SunTrust Student Loans Review

Private lender loans play a vital role in helping students finance their college education. Qualified higher education expenses, as defined by the Internal Revenue Code, generally include tuition and fees, room and board, costs for rental or purchase of any equipment, materials, or supplies required of all students in the same course of study, an allowance for books, supplies, transportation, and miscellaneous personal expenses, and a reasonable allowance for the documented rental or purchase of a personal computer. Not sure how to choose? Like all private lender loans, eligibility is determined by credit history. Eligibility will typically require a cosigner, and this loan includes an option to refinance existing private loans into a new loan. There are no application or origination fees with the refinancing option from SunTrust.

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SunTrust offers several private student loan options to fill the gap when federal loans, scholarships & grants aren't enough to cover education expenses. Feb 28,  · SunTrust offers private student loan options for undergraduate and graduate student borrowers. Private loans can close payment gaps after maxing out grants, scholarships, work-study and federal Anna Helhoski. SunTrust Bank may sell your Custom Choice Loan to a third party. All borrower benefits set forth in your credit agreement that are not subject to the discretion of SunTrust Bank must be honored by any potential purchaser, provided you qualify for such benefits.

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An Overview of SunTrust Student Loans

I received a confirmation code. I checked Suntrust Mortgage website today and my payment still hasn't been applied. Now per Moneygram, it is showing payment is posted within 10 minutes and it was showing Suntrust accepted the payment. I called the Home Preservation department today and spoke with Home Preservation rep who advised that Suntrust has the right to refuse the payment.

I explained to her that I am not even in foreclosure status. She proceeded to advise that when a payment is past due by 30 days, they don't have to accept the payment. I explained the arrangement made was the November payment being made on December 18th and December payment being made on December This loan is a VA Loan.

So now I have made a payment from my debit card that still isn't applied to my Suntrust Mortgage account, and to make matters worse, they sent someone to my home yesterday on a loan that is a little over 30 days past due to make sure the property wasn't vacant. The Home preservation rep said this is standard procedure. Plus the paper that was left on my door yesterday has an invalid phone number.

I am irate, furious and at my wits end over this and need help. I have never seen a company that blocks payments from being made online or over the phone when an account is 30 days late. I have also never seen or heard of a company returning payments when a payment is being made per a payment arrangement agreement. I have been lied to by Suntrust and now they have my money and won't apply it to my account. I have all documentation on the payment made and confirmation numbers and bank info showing it was deducted.

I am not a current customer of Suntrust. I will not do business with them, given what I know. Also, since lenders' algorithms for determining interest rates are kept secret, I do not have the means to prove my suspicions, but I do have good reason to believe I am correct.

I believe that Suntrust has been defrauding borrowers of private student loans since June 1, Both online and in print mailers, Suntrust has been advertising a 0. If I am right, then in all likelihood, everyone who has applied for and accepted one of these loans since June 1 has been tricked into accepting a rate 1.

My reasons for believing this involve two nearly identical Custom Choice loan applications, one last year when there was no such advertised discount and one this submitted during the advertised discount period.

Both involved the same student, cosigner, income, and credit which was excellent for both student and cosigner. Last year, the calculated interest rate, given the terms that provide the lowest interest rate, was 0.

Rubrics and algorithms may change year over year, but not that much, especially when both student and cosigner have excellent credit. Further corroborating this suspicion, the same student and cosigner qualified for the lowest advertised rate at another lender, even if selecting the highest-interest terms e. I tried to notify Suntrust of the problem with the "discount" earlier in July, on the supposition that it was an honest error, but at best, they did not take me seriously.

Rather, their CSRs treated me with contempt, refused to connect me with anyone who had access to the information that would enable them to look into the issue or with the authority or willingness to have someone else do so, and hung up on me. Finding contact information for any individual representative of the company has proven nigh impossible. I have a student loan through SunTrust. I have been paying on it for three years. I send every payment with the payment voucher so that they can ensure that my payment get credited to the correct account.

About two years ago, they applied some of my payments to someone else's account besides mine. No problem, I got my bank to give them copies of the front and back of my checks and they figured it out and corrected my account.

Of course this hit my credit and I had file to have it corrected on my credit because SunTrust refuses to admit when they are wrong. Now they have done it again. I have had my bank send Proof of payment and in addition to all of the previous headaches that I went through the first time, they are calling me twice a day asking for payment. I have made the payments. They have the proof of the payments and they keep calling me asking for payment.

They have told me that they will not be reporting their error to the credit bureaus but that they have reported my alleged delinquent account. I am going to start touring the state and talking to every financial aid worker at every University, College, and Tech that I can find and tell them that SunTrust will hurt the student's credit and harrass them, even if they make their payments. They can't tell me when they will have anything corrected.

