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Considering a College Savings Plan? Learn more about 529 Plans.

Packed with features that make banking simple, easy, convenient and safe!

Packed with features that make banking simple, easy, convenient and safe!

SunTrust Graduate Business School Loan

Designed to help graduate students enrolled in a business program cover college costs while getting the most out of a loan.

  • Competitive interest rates, no income required to apply
  • Multiple repayment options & choice of rate type (fixed or variable)
  • No origination, application or prepayment fees
  • Interest rate reduction for making ACH payments1 (SunTrust customers get something extra)
  • Principal reduction upon graduation2

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Interest rates:

  • Interest rates are determined by the repayment option chosen and is determined after you apply
  • Current variable rates range from 4.650%3 APR to 4.879%4 APR
  • Current fixed rates range from 6.600%5 APR to 6.760%6 APR

Loan options:

  • Choose what's best for you: upon approval, calculators within the online application allow applicants to see the impact of the loan option selections to payments and total loan cost
  • Choice of rate type: fixed or variable
  • Choice of repayment option: Interest-Only or Full Deferment7
  • Students can select full deferment or can select to make interest only payments while in school
  • Grace period — generally six months8

Loan Limits:

  • Minimum loan amount: $1,0019
  • Annual loan maximum: $85,00010
  • Aggregate student loan limit (total amount of student loan debt allowable): $175,00011

SunTrust Benefits:

  • Graduation reward: 1% principal reduction2
  • Up to 0.50% rate reduction for automatic payments1
  • No application, origination or prepayment fees
  • Cosigner release option available12

To be eligible for a SunTrust Graduate Business School Loan, the student must:

  • Be enrolled at least half-time as a graduate level business student at an eligible school.
  • Be a U.S. citizen or permanent resident;
  • Be the legal age of majority, or at least 17 years of age at the time of application13;
  • Have a permanent residency address that is NOT in Iowa or Wisconsin.

Do students need a cosigner?

  • A cosigner is not always required, but most students, especially those without a substantial credit history, may need a cosigner to qualify.
  • Either the cosigner or the student can start the application — the EasyInviteSM tool, within the online application, allows the cosigner or the student to be invited to the application.
  • Find out more about how a cosigner can help
  • A cosigner release option is available.12

Any questions?

  • Review Frequently Asked Questions about the SunTrust Graduate Business School Loan
  • Call a SunTrust representative at 866-232-3889

Step one - Apply Online:

  • Students and cosigners, if applicable, apply online (they may apply at the same time or during separate sessions)
  • An Application and Solicitation Disclosure outlining current interest rate ranges, loan cost examples, federal loan alternatives, and other general loan information is presented electronically to the student borrower and cosigner, if applicable

Step two - Loan Options:

  • Upon passing the initial credit review, loan options (including interest rates and repayment plans) are presented online

Step three - Loan Documentation:

  • Once loan options are selected, a list of required documentation, including an Applicant Self-Certification Form, is presented
  • Required documentation must be submitted before the loan process will continue
  • Documentation can be uploaded online or submitted by fax or mail

Step four - Approval Disclosure:

  • After all required documentation has been received and approved, an Approval Disclosure will be sent outlining the terms of the loan based on the preliminary loan amount before school certification
  • The Approval Disclosure must be accepted within 30 calendar days if the student and cosigner, if applicable, agree to the loan terms
  • Acceptance of this can be provided through the applicant's online account, by fax or by mail

Step five - School Certification:

  • Certification of the loan is required by the student's school of attendance and will be requested by SunTrust
  • The school will certify the loan ensuring that the student is enrolled at least half time, that the loan amount is correct and will confirm disbursement specifications

Step six - Final Disclosure:

  • After school certification is received, the final loan terms will be outlined in a Final Disclosure which will be mailed to both the student borrower and cosigner, if applicable; for convenience, the Final Disclosure is also available online
  • 3 Day rescission period — the student borrower and cosigner, if applicable, will have three business days to cancel or rescind the loan
    • SunTrust must wait until this three business day period has expired before disbursement of funds can take place
    • No action is required by the borrower and cosigner, if applicable, unless either desires to cancel or rescind the loan

Step seven - Loan Disbursement:

  • Amounts and timing of when a loan is disbursed is provided to SunTrust by the school
  • A loan may have up to four disbursements and disbursement amounts do not have to be equal
  • Funds are sent to the school and applied to the student's account; any overage of funds above/beyond what is owed to the school is handled between the school and student

What is a cosigner?

A cosigner is an additional applicant besides the student, such as a parent, guardian, grandparent or other person, who will bear the same legal responsibility as the student.

Why is a cosigner important?

Many students don't have a substantial credit history or have other concerns about being approved for a private student loan, and adding a creditworthy cosigner may help them qualify and also obtain a lower interest rate.

What makes a good cosigner on a loan?

A good cosigner:

  • Has a substantial credit history
  • Does not have any serious negative items on their credit report
  • Meets their credit obligations on time
  • Is not over burdened with debt
  • Has steady employment and/or income sufficient to meet debt obligations

Can a cosigner be released from the loan?

The cosigner can be released from liability after the first 48 initial, consecutive principal and interest payments are made on time12. The borrower must meet credit criteria on their own at that time. In the event the student borrower dies prior to the first 24 months of repayment , the loan can be forgiven and the cosigner won't be responsible for repayment.14

How is a cosigner added to our Graduate Business School loan?

