SunTrust Student Loans
About SunTrust Student Loans
SunTrust offers two SunTrust student loans - the Academic Answer and Custom Choice Loan - to help fill the gap when federal loans, scholarships, grants, and work-study programs don't quite meet your financial need. Completing a Free Application for Federal Student Aid (FAFSA) is highly recommended, however, it is not required for either the Academic Answer or Custom Choice SunTrust Student Loans. These two SunTrust Student Loans are strong options for students who require additional funding after exhausting all forms of aid available to them.
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The Academic Answer SunTrust Student Loan
The Academic Answer SunTrust student loans offer variable interest rates, no origination fees, deferred payments while the student is in school, and a grace period of 6 months after the student graduates or drops below half-time status before repayment begins. A cosigner is not technically required for students; however, having a credit worthy cosigner is strongly recommended and almost essential to being approved for a student loan, and depending on your cosigner's credit history, the interest rate on the loan could be lowered. The Academic Answer SunTrust student loan is offered only to US citizens and permanent residents, and the student borrower's status must be at least half-time. Students can borrow up to the cost of attendance minus other financial aid received, making SunTrust student loans a good way to cover all of your additional college expenses. This SunTrust student loan has two benefits that help students: there is a 2% principal reduction when the student graduates and a 0.25% interest rate reduction if a student sets up automatic withdrawals from a bank account.
Custom Choice SunTrust Student Loans
Custom Choice SunTrust student loans offer both fixed and variable rates of interest, deferred payments while the student is in school, and a grace period of 6 months. Loans with variable rates of interest have no origination fees, while fixed rate loans may have an origination fee, depending on the credit history of the borrower. A cosigner is not technically required for students; however, having one with good credit is nearly essential in order to be approved and can lower the interest rate on the loan; as such, having a credit worthy cosigner is highly recommended. The Custom Choice SunTrust student loan is offered only to US citizens and permanent residents, and a student's enrollment status must be at least half-time. Much like the Academic Answer SunTrust student loan, students can borrow up to the cost of attendance minus other financial aid received. There are two benefits that help students: there is a 1% principal reduction when the student graduates and a 0.25% interest rate reduction if a student sets up automatic withdrawals from a bank account.
A Final Word on SunTrust Student Loans
Students can cover all of their educational expenses through one of these SunTrust student loans, but should pursue scholarships, grants, work-study programs, and federal aid before turning to a private lender. SunTrust's solid student borrowing options and favorable interest rates make SunTrust a leader in private student loans. You can search for and compare private SunTrust student loans, as well as private student loans from other lenders by using our Student Loan Comparison tool above.