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SunTrust Student Loans: An Overview


 SunTrust used to be one of the key players in the student loan market, but they have recently stopped offering these loans. In this review, we will discuss the offerings of SunTrust, their impact on students, and alternatives for those seeking financial assistance for education.
By Akawak Ejigu, PHD, MBA, MA, BSc

SunTrust Student Loans: An Overview

SunTrust was once renowned for its diverse student loan programs tailored to both undergraduate and graduate students. They offered flexible terms, competitive interest rates, and unique perks, all of which we’ll detail below.

Interest Rates, Loan Terms, and Fees

Fixed or Variable Interest RatesSunTrust provided the option to choose between fixed or variable rates.
Loan AmountsRanging from $1,001 to $95,000 for graduate business school students.
Loan Terms Options included 7, 10, or 15-year terms.
Fees No application, origination, or disbursement fees.
Discounts Various autopay and customer loyalty discounts were offered.

Specific Loan Offerings

Custom Choice Student LoanTailored for undergraduates and graduate students.
Union Federal Private Student LoanAvailable for U.S. citizens and international students.
Graduate Business School LoanFocused on MBA and advanced business degree students.

The following table illustrates some of these key offerings:

LoanType Interest Rate OptionsLoan TermsPrincipal Reduction

Custom Choice Student Loan

Fixed or Variable7-15 Years2% upon Graduation
Union Federal Private Student LoanFixed or Variable7-15 Years0.25% after 36 Payments
Graduate Business School LoanFixed or Variable7-10 Years1% upon Graduation

SunTrust Repayment Plans

SunTrust was mindful of student needs and offered various repayment options

In-school Deferment No payments until six months after leaving school
Partial InterestPaying $25 a month while in school
Interest OnlyPaying interest owed while in school
Immediate Repayment Full principal and interest payments started immediately

SunTrust Student Loan Perks and Eligibility

SunTrust’s loans stood out due to unique perks such as principal reductions, in-school refinance options, and cosigner release.

Principal Reduction Rewards

For example, the Custom Choice Loan offered a 2% principal reduction upon proof of graduation.

Cosigner Release

More than 90% of private student loans are cosigned. SunTrust allowed cosigner release after 36 consecutive on-time payments.

Eligibility Requirements

Requirements included citizenship status, income proof, and school enrollment.

Alternatives to SunTrust Student Loans

Since SunTrust is no longer offering student loans, it’s essential to consider alternatives:

Federal Student LoansOften, these loans offer lower interest rates and more flexible repayment options.

Private Lenders

 Compare rates from multiple private lenders to ensure optimal rates and terms.

Conclusion: A Comprehensive Approach to Student Financing

While SunTrust used to provide flexible and attractive student loan options, their discontinuation of these services requires prospective students to look elsewhere. At Facebook Business, we recommend a thorough evaluation of both federal and private student loan options. Utilizing Akawak Ejigu’s expertise and analysis, we encourage students and parents to compare lenders and select the loan structure that best meets their educational and financial needs. In today’s dynamic financial landscape, adapting to change is essential, and we are here to guide you through every step of this essential journey.


  1. U.S. Department of Education, Federal Student Aid, “Federal Student Loan Programs.”
  2. National Center for Education Statistics, “Fast Facts: Tuition Costs of Colleges and Universities.”

Akiak’s  educational background includes a PhD  and  MBA in international trade & investment, an MA in Sociology, and a BSc in Management Information Systems. He is an expert in the financial market and well versed in data science and artificial intelligence. 

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