PROS / SunTrust has a variety of rate-reduction offers both when you apply for the loan and during repayment.
CONS / SunTrust doesn’t offer consolidation services for its student loans.
VERDICT / SunTrust is a good option for new undergraduate and graduate private student loans.
SunTrust bank is a lender that offers private student loans to undergraduate and graduate students. The maximum loan limits for both the undergraduate and graduate loans offered by SunTrust are slightly lower than other student loan companies. Yet, as private student loans are usually used in addition to federal student loans, the limits offered by SunTrust should be sufficient for most lending needs.
Private student loan companies typically offer consolidation loans; however, SunTrust doesn't. Private consolidation loans bring together all student loan amounts, both private and federal, into a single loan amount. This singular payment is usually lower and has a more competitive interest rate than keeping student loans separated.
You can apply for student loans through this lender's online application form. In addition to competitive interest rates for both its fixed-rate and variable-rate loans, SunTrust offers additional incentives to lower your overall APR. SunTrust has an early application incentive you may qualify for if you file for a loan before the end of July of the year you are attending school. Reductions are also offered upon graduation if you meet certain criteria. SunTrust has one of the best rate-reduction incentives when you set up automatic monthly payments. All rate-reduction offers are subject to your credit worthiness and the basement APR offered by SunTrust.
If you have bad credit and need a cosigner to receive approval for a loan, you can later release them from your loan after you make 48 consecutive, on-time payments, after your grace period has ended.
The best student loan companies include detailed cost information. SunTrust has a cost calculator to help students and parents plan more effectively for college without overspending and increasing their total debt. SunTrust also has a scholarship-finding tool. This is a great resource for students to use in order to find alternative sources of income to pay for schooling.
SunTrust offers a variety of help and support options that are standard in the college loan industry. An effective FAQs section on SunTrust's website answers many of the common questions that borrowers have about college loans. This bank also offers phone and email support to help with more complicated questions. Unlike the best student loan companies, SunTrust doesn't offer live chat support on its website.
SunTrust provides a variety of incentives when it comes to private college loans. The bank offers an impressive APR and many incentives to help you lower your APR amount. SunTrust doesn't offer student consolidation loans, but the bank has competitive options for new undergraduate and graduate student loans.