The SunTrust student loans are a good option for students with a good credit score who have run out of their federal aid and require additional financial assistance to help manage their expenses. The bank offers many opportunities to lower interest rates including a 0.5% reduction for those who allow the bank to automatically deduct the payment from their bank on a monthly basis.
Qualification Requirements for the SunTrust Student Loans
All private lenders look for excellent credit scores in their student borrowers. An individual needs to have a credit score of at least 650 to be eligible for the SunTrust student loans. This minimum requirement is arbitrary as the bank has never disclosed however, a survey of approved applicants suggests so.
In addition to the credit score the payment history, existing debts, current semester and other factors are also taken into account for the SunTrust Student Loans. The loan is available to residents of all states except Wisconsin and Iowa. Once the application has been submitted, the status immediately changes to approved or rejected so you can continue selecting the repayment terms.
Repayment Terms Available for SunTrust Student Loans
There are several flexible options available to borrowers depending on their monthly income, current financial status and years to graduation.
Immediate: Repay the total amount including the capital within 30 to 60 days after receiving the final loan payment. This option is great for those who want to save up on interest.
Interest-only: You can choose to only pay the interest on the principal amount each month however, the amount you have originally borrowed will remain the same.
Partial Interest: If the SunTrust student loans are up to at least $5,000 then you can pay a flat fee of $25 per month and add the remaining interest amount to the principal balance. It is cheaper in the short-run but the monthly payments increase with time.
Full Deferment: The payments can be deferred until you graduate from college and there is an additional grace period of 6 months. However, all unpaid interest is capitalized.