10.55%
Loan Amount $1,001 - $175,000

SunTrust Custom Choice Student Loan Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly not recommended by SuperMoney users with a score of -100, equating to 1 on a 5 point rating scale.

-100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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