SunTrust Student Loans Review: Competitive Rates

Did you run out of Federal funding or not borrow quite enough with your last loan disbursement? If so, you may need to take out a private student loan to cover your costs in college or graduate school.Students who want to find the best rates with the most flexible repayment options may want to consider loans from . SunTrust offers competitive rates (and opportunities to lower rates), graduation bonuses, and an easy way to release cosigners from the loan.While taking out a private student loan is never ideal, students considering a private loan should understand these options from SunTrust. See how SunTrust compares to our list of the best private student loan lenders.Also, see how SunTrust compares to other lenders in two minutes on . Credible is the kayak for student loans and allows you to compare multiple offers very quickly.

SunTrust student loans are private loans for current students (enrolled at least half-time in an eligible school) who are at least 17 years old. To qualify for a student loan from SunTrust, you can be either a U.S. citizen, a U.S. permanent resident, or in some cases an eligible international student.All people who take out a SunTrust student loan have to prove they have adequate credit history and income to make payments on the loan. Most undergraduate students will need to have a cosigner take out the loan with them.SunTrust also has an interesting refinance program called an “in-school refinance program.” Borrowers who meet the criteria above can actually refinance existing private loans to one of the loan options explained below. SunTrust does not have refinancing programs for people who have already graduated.

SunTrust offers three private student loan options for students who are still in school. The Custom Choice Student Loan and Union FederalPrivate Student Loan are nearly identical, but the latter accepts international students while the former does not. The graduate business school loan is only for students who are in MBA or similar business school programs.All three loans have four repayment options. The first repayment option is full deferment in which a student makes no payments during school. For six months following school, interest continues to accrue during deferment.The second option is immediate repayment in which the borrower starts to make loan payments right away.The third option is a $25/month payment which lasts during school and for six months following graduation. With this option, the principal balance will continue to grow (in most cases). Finally, borrowers can choose to make interest-only payments during school to keep the principal balance from growing.The interest rates listed in the chart below do not include interest rate reductions that may be available for auto-drafts or for being a SunTrust customer.

Remember, all rates and terms are subject to change at any time. We strive to maintain the most up to date content, but please check with SunTrust directly to validate the current rates and terms.

Many SunTrust borrowers will need a cosigner to take out a student loan, but SunTrust has a cosigner release program. As long as you make 36 on-time payments, you can release your cosigner. In the event of the primary borrower’s death or permanent disability, the cosigner will be released from the responsibility of paying the loan.The one big area of concern for SunTrust borrowers is the lack of options for borrowers who fall upon hard times. SunTrust doesn’t have any particular programs available for borrowers to revive old debt or to refinance it. With loans like this, borrowers need to be very careful to know that they can make the necessary payments.

Taking out private student loans during school normally indicates that something has gone wrong with financial planning. Most people should manage to cover tuition and living costs with the more flexible Federal student loans (and working a few jobs). If you must turn to private loans, SunTrust may be a good choice. The repayment structures work well for a variety of borrowers, and the interest rates are reasonable.That said, private loan borrowers should carefully shop around for the best interest rates. Applying to two or three lenders (compare rates at ) can pay off big time.

Written by Investors Wallets

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