They told me 'corrections is backed up' Maybe they should take a few people off the phone calling me for payment and a few more correcting their mistake. My credit score will go down and it will take years to build it up again. I do not have the time to calculate the actual economic impact that this could have on my life and business. Not to mention the time I have had to spend dealing with them on the phone. SunTrust also offers private school funding for students enrolled in private K schools.

These include in-school deferment, partial interest, interest-only repayment, and immediate repayment. To apply, students can apply on their own if they have an income source, or they can complete a cosigned application. The entire SunTrust student loan application process can be done quickly and online. SunTrust graduate student loans are available as well.

SunTrust MBA and graduate school business loans include options for interest rate reductions for autopay. And it offers comparatively high loan limits, which can be beneficial because of the expense of graduate school. SunTrust graduate student loans are available to graduate business students who are enrolled at least half-time in a qualifying graduate program. The school has to be approved, and most students will need a cosigner to be eligible. These loans are only available to U.

Eligible schools are usually accredited by the Association to Advance Collegiate Business Schools organization. Repayment terms are 7 or 10 years, 3 and as with the other private student loan options from SunTrust, there are no fees including application, origination, or prepayment fees.

There is a cosigner release option once 36 on-time payments are made. The application process for the graduate student loan s from SunTrust is the same as the process with other loans. It can all be done quickly online. The in-school refinance option for private student loans is actually an add-on option for student borrowers with existing loans. The in-school refinance option is available for both private student loans and private consolidation loans, as long as they are used for postsecondary education and they are not currently past due.

There are certain loans SunTrust specifically outlines as not being eligible for student loan refinancing. Also ineligible are student loans made by a particular school or institution. The refinancing limits and loan terms vary depending on the product.

The application process to refinance student loans with SunTrust is done online and is the same as applying for other loans. SunTrust student loans offer varied options and often the terms, fees, and interest rates are competitive with other private student loan lenders. However, there are downsides to SunTrust student loans to consider. First, private student loans, in general, are going to have higher interest rates than federal loans and fewer flexible repayment options. Also, with private student loans, you will almost always need a cosigner unless you have a source of income on your own.

Private student loans from SunTrust are also subject to credit checks, so you might have difficulty qualifying if you do not have a good credit score. Before applying for a private student loan, SunTrust recommends comparing all aid alternatives including grants, scholarships, and both federal and private student loans. Certain restrictions and limitations may apply. SunTrust Bank reserves the right to change or discontinue these programs without notice. Availability of all loan programs is subject to approval under the SunTrust credit policy and other criteria and programs may not be available in certain jurisdictions.

This reward is available once during the life of the loan, regardless of whether the student receives more than one degree. If approved, applicants will be notified of the rate applicable to your loan. The variable interest rate for each calendar month is calculated by adding the current One-month LIBOR index to your margin.

The fixed rate assigned to a loan will never change except as required by law or if you request and qualify for the auto pay discount. Payment examples all assume a month deferment period and a six-month grace period before entering repayment, and the Partial Interest Repayment option: The student must be enrolled at least half-time to be eligible for the partial interest, fully deferred and interest only repayment options unless the loan is being used for a past due balance and the student is out of school.

With the Full Deferment option, payments may be deferred while the student is enrolled at least half-time at an approved school and during the six month grace period after graduation or dropping below half-time status, but the total initial deferment period, including the grace period, may not exceed 66 months from the first disbursement date. See footnote 3 for payment examples. There are no prepayment penalties. The auto pay discount will continue until 1 automatic deduction of payments is stopped including during any deferment or forbearance or 2 three automatic deductions are returned for insufficient funds during the life of the loan.

In the event the auto pay discount is removed, the loan will accrue interest at the rate stated in your Credit Agreement. The auto pay discount is not available when your payments are deferred or when the loan is in forbearance, even if payments are being made. Private student loans that can be refinanced with a new SunTrust private student loan are private student loans and private consolidation loans that the student applicant used for, or to refinance loans used for, certain postsecondary expenses, not currently past due.

Loans that cannot be refinanced into this loan are 1 private student loans for which the student applicant is not the primary borrower, 2 Federal student loans and 3 student loans made by an educational institution.

Qualified higher education expenses, as defined by the Internal Revenue Code, generally include tuition and fees, room and board, costs for rental or purchase of any equipment, materials, or supplies required of all students in the same course of study, an allowance for books, supplies, transportation, and miscellaneous personal expenses, and a reasonable allowance for the documented rental or purchase of a personal computer.

The loan amount must be certified by the school.

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I have a student loan through SunTrust. I have been paying on it for three years. I send every payment with the payment voucher so that they can ensure that. SunTrust student loans are for students who have financial need but didn’t get assistance from their school. Read more about SunTrust on our page. SunTrust is one of the country’s largest student loan lenders, partnering with other loan servicing firms to provide billions of dollars in education loans. Learn about their competitive rates and all they have to offer to find out if a SunTrust student loan .

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