Reviewing SunTrust Student Loans for Borrowers
- September 11, 2015
- Posted by: Jeff Gitlen
- Category: Student Loans
The cost of a college education has increased by a staggering 80% from 2003 to 2013. Because of this drastic increase, students are having a harder time coming up with the money to pay for their education. Though federal loans and grants are typically a better option, many students must turn to private student loans to pay for what’s left. SunTrust offers excellent choices for students, including competitive refinance rates.
SunTrust Banks, Inc. is one of the nation’s most successful and popular financial holdings companies. SunTrust Student Loans offers a broad range of services to their customers including everyday banking services, retirement options, and student loan options.
What Does SunTrust Offer?
SunTrust Student Loans can help qualified students pay for many of expenses associated with college including tuition, books, housing, and much more.
One of the most popular options SunTrust college loans program offers is the Custom Choice Loan. This student loan has competitive interest rates and several repayment options. In addition, the Custom Choice Loan has no origination, application, or repayment fees and even offers a graduation reward!
One of the most popular options SunTrust offers students is the Custom Choice Loan. This student loan has competitive interest rates and several repayment options. In addition, the Custom Choice Loan has no origination, application, or repayment fees and even offers a graduation reward!
The Custom Choice Loan interest rates are highly dependent on the borrower’s and, if applicable, cosigner’s credit histories, the amount of money requested, and the student loan term. Variable interest rates range from 3.001% to 10.050% while fixed rates range from 4.751% to 11.500%. Also, the student loan can be repaid over 7, 10, or 15 years and through a variety of repayment options including immediate repayment, interest-only repayment, a partial interest repayment, or a full deferment. The minimum student loan SunTrust offers is $1,001 while the maximum is $65,000 a year.
Besides the Custom Choice Loan, SunTrust offers a Graduate Business School Loan. This student loan was created to help students who inspire to further their education by attending a graduate school business program. This student loan offers all of the same benefits as the Custom Choice Loan but offers slightly lower interest rates. Variable rates range from 3.001% to 8.046% while fixed rates range from 4.751% to 9.314%. The other main difference is that the student loans, ranging from $1,001 to $95,000 annually, can be repaid over either 7 or 10 years.
SunTrust has some helpful tools on their website, as well. These include a cost calculator to help students and their parents plan their finances, a scholarship-finding tool, and a collection of information regarding student loans and paying for college. In addition, SunTrust offers 24/7 phone and email support and an informative FAQ section for those with questions.
Can I Refinance SunTrust Student Debt?
SunTrust unfortunately does not offer student loan refinancing.
As with most loans, however, you can refinance SunTrust undergraduate and graduate loans with other lenders. These lenders replace old federal and private student loans with a new private one.
Because refinanced student loans usually have a lower interest rate, they can save you thousands of dollars over the lifetime. Also, borrowers have the option to refinance and consolidate to a longer term. This is a great option for those who are having trouble making their payments and desire to pay less each month. Keep in mind, however, that paying your loans over a longer amount of time usually means that your interest rate will increase and you will pay more over the lifetime of your loan.
Here at LendEDU, student loan refinance rates start as low as 2.21%. Though this is typically reserved for highly qualified candidates, many applicants find themselves in the 3-5% range. This is a significantly lower rate than many students currently have on their student loans. Just a few minutes of your time could mean a world of difference for your future.
Alternatives to SunTrust?
Like every purchase you make in life, it is smart to shop around before making a decision, especially when it comes to U.S. student debt. Only after you have looked into your federal student loan and grant options should you look into private student loans. While SunTrust offer competitive refinance rates, student loans, and great benefits, you may find a better deal with another lender such as Discover Student Loans or Wells Fargo. Here at LendEDU, you can even compare private student loans from a variety of lenders with just one application.
In the US and and in other countries, the government makes it possible for persons to get an education by attending a free school. However, for you to take advantage of this benefit, you have to be a US citizen. Some colleges and universities where you can access a free education are Berea College,Webb Institute, State of Washington Universities, and CUNY Teacher Academy among others.
Although juggling work and study can be a tiresome experience, rather than take student loans that might make you miserable for a long time, take the chance to work and pay your own way through school. You can work in the days and attend classes in the nights or the other way around. However, you will have to be a dedicated and disciplined individual in order to be successful. Once you know what you want, stay focused and stick to the program. At the end of your degree program, you won't have to make any payments for student loans because you did not borrow any money to attend school. Instead, you proudly paid your tuition fees out of your own pocket.
Scholarships are another great option that everyone should consider before they touch student loans. Scholarships are given mainly on the merit you've achieved academically or athletically throughout high school. Usually if you are an outstanding student, colleges and outside organizations will consider you favorable for their scholarship. In addition, the government and some organizations that want to encourage a particular line of study might give scholarships to encourage interest in that particular area. Therefore, students that do well in certain subjects are encouraged to accept these types of scholarships.
Specific scholarships cover almost everything you can think of. If you are a dancer, there is a good chance you can pick up a dance scholarship from a supporting company somewhere out there. If you love to cook, you can apply for a cookery scholarship. Minority scholarships are also very popular today. If you are an African American, Asian Pacific Islander American, or a Native American, you can seek out the Gates Millennium Scholars Program and see if they have any ways to help fund your education.
To find suitable funding to meet your other specific needs, you can do a search and find out what the different funding organizations are looking for. Start by targeting organizations that are showing interest in funding education. The next step is for you to either apply to these scholarships or send out emails and inquire about existing scholarships available. Chances are there is something waiting around the corner that can reward you for being unique.