Affordable Student Loan from SunTrust Educational Loan
What is Sun Trust?
With the cost of education getting higher and higher, affording quality education has now become extremely difficult. In those circumstances due to the paucity of money even the bright students are neglected for pursuing quality education. Sun Trust is a money lender that provides education loan to the student no matter what their financial status is.
What are the different loans offered by Sun Trust?
Sun Trust offers 2 kinds of loans, one is the Federal loan and the second is the private student loan. These student loans covers the basic educational expenses of a student like tuition fees, boarding rent, buying books, paying for the exam fees, purchase of laptops etc. The maximum amount of loan that you can take is the total cost of education after deducting the financial aid or scholarships that the student receives.
What are the different federal loans offered?
The federal loan offered by Sun Trust is as follows:
- Stafford Loan: Since this loan is guaranteed by the government, the loan is made available to the students directly. There are 2 kinds of Stafford Loan– Subsidized and Unsubsidized. The subsidized loan is offered depending upon the need of the family and the unsubsidized loan is made available to the students no matter what their family need or income level is.
- Plus Loan: this loan is made available to the parents and to the graduate students. This loan depends upon the credit scores and is available at very low interest rate.
What are the different private loans available?
The private loans offered by Sun Trust falls into 2 categories:
- Academic Answer Loan for undergraduates: This loan is made available to the undergraduates when they are half way through their course. The maximum amount that you can take is set at $100,000 and the rate of interest charged is 10.25%
- Academic Answer loan for graduates: as the name suggest, only graduates can avail this student loan when they are half way through their graduation studies. The maximum amount that you can avail is $150,000 and the rate of interest charged is 10.75%
What are the main features of Private loans?
The main features of Private Loans offered by Sun Trust are:
- The repayment period begins after 6 months of course completion
- A cosigner is required
- The repayment period is fixed at 25 years
What are the main features of Federal loans?
The main features of federal Loan offered by Sun Trust are:
- The rate of interest is low and fixed
- The repayment options are very easy
- No credit check is done
What are the minimum eligibility criteria to avail the loan?
The minimum eligibility criteria for availing student loan from Sun trust is that the student needs to be a permanent resident o USA and the age should not be below than 18 years. The school in which the student is studying must be recognized by the department of education and there should not be any kind of loan pending.
Financial Institutions
- Nelnet
- Panhandle Plains
- Regions Bank
- Sallie Mae
- SLFC (Student Loan Finance Corporation)
- Suntrust
- US Bank
- Wells Fargo
- Xpress
- Zions Bank