SunTrust Student Loans Review

SunTrust Student Loans Review

Graduate Business School Loan Terms and Rates
Variable Rates 1.750% to six.853%
Fixed Rates 4.301% to eight.890%
Loan Amounts $1,001 as much as $95,000 (lifetime restrict of $175,000)
Loan Terms Seven or 10 years
(As of April 10, 2020)

Loan Eligibility

To qualify for a personal student loan from SunTrust, you could meet the next necessities:

  • You should be enrolled a minimum of half time at an eligible college.
  • You should be a U.S. citizen or everlasting resident with a Social Security quantity.
  • If making use of for a Union Federal Student Loan, worldwide students can qualify if they’ve a cosigner who’s a U.S. citizen or everlasting resident.
  • You should be the age of majority in your state, or be a minimum of 17 if making use of with a cosigner who meets the age-of-majority requirement.
  • Either the cosigner or the student will need to have an earnings supply.
  • You and your cosigner, if relevant, will endure a tough credit inquiry.
  • Applicants can’t be everlasting residents of Iowa or Wisconsin.

Is Loan Prequalification Available? 

Unfortunately, SunTrust doesn’t supply a prequalification software. To discover out should you qualify for a loan, it’s a must to full the appliance and undergo a tough credit inquiry, which is able to quickly have an effect on your credit rating. 

Loan Fees

SunTrust doesn’t cost software or origination charges, and there aren’t any prepayment penalties should you determine to repay your loan forward of schedule. However, SunTrust does cost a late charge should you miss your cost due date. 

Loan Discounts 

SunTrust provides two reductions to all loan debtors: 

  • Automatic Payment Discount When you join computerized funds, you may scale back your rate of interest by 0.25%. 
  • SunTrust Payment Discount If you make computerized funds from a SunTrust bank account, you may qualify for an extra 0.25% discount.

The Union Federal Private Student Loan can be eligible for an on-time cost low cost. If you make your whole funds on time for 36 months, you’ll decrease your rate of interest by one other 0.25%. If you reap the benefits of all three reductions, you might decrease your price by 0.75%. 

Repayment Options

The compensation choices obtainable to you’re depending on what sort of loan you might have. Custom Choice, Union Federal, and Graduate Business loans present these 4 compensation choices: 

  • In-School Deferment – Your loan funds are deferred till after you graduate or go away college. 
  • Immediate Repayment – You start making funds proper after the loan is disbursed. 
  • Partial Interest You pay $25 per thirty days when you’re at school. 
  • Interest Only – You make funds solely towards the curiosity in your loans when you’re at school.

The Start Student Loan, nonetheless, solely has the in-school deferment possibility.

Rewards

Some of SunTrust’s loans supply particular rewards. 

  • Principal Reduction With Custom Choice and Graduate Business School loans, your loan principal shall be diminished once you graduate. With Custom Choice, the principal is diminished by 2%. With Graduate Business School it’s diminished by 1%. 
  • 0% APR With the Start Student Loan, you get a 0% APR on the primary six months after your loan is disbursed. No curiosity will accrue in your loan throughout this era. 

Are Co-signers Required? 

SunTrust doesn’t require debtors to have a co-signer after they apply. However, should you don’t meet the earnings or credit necessities by yourself, you could not get authorised for a loan. You higher your probabilities of qualifying for a loan—and securing a aggressive rate of interest—by including a co-signer to your software. Depending on the kind of loan you might have, you may apply for a co-signer launch after making 36 to 48 month-to-month funds on time. 

Forbearance and Loan Discharge Options

On its web site, Suntrust encourages debtors who expertise monetary hardships to name its loan servicer—American Education Services—to debate compensation choices. You could also be eligible for another cost plan, the place you solely make funds on the curiosity in your loan for 12 to 24 months. You can also be eligible for a short lived deferment, which lets you postpone funds altogether. You can name the loan servicer at 800-233-0557. 

If the student borrower dies or turns into completely and completely disabled, SunTrust will forgive the remaining steadiness of the loan. 

Length of Time for Loan Approval and Disbursement

The software itself solely takes about quarter-hour to finish. Once completed, you’ll obtain an prompt credit choice. Then you’ll must submit further documentation on-line, by fax, or by the mail. You’ll be prompted to signal a loan packet, and SunTrust will attain out to your college to certify the loan.

