SunTrust Student Loans Review


Rating: 9.3 / 10 (Excellent)
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SunTrust Bank, is one of the largest and oldest banking institutions in the United States, operating as a subsidiary of SunTrust Bank Holding Company. It offers a broad range of financial services to businesses and consumers including private student loan lending services. Founded in 1891, the company is headquartered in Atlanta, GA.

How is SunTrust rated?

Breakdown

9/10
Loan Specifics
10/10
Qualifications
10/10
Customer Experience
10/10
Company Reputation

Overall Rating: 9.3 / 10 (Excellent)

SunTrust Bank is one of the nation's largest financial institutions and has a strong industry reputation. It offers a full suite of products and services including three private student loan options. Unlike some of its competitors, its website provides a comprehensive comparison table of its three loan products that clearly lists loan specifics. It is a strong choice for consumers; however, it is unclear from its website whether the bank offers forbearance on its student loans.

SunTrust Loan Specifics

Loan Specifics - 9 / 10

The bank offers three private student loan products: Custom Choice Student Loan, Union Federal Private Student Loan, and Graduate Business School Loan, all of which have no associated fees or prepayment penalties. It offers multiple repayment options, including an interest-only repayment option which is coupled with a grace period. The bank offers three loan terms with either a fixed or variable rate. It offers a cosigner release after 36 on-time payments. It is not clear from the bank's website if a forbearance program is available under the three loan products.
Loan Types
Undergraduate
Graduate
Minimum Loan Amount
$1,001
Maximum Loan Amount
$65,000 or $95,000 (MBA)
Loan Term
7, 10, and 15 years
Interest Rates
Fixed
Variable
Fixed APR Range
4.751% APR to 11.500% APR on all loan types
Variable APR Range
3.501% APR to 10.550% APR on all loan types
Repayment Options
Deferred
Immediate
Partial Interest
Interest-Only
Grace Period
Cosigner Release

SunTrust Qualifications

Qualifications - 9.5 / 10

Students must be enrolled at least half-time at an accredited college and must be U.S. citizens or permanent residents. Under SunTrust's Union Federal Loan, international students are eligible if they have a U.S. citizen cosigner. An income source must be provided by students or cosigners for the Customer Choice and Union Federal Loans.
Course Load
Half-time
Citizenship Requirement
U.S. Citizen
Permanent Legal Resident
Non-U.S. Citizen with a Cosigner

SunTrust Customer Experience

Customer Experience - 9.5 / 10

The bank offers two interest rate reduction discounts, one principal reduction award upon graduation, and an interest rate reduction for 36 consecutive on-time payments under its Union Federal Loan. Its website does provide a student loan calculator.
Student Loan Calculator
Discounts
The bank offers four discounts: Auto-pay reward of 0.25% interest rate reduction; an additional 0.25% rate reduction if auto-pay is from a SunTrust account; an additional 0.25% interest rate reduction to award consecutive and on-time payments under its Federal Union Loan; and, a Graduate Reward of 1% reduction on the principal as a special graduation reward.

SunTrust Company Reputation

Company Reputation - 9.5 / 10

In 2015, The American Banker and the Reputation Institute’s Annual Survey of Bank Reputations scored SunTrust Banks Inc., at 79.62 (a score of 70 to 79 is considered “strong/robust”). The bank has a BBB rating of "A+" with 51 negative reviews; however, the reviews are unrelated to its private student loan products. There is no Trustpilot rating or reviews.
Lender Type
Bank
Year Founded
1891
BBB Rating
A+
Number of BBB Positive Reviews
1
Number of BBB Negative Reviews
51
Trust Pilot Rating
0.0 out of 10
Date Collected
2018-03-25

Company Profile

Full Name
SunTrust Student Loans
Company Website
Headquarters
303 Peachtreet Street North East, Atlanta, GA, 30308

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Top Rated
9.9 / 10
  • Multiple in-school repayment options
  • Check application status online
  • Loan e-signing
  • Free scholarship registration
  • BBB A+ rating