Frequently Asked Questions about the SunTrust Graduate Business School Loan
Get the answers you need to learn more about the SunTrust Graduate Business School Loan. Click on a question to get an answer.
Am I eligible to apply?
The SunTrust Graduate Business School Loan is available to graduate students enrolled at least half-time in a graduate level business program at an approved school. Applicants, including cosigners, if applicable, must be U.S. citizens or permanent residents with a Social Security Number.
The student must be the legal age of majority or at least 17 years of age with a Cosigner who is legal age of majority.*
The borrower's permanent residence cannot be in Iowa or Wisconsin.
Many students will need a creditworthy cosigner to qualify. If a student is concerned about being approved for a private loan, or doesn't have a substantial credit history, approval chances can be strengthened by adding a qualified cosigner.
* 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), and Mississippi and Puerto Rico (21 years old).
How much can I borrow?
The maximum annual loan amount is determined by your schools cost of attendance, minus any federal loans, scholarships or grants, up to $85,000.
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*.
* 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: $3,501. The SunTrust Graduate Business School Loan is not available to students whose permanent residency state is IA or WI.
How can a cosigner help with loan approval?
Applying with a cosigner who has good credit and positive income can help a student satisfy credit criteria and may increase chances of approval and to receive a lower interest rate. Click here for more information about applying with a cosigner.
Can this loan cover past due balances?
Yes. SunTrust Graduate Business School Loan applications for past due balances will be accepted up to the end of the next month following the academic period for which the student was enrolled.
How quickly can my school get the loan funds?
If timing is a concern, the loan process can be expedited by choosing to eSign the Credit Agreement and by faxing or uploading all supporting/required documentation. There are instructions for this within the Application process. This includes, at minimum:
A completed, executed Applicant Self-Certification form (required for all private student loans)
Acceptance of the Approval Disclosure
If applications are received early, and documentation is received promptly, the school will likely receive the funds in plenty of time. If there is question about loan deadlines for a particular school, please contact the financial aid office or check the school website for a published timeline.
What repayment options are available?
The SunTrust Graduate Business School Loan has four repayment options:
Immediate Repayment: Begin making monthly principal and interest payments approximately 45 days following the last disbursement of funds.
Interest-Only Repayment: Pay only the accrued monthly interest while in school; principal and interest payments begin six months after graduation or dropping below half-time status.
Partial Interest Payment: Pay partial interest of $25 per month while enrolled in school. Option available for loans of $5,000 or more. Note that all accrued, unpaid interest will be capitalized (added to the loan balance) at the time of repayment.
Full Deferment: Defer all principal and interest charges while in school at least half-time; note that interest will accrue during the deferment period and will be capitalized (added to the loan balance) at the time of repayment.
The repayment plan chosen can make a big difference in a loan's overall cost - options should be reviewed carefully. It's essential to understand how rates and payments will be affected by the loan choices made during the application process. Once a loan application has been submitted, loan options cannot be changed. A repayment calculator is available at time of application to allow applicants to see the impact of different repayment options to the loan's overall cost and estimated payment amounts.
Why do I need to complete an Applicant (Borrower) Self-Certification Form?
The federal government requires this form in an effort to provide more transparency to borrowers. All private student loan lenders must obtain an Applicant Self-Certification prior to disbursing private student loan funds. Applicants of the SunTrust Graduate Business School Loan must complete, sign and return a Self-Certification form. The form will ask for total cost of attendance and expected financial assistance.
What is an Application and Solicitation Disclosure (ASD)?
Regulations governing private education loans require three disclosure documents be provided to borrowers during the application process: an Application and Solicitation Disclosure (ASD), Approval Disclosure, and Final Disclosure. The ASD displays current interest rate ranges, loan cost examples, federal loan alternatives, and other general loan information.
Applicants applying for the SunTrust Graduate Business School Loan, will be presented the ASD electronically. Completion of an application is not required in order to view an ASD with current interest rates; however, all applicant(s) must acknowledge that they have reviewed this disclosure before continuing the application process.
What happens if I default on my loan?
Defaulting on a loan is a serious matter that could have a long-term, adverse effect on a person's credit score. SunTrust Graduate Business School Loans are usually reported as "late" to consumer credit reporting agencies once they are 30 or more days delinquent.
Bankruptcy usually doesn't cancel the obligation to repay an education loan. If a consumer is about to miss a loan payment, the loan servicer should be contacted immediately to work out a repayment schedule.