Once the varsity certifies the loan, SunTrust will contact you with a last loan disclosure. You have three days to cancel should you not need the loan. If you miss that deadline, the loan shall be disbursed to the varsity. The complete course of can take a number of weeks, so make sure you apply properly upfront. 

Is Student Loan Refinancing Available? 

SunTrust solely provides in-school refinancing, and it’s just for present personal student loans. If you might have federal student loans or have already graduated, you aren’t eligible for refinancing by SunTrust. If you’d wish to refinance your loans, try our greatest student loan refinancing firms. 

Customer Service

SunTrust’s student loans are serviced by American Education Services (AES). Unfortunately, many debtors have had points with AES.

In the 2019 Annual Report of the Consumer Financial Protection Bureau (CFPB) Private Education Loan Ombudsman, the CFPB listed the variety of complaints it obtained about completely different personal lenders. From Sept. 1, 2018, to Aug. 31, 2019, it obtained 2,900 complaints about personal student loan lenders. Of these, 180—or about 7%—have been about AES.

However, you may attain buyer assist by telephone. Which quantity it is best to name relies on the kind of loan you’re all in favour of. 

  • For Custom Choice and Graduate Business School loans, name 866-232-3889
  • For the Start Student Loan, name 877-808-4852
  • For the Union Federal Private Student Loan, name 866-513-8445

Apply for a SunTrust Student Loan

Before making use of for any personal student loan, ensure you full the Free Application for Federal Student Aid (FAFSA). It’s what the federal authorities and your college use to find out your eligibility for monetary assist, together with grants and federal student loans. If you want further funding, then you may proceed along with your SunTrust student loan software.

To apply, you’ll want to supply the next info: 

  • Name
  • Social Security Number
  • Date of Birth
  • Permanent Address
  • Employer Name and Address (if relevant)
  • Loan Amount Requested
  • School Information (together with price of attendance)
  • Estimated Financial Aid
  • Income Information


Final Verdict

SunTrust was beforehand a wonderful selection for folks on the lookout for supplemental loans for his or her training. However, the lender ended its loan program, so it’s not an possibility for personal student loans, and also you’ll have to search out one other lender.


Methodology

Investopedia is devoted to offering customers with unbiased, complete evaluations of student loan lenders. We collected over 45 knowledge factors throughout greater than 15 lenders—together with rates of interest, charges, loan quantities, and compensation phrases—to make sure that our content material helps customers make the fitting borrowing choice for his or her training wants.

Investopedia requires writers to make use of major sources to assist their work. These embrace white papers, authorities knowledge, authentic reporting, and interviews with trade specialists. We additionally reference authentic analysis from different respected publishers the place acceptable. You can be taught extra concerning the requirements we observe in producing correct, unbiased content material in our editorial coverage .

  1. SunTrust. “Student Loans for College.” Accessed September 3, 2020. 

  2. Truist. “BB&T and Suntrust Complete Merger of Equals to Become Truist.” Accessed September 3, 2020. 

  3. SunTrust.com. “Custom Choice Loan.” Accessed April 10, 2020.

  4. SunTrust.com. “Start Student Loan.” Accessed April 10, 2020.

  5. SunTrust.com. “Union Federal Private Student Loan.” Accessed April 10, 2020.

  6. SunTrust.com. “MBA & Graduate Business Student Loans.” Accessed April 10, 2020.

  7. SunTrust.com. “Student Loan FAQ: Who is eligible to apply?” Accessed April 10, 2020.

  8. SunTrust.com. “Compare Private Student Loans: Repayment Options.” Accessed April 10, 2020.

  9. SunTrust.com. “Custom Choice Loan: Footnote 13.” Accessed April 10, 2020.

  10. SunTrust.com. “Custom Choice Loan: The SunTrust Student Loan Process at a Glance.” Accessed April 10, 2020.

  11. Consumer Financial Protection Bureau. “Annual Report of the CFPB Private Education Loan Ombudsman.” Accessed April 10, 2020.

  12. SunTrust.com. “Compare Private Student Loans: Contact.” Accessed April 10, 2020.

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