Custom Choice Loan®: the solution to your student loan needs
The Custom Choice Loan® has competitive interest rates, and multiple repayment options.
Apply With a Co-signer
While not required, we strongly encourage students to apply with a creditworthy co-signer 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.
Experience the benefits of choosing SunTrust
- Current variable rates range from 3.241% APR to 8.672% APR1
- Current fixed rates range from 4.751% APR to 10.415% APR2
- Available to undergraduate and graduate students
- Choice of repayment term
- Graduation Reward: 1% principal reduction3
- Automatic Payment Discount of up to 0.50%4
- Choice of repayment option5 (including Full Deferment)6
Customizable loan options include:
- Repayment options6
- Repayment terms3
- Fixed rate or Variable rate - all applicants have the choice of a fixed or variable interest rate, each with their own advantages
- Upon approval, applicants can view options before committing1,2,3,6
Minimum Eligibility Requirements
- Student must be enrolled at least half-time at an eligible school
- Student and cosigner, if applicable, must be a U.S. citizen or permanent resident
- Student must be the legal age of majority at the time of the application or at least 17 years of age if applying with a cosigner who is legal age of majority7
- The Custom Choice Loan is not available to students who are permanent residents of Iowa or Wisconsin
SunTrust Bank, Member FDIC. © 2015 SunTrust Banks, Inc.
Before applying for a private student loan, SunTrust recommends comparing all aid alternatives including grants, scholarships, and both federal and private student loans. To compare SunTrust private student loans, visit suntrusteducation.com/compare.
Certain restrictions and limitations may apply. The creditor for this program is SunTrust Bank. SunTrust and Custom Choice Loan are federally registered service marks of SunTrust Banks, Inc. SunTrust Bank reserves the right to change or discontinue this loan program without notice. This loan program may not be available in certain jurisdictions and is subject to approval.
1The variable interest rate for each calendar month is calculated by adding the current One-month LIBOR index (captured on the 25th day, or the next business day thereafter, of the month immediately preceding such calendar month and rounded up to the nearest 1/8th of one percent) to your margin. The current One-month LIBOR index is 0.250% on 9/01/15. 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 interest rate will be determined after you apply. The variable interest rate and Annual Percentage Rate (APR) depend upon (1) the student’s and cosigner’s (if applicable) credit histories, (2) the repayment option and loan term selected, and (3) the requested loan amount and other information provided on the online loan application. If approved, applicants will be notified of the rate qualified for within the stated range. The variable interest rate will increase or decrease if the One-month LIBOR index changes. Rates and terms effective for applications received on or after 9/01/15.
2Fixed interest rates depend on (1) the student’s and cosigner’s (if applicable) credit histories, (2) the repayment option and loan term selected, and (3) the requested loan amount and other information provided on the online loan application. If approved, applicants will be notified of the rate qualified for within the stated range. The fixed rate assigned to a loan will never change except as required by law or if you request and qualify for the ACH reduction benefit(s). Rates and terms effective for applications received on or after 9/01/15.
3Proof of graduation (certified copy of diploma) must be submitted to the loan servicer within 90 days after graduation. The 1% principal reduction is based on the net disbursed loan amount, which is the total dollar amount of all disbursements made, excluding the dollar amount of any reductions, cancellations, or returns, as applicable. To receive the reward, no more than one late payment (payment received more than 10 days after the due date) is allowed and the student borrower must have earned a bachelor’s degree or higher. This reward is available once during the life of the loan, regardless of whether the student borrower receives more than one degree.
4Interest rate reductions offered for automatic payment from a bank account: 0.25% interest rate reduction for ACH payment from any bank account and an extra 0.25% interest rate reduction when ACH payments are made from a SunTrust Bank account. ACH interest rate reduction(s) apply when full payments (including both principal and interest) are automatically drafted from a bank account. Interest rate reduction(s) will remain on the account unless (a) the automatic deduction of payments is stopped (including times during deferment or forbearance) or (b) there are three automatic deductions returned for insufficient funds within the life of the loan. The additional SunTrust Bank account ACH interest rate reduction will be applied after the first automatic payment is successfully deducted from a SunTrust Bank checking, savings or money market account and will be removed for the reasons stated above or if you close your SunTrust account. In the event the benefit(s) is removed, the interest rate stated in the Credit Agreement shall be applied in accordance with the terms of the Credit Agreement.
5Any applicant who applies for the loan the month of, the month prior to, or the month after their graduation date, as stated on the application or certified by the school, will only be offered the immediate repayment option. Partial Interest Repayment is available on loans of $5,000 or more.
6Payments may be deferred (a) while a student is enrolled at least half-time at an approved school, and (b) during the 6 month grace period after graduation or dropping below half-time status. In any case, the initial deferment period may not exceed 66 months from the first disbursement date. Any accrued but unpaid interest will be capitalized (added to the unpaid principal loan balance) when repayment of principal and interest begins. There are no prepayment penalties.
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).