Applying as a cosigner takes about 15 minutes. Either the cosigner or the student can start the application — the EasyInviteSM tool, within the online application, allows the cosigner or the student to be invited to the application.

1 Interest 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 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 (1) the automatic deduction of payments is stopped (including times during deferment or forbearance) or (2) there are three automatic deductions returned for insufficient funds within the life of the loan. The additional SunTrust ACH reward is available for loans first disbursed on or after 6/1/11 and will be applied after the first automatic payment is successfully deducted from a SunTrust Bank checking, savings or money market account.

2 Graduation reward is a 1% principal reduction based on the fully disbursed loan amount. Proof of graduation (certified copy of diploma) must be submitted within 90 days of graduation. To receive the reward, no more than one late payment (payment received more than 10 days after the due date) is allowed.

3 Your variable interest rate is calculated by adding the current One-month LIBOR index (captured on the 25th day of each month, 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 11/01/14. LIBOR stands for London Interbank Offered Rate. The One-month LIBOR is the Current Index, as published in the "Money Rates" section of the Wall Street Journal (Eastern Edition). Your variable interest rate and Annual Percentage Rate (APR) will be determined after you apply and may be higher depending upon the repayment option selected, and will increase or decrease if the One-month LIBOR index changes. This APR example assumes a $10,000 loan disbursed over two transactions with interest-only repayment, a monthly principal and interest payment of $104.36 (there is a minimum monthly payment of $50), a 10-year repayment term (120 months), and a 4.40% margin. The other repayment option is Full Deferment. Rates and terms effective for applications received on or after 11/01/14.

4 Your variable interest rate is calculated by adding the current One-month LIBOR index (captured on the 25th day of each month, 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 11/01/14. LIBOR stands for London Interbank Offered Rate. The One-month LIBOR is the Current Index, as published in the "Money Rates" section of the Wall Street Journal (Eastern Edition). Your variable interest rate and Annual Percentage Rate (APR) will be determined after you apply and may be higher depending upon the repayment option selected, and will increase or decrease if the One-month LIBOR index changes. This APR assumes a $10,000 loan disbursed over two transactions with a deferred repayment, a monthly principal and interest payment of $116.97 (there is a minimum monthly payment of $50), a 10-year repayment term (120 months), a 21-month deferment period, a six month grace period before entering repayment and a 4.70% margin. The other repayment option is Interest-Only. Rates and terms effective for applications received on or after 11/01/14.

5 This APR example assumes a $10,000 loan disbursed over two transactions with interest-only repayment, a monthly principal and interest payment of $114.06 (there is a minimum monthly payment of $50), a 10-year repayment term (120 months), and a 6.60% fixed interest rate (in effect as of 11/01/14). The other repayment option is Full Deferment.

6 This APR example assumes a $10,000 loan disbursed over two transactions with a deferred repayment, a monthly principal and interest payment of $132.57 (there is a minimum monthly payment of $50), a 10-year repayment term (120 months), a 21-month deferment period, a six month grace period before entering repayment and a 6.90% fixed interest rate (in effect as of 11/01/14). The other repayment option is Interest-Only.

7 For Fully Deferred loans, any accrued and unpaid interest will be capitalized (added to your principal loan balance) when repayment of principal and interest begins. Students must be enrolled at least half-time to be eligible.

8 Grace period may be dependent upon repayment option selected and length of time enrolled in school.

9 The minimum loan amounts are higher for borrowers in these states: Alaska: $5,001, Colorado: $3,001, New Mexico: $2,501, Oklahoma: $4,501, Rhode Island: $5,001, South Carolina: $3,601. The SunTrust Graduate Business School Loan is not available to students whose permanent residency state is IA or WI.

10 The maximum annual loan amount is determined by your schools cost of attendance, minus any federal loans, scholarships or grants, up to $85,000.

11 The aggregate maximum student loan debt allowed is $175,000 (includes all student loans and any unsecured, deferred consumer debt). The minimum loan size is $1,001.

12 Request for the cosigner to be released can be made after the first 48 consecutive, on-time payments (not later than ten days after the due date) of principal and interest have been made. The borrower must meet credit criteria on their own at the time of the request. The borrower must also be currently enrolled for automatic deduction of monthly payments from a bank account.

13 The 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), Mississippi and Puerto Rico (21 years old).

14 If the student borrower on a loan dies after disbursement of all or part of the Loan(s) and the loan(s) has not previously become a charged off loan due to non-payment or bankruptcy, then the outstanding principal and accrued interest balance on such loan(s) shall be forgiven. The servicer is informed of the student borrower's death and must receive acceptable proof of death. If the student borrower on a loan becomes totally and permanently disabled and the loan(s) has not previously become a charged off loan due to non‐payment or bankruptcy, then student borrower may apply to have the loan balance discharged by completing a discharge application.

EasyInvite is a registered service mark of First Marblehead Corporation.

Certain restrictions and limitations may apply. SunTrust Bank reserves the right to change or discontinue these programs without notice. All loan programs are subject to approval and may not be available in certain jurisdictions.

SunTrust Bank, Member FDIC. © 2014 SunTrust Banks, Inc.
SunTrust and Custom Choice Loan are federally registered trademarks of SunTrust Banks, Inc.