Suntrust Review  

By loansmack



Key Features

  • Student loans for undergraduate and graduate.
  • Can apply with & without a cosigner; no cosigner release offered.
  • 7, 10, 15 year repayment terms.
  • Undergrad Rates:  Variable Rates - 3.001% – 10.05%  Fixed Rates - 4.751% – 11.50%.
  • Graduate Rates: Variable Rates - 3.001% – 8.046%  Fixed Rates - 4.751% – 9.314%.  
  • No origination fees or prepayment penalties.
  • Interest-rate reduction of 0.25% if you enroll in Auto Pay.

About Suntrust

Founded in 1985, Suntrust has a number of services including checking & savings accounts, mortgages, personal loans, etc. The student loan division of the bank allows students to take out loans to pay for college


Pros

  • Quick Application Process – You can apply in a few minutes.
  • Ability to apply for a student loans without a cosigner.
  • Graduation Bonus - After you graduate you can request a 1% principal reduction on your loan.
  • No origination fees or prepayment penalties.

Considerations

  • Rates – Since Suntrust allows student loans to people that have trouble finding a cosigner, its rates are higher than if you applied with a cosigner.

How to get started with Suntrust

You can get started with Suntrust through their online process.  Remember, when you get a rate estimate from a lender, this involves a 'soft credit' check, which will not affect your credit score.  When you decide to actually apply for a loan, the lender will do a hard credit pull which will slightly affect your credit score.

Documents you'll need for when applying to most lenders:

  • Government ID (passport, driver's license, green card).
  • Income verification (if applicable); this can include pay stubs, W-2's, etc.
  • Social Security number.