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Custom Choice Loan®: the solution to your student loan needs


How can we help you find a student loan that can cover the basics? From tuition and books, to housing and transportation, a Custom Choice Loan can cover your eligible college costs.


Apply now for a SunTrust Private Student Loan

Experience the benefits of choosing SunTrust

  • Variable Interest rates range from 2.25% (2.251% APR) to 9.86% (9.286% APR)1
  • Fixed interest rates range from 3.75% (3.751% APR) to 12.25% (11.356% APR), in effect as of 04/27/20122
  • No origination fees
  • Available to undergraduate and graduate students
  • Six-month grace period upon graduation
  • Choice of repayment term
  • Graduation Reward — Receive a 1% principal reduction per Custom Choice Loan upon graduation3
  • Automatic Payment Discount of up to 0.50%4
    • 0.25% interest rate reduction when you have your payments automatically deducted from a personal bank account
    • Additional 0.25% interest rate reduction when payments are automatically deducted from a SunTrust Bank deposit account
  • Defer payments until after graduation5

Features

Customizable loan options include:

  • Fixed or variable interest rate
  • Repayment plans
  • Repayment terms

Fixed rate or Variable rate. All applicants have the choice of a fixed or variable interest rate loan - each with their own advantages. View each rate option during the application process before committing.

Please note that SunTrust Bank recommends you consider all aid alternatives including grants, scholarships, and federal loans (Stafford, PLUS and Grad PLUS), prior to applying for private student loans, such as the Custom Choice Loan.


Apply now for a SunTrust Private Student Loan

Minimum Eligibility Requirements

  • At least half-time enrollment at an eligible school
  • U.S. citizenship or permanent residency
  • You must be the legal age of majority or at least 17 years of age with a cosigner who is legal age of majority*
  • Student's permanent residence is NOT in Illinois, Iowa, or Wisconsin; cosigner's permanent residence is NOT in Illinois

Apply With a Cosigner

While not required, we strongly encourage undergraduate students to apply with a creditworthy cosigner if they may have difficulty qualifying for a loan due to limited income and credit history. This may increase an applicant's chances of approval and of possibly obtaining a better interest rate.

* The 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).

SunTrust is a federally registered service mark and Custom Choice Loan® is a federally registered trademark of SunTrust Banks, Inc.

1 The current variable interest rates range from 2.25% (2.251% APR) to 9.86% (9.286% APR). These monthly rates are calculated by adding the One-Month LIBOR to a margin. As of 04/27/2012, the margin currently ranges from 2.00% up to 9.61% and the One-Month LIBOR is 0.250%.
The One-Month LIBOR index stands for London Interbank Offered Rate (LIBOR) and is published in the “Money Rates” section of The Wall Street Journal (Eastern Edition). The interest rate and APR may increase or decrease monthly if the One-Month LIBOR index changes which will affect the monthly payment. Rates are typically higher without a cosigner. The One-Month LIBOR used in the rate calculation for Custom Choice Loans will be equal to the One-Month LIBOR rate published on the 25th day (or if such 25th day is not a business day, the next business day thereafter) of the month immediately preceding such calendar month, rounded up to the nearest one-eighth of one percent (0.125%).
The margin is permanently set based on the borrower’s or cosigner’s credit history and selection of repayment option and term. Note: repayment term and options are based on loan amount; a minimum loan size of $5,000 is required for 15 and 20 year repayment terms as well as for the Partial Interest repayment option.
The APR examples (lowest and highest) assume a $10,000 loan disbursed over two transactions. The lowest current APR is based on a 5-year repayment term (60 months), an immediate repayment plan, monthly principal and interest payments of $176.87, and a 2.00% margin added to the current One-Month LIBOR index. The highest current APR is based on a 20-year repayment term (240 months), a deferred repayment plan with a deferment period of 45 months upon initial disbursement, a six month grace period before repayment begins, monthly principal and interest payments of $134.49, and a 9.61% margin added to the current One-Month LIBOR index.

2 The current fixed interest rates range from 3.75% (3.751% APR) to 12.25% (11.356% APR), in effect as of 04/27/2012. Rates are typically higher without a cosigner. The APR examples (lowest and highest) assume a $10,000 loan disbursed over two transactions. The lowest current APR is based on a 5-year repayment term (60 months), an immediate repayment plan, monthly principal and interest payments of $183.90, and a 3.75% interest rate. The highest current APR is based on a 20-year repayment term (240 months), a deferred repayment plan with a deferment period of 45 months upon initial disbursement, a six month grace period before repayment begins, monthly principal and interest payments of $168.43, and a 12.25% interest rate. Interest rates are based on borrower or cosigner’s credit history and selection of repayment option and term. Note: repayment term and options are based on loan amount; a minimum loan size of $5,000 is required for 15 and 20 year repayment terms as well as for the Partial Interest repayment option.

3 Proof of graduation (certified copy of diploma) must be submitted within 90 days of graduation. 1% principal reduction is based on the fully disbursed loan amount. To receive the reward, no more than one late payment (payment received more than 10 days after the due date) is allowed.

4 ACH discount(s) only apply when full payments (including both principal and interest) are automatically drafted from a bank account. Discount(s) will remain on the account unless (1) the automatic deduction of payments is stopped (including times during deferment or forbearance) or (2) there are three automatic deductions returned for insufficient funds within the life of the loan. The additional SunTrust ACH reward is available for loans first disbursed on or after 6/1/11 and will be applied after the first automatic payment is successfully deducted from a SunTrust Bank checking, savings or money market account.

5 Interest will continue to accrue while your payments are deferred, and it will be capitalized (added to your principal loan balance) when repayment begins.

Certain restrictions and limitations may apply. SunTrust reserves the right to change or discontinue these benefits without notice. This loan program is subject to approval and may not be available in all jurisdictions.