SunTrust Student Loans: An Overview

Introduction

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
8/5/2023

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 Rates	SunTrust provided the option to choose between fixed or variable rates.
Loan Amounts	Ranging 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 Loan	Tailored for undergraduates and graduate students.
Union Federal Private Student Loan	Available for U.S. citizens and international students.
Graduate Business School Loan	Focused on MBA and advanced business degree students.

The following table illustrates some of these key offerings:

LoanType	Interest Rate Options	Loan Terms	Principal Reduction
Custom Choice Student Loan	Fixed or Variable	7-15 Years	2% upon Graduation
Union Federal Private Student Loan	Fixed or Variable	7-15 Years	0.25% after 36 Payments
Graduate Business School Loan	Fixed or Variable	7-10 Years	1% 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 Interest	Paying $25 a month while in school
Interest Only	Paying 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 Loans	Often, 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.

Sources:

U.S. Department of Education, Federal Student Aid, “Federal Student Loan Programs.”
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.

SunTrust Student Loans: An Overview

Introduction