SunTrust Bank Academic Answer Loan

Rating:
Website: www.suntrusteducation.com/
Phone Number for New Applicants: (866) 763-6350
Hours of Operation: M-F 8:30am-5:30pm ET

• THIS IS A VARIABLE RATE LOAN.  Interest rates will change during life of loan based on changes to the 1-month LIBOR rate ( to see current 1-month LIBOR, click here )
• Current Starting Interest Rates between 4.13% and 11.63%
  • Range in terms of index: 1-month LIBOR +3.75% to +11.25%
• Interest Rate Change Upon Default:  Lender may increase the interest rate on the loan by 2% for a late payment
• Rates effective after May 1, 2010
  

• Repayment Fees:  None
• Late Payment Fees:  5% of the late payment
  • Timing:  10 days after payment is due, a payment is considered late
• Returned Payment Fees:  $30
• Forbearance Fees:  None

• Standard Repayment Term:  Up to 25 years, based on loan amount
• Interest-only payments required while borrower is in school:  No
• Prepayment Penalties:  None

• Auto-Debit Benefit:  0.25% interest rate reduction for signing up to make payments via auto-debit from your bank account
• Graduation Benefit:  $300 principal reduction per loan

• Although not required, a co-signer may reduce the interest rate the borrower receives for the loan and may increase the probability of having the application approved
• Co-signer Release:  Yes, after 48 months of on-time payments

• Annual Minimum Loan:  $1,000
• Annual Maximum Loan:  Cost of attendance less any other financial aid
• Aggregate Maximum:  $100,000

• Provides immediate response to online loan application:  Yes
• Upon online credit approval, provides immediate "plain English" disclosure on interest rates and fees:  No

• Borrower may cancel loan within 10 days of receiving the Disclosure Statement
• Review lender's Promissory Note for details on loan cancellation process

• Sample SunTrust Bank Promissory Note, April 2009

• AES/PHEAA

• Loan approval rates, which are not publicly available, may be low
• Lender does not service their own loans
• Promissory note contains a clause which gives SunTrust the opportunity to increase interest rates by 2% following a late payment
• This loan may not be dischargeable in bankruptcy
• Lender does not make loans to students attending school in the state of New York or students residing in Texas, Illinois, Iowa, Washington or Wisconsin. 
  

• Once you have applied for a loan, please complete this short survey to tell us about your experience

Student Lending Analytics (SLA) is an independent research and advisory firm and is not a lender.  SLA receives NO compensation from any lenders for our ratings service nor for any referrals that they may receive through this website.  While SLA has made every effort to confirm each of the lender loan terms described above, it assumes no responsibility for typographical or other errors or omissions in the information provided.  SLA makes no representations or warranties about your eligibility for a particular loan.  SLA recommends that you carefully review each lender's loan application and promissory note for final loan terms, including Savings Opportunities.  Savings Opportunities may not be automatically available and you may not be eligible for certain Savings Opportunities.