SunTrust Custom Choice Loan®
The Custom Choice Loan® has competitive interest rates, and multiple repayment options. From tuition and books, to housing and transportation, a Custom Choice Loan can cover eligible college costs.
Experience the benefits of choosing SunTrust
- No application, origination or prepayment fees
- Rate range 1,2: 2.893% Variable APR - 11.050% Fixed APR
- Up to 0.50% interest rate reduction for auto pay3
- Low APR2 includes a 0.50% interest rate reduction for auto pay from a SunTrust account
- Choice of repayment term4 and repayment option5
- 2.00% principal reduction with proof of graduation6
Minimum Eligibility Requirements
Undergraduate and graduate students who:
- Are enrolled at least half-time in a degree program
- Attend an approved school, typically a 4-year public or private college or university
- Are the legal age of majority, or at least 17 years of age at the time of the application if applying with a cosigner who meets the age of majority requirements in the cosigner's state of residence7
- Student and cosigner, if applicable, must be a U.S. citizen or permanent resident alien. The Custom Choice Loan is not available to students or cosigners who permanently reside in Iowa or Wisconsin.
- In-School Deferment - Postpone monthly payments while in school.
- Immediate Repayment - Make full payments of principal and interest while in school
- Partial interest - Pay $25 partial-interest payments while in school
- Interest-Only Repayment - Pay interest only while in school
1Interest rates and APRs (Annual Percentage Rates) depend upon (1) the student’s and cosigner’s (if applicable) credit histories, (2) the repayment option and repayment term selected, (3) the requested loan amount and (4) other information provided on the online loan application. If approved, applicants will be notified of the rate applicable to your loan. Rates and terms are effective for applications received on or after 10/01/2019. The variable interest rate for each calendar month is calculated by adding the current index (One-month LIBOR index) to your margin. LIBOR stands for London Interbank Offered Rate. The One-month LIBOR is published in the "Money Rates" section of the Wall Street Journal (Eastern Edition). The One-month LIBOR index is captured on the 25th day of the immediately preceding calendar month (or if the 25th is not a business day, the next business day thereafter), and is rounded up to the nearest 1/8th of one percent. The current One-month LIBOR index is 2.125% on 10/01/2019. The variable interest rate will increase or decrease if the One-month LIBOR index changes or if a new index is chosen. The applicable index or margin for variable rate loans may change over time and result in a different APR than shown. 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.
2APRs assume a $10,000 loan with two-disbursements. The high APR assumes a fixed rate, 15-year term with deferred principal payments. The low APR assumes a variable rate, 7-year term, no deferment and payments beginning 30-60 days after the last disbursement via auto pay from a SunTrust Bank account (see footnote 3 for auto pay details).
3Earn an interest rate reduction for making automatic payments of principal and interest from a bank account (“auto pay discount”) by completing the direct debit form provided by the Servicer. Earn a 0.25% interest rate reduction when you auto pay from any bank account and an extra 0.25% interest rate reduction when you auto pay from a SunTrust Bank checking, savings, or money market account. The auto pay discount will be applied after the Servicer validates your bank account information and will continue until (1) three automatic deductions are returned for insufficient funds during the life of the loan (after which the discount cannot be reinstated) or (2) automatic deduction of payments is stopped (including during any deferment or forbearance, even if payments are made). In addition, the extra 0.25% interest rate reduction for auto pay from a SunTrust Bank checking, savings or money market account will be discontinued if automatic payments are no longer made from one of the aforementioned SunTrust Bank accounts. In the event the auto pay discount is discontinued, the loan will accrue interest at the rate stated in your Credit Agreement.
4The 15-year term is only available for loan amounts of $5,000 or more. Payment examples (all assume a 45-month deferment period, a six-month grace period before entering repayment, no rate reduction for auto pay and the Partial Interest Repayment option): 7-year term: $10,000 loan disbursed over two transactions with a 7-year repayment term (84 months), and 7.553% APR would result in a monthly principal and interest payment of $186.60. 10-year term: $10,000 loan disbursed over two transactions with a 10-year repayment term (120 months) and 8.014% APR would result in a monthly principal and interest payment of $150.41. 15-year term: $10,000 loan disbursed over two transactions with a 15-year repayment term (180 months) and 8.488% APR would result in a monthly principal and interest payment of $124.45.
5Any applicant who applies for a loan the month of, the month prior to, or the month after the student’s graduation date, as stated on the application or certified by the school, will only be offered the Immediate 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 The Partial Interest Repayment option (paying $25 per month during in-school deferment) is available on loans of $5,000 or more. Making interest only or partial interest payments during in-school deferment (including the grace period) will not reduce the principal balance of the loan. See footnote 4 for payment examples. With the Immediate Repayment option, the first payment of principal and interest will be due approximately 30-60 calendar days after the final disbursement date and the minimum monthly payment will be $50.00. There are no prepayment penalties.
6The 2% principal reduction is based on the total dollar amount of all disbursements made, excluding any amounts that are reduced, cancelled, or returned. To receive this principal reduction, it must be requested from the servicer, the student borrower must have earned a bachelor’s degree or higher and proof of such graduation (e.g. copy of diploma, final transcript, or letter on school letterhead) must be provided to the servicer. This reward is available once during the life of the loan, regardless of whether the student receives more than one degree.
7The legal age for entering into contracts is 18 years of age in every state except Alabama (19 years old), Nebraska (19 years old, only for wards of the state), and Mississippi and Puerto Rico (21 years old).