Frequently Asked Questions about SunTrust Private Student Loan Consolidation
Get the answers you need to learn more about the SunTrust Private Student Loan Consolidation Program. Click on a question to get an answer.
What are the eligibility requirements?
Credit Requirement: Debt to income ratio requirements and credit standards must be met.
Degree Requirement: The SunTrust Private Student Loan Consolidation is available to primary applicants who have attained at least a bachelor's degree from an institution of higher education which is eligible for federal student financial aid under Title IV of the Higher Education Act of 1965, as amended.
Age Requirement: Applicants must be the legal age of majority at the time of the loan application. The legal age for entering 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).
Residency Requirement: Applicants, and cosigners, if any, must be U.S. citizens or permanent residents.
The primary applicant's permanent residence cannot be in Illinois, Iowa, or Wisconsin. The cosigner's permanent residence cannot be in Illinois.
Student Loan Payment History: At least one payment on two or more student loans OR at least two payments on one student loan must have been made by the Primary Applicant. Payments on federal or private student loans would satisfy this requirement.
Who is the Primary Applicant?
Primary Applicant means the person who applies to obtain a loan from SunTrust under the Private Student Loan Consolidation Program and who is the primary borrower on the loan(s) being consolidated.
Is being out of school required?
No. As long as the degree requirement has been met, there is not a requirement to be out of school. However, once the consolidation loan is made, it will go into immediate repayment. If any of the loans being consolidated are in a deferment or forbearance, the deferment or forbearance on those loans will end once they are consolidated.
How much can I borrow?
Minimum loan amount: $7,500*
Maximum loan amount: $75,000 with proof of a bachelor's degree or $150,000 with proof of a graduate degree
Maximum aggregate education debt allowed: $150,000 with proof of a bachelor's degree or $250,000 with proof of a graduate degree.
* The minimum loan amount is higher for borrowers and cosigners who reside in the state of Kentucky: $15,001.
How can a cosigner help with loan approval?
Applying with a cosigner who is creditworthy and has positive income may help satisfy credit criteria, may increase chances of approval and may help with a lower interest rate.
When does repayment begin?
Monthly payments of principal and interest begin approximately 30 days after your loans have been successfully consolidated.
Can I consolidate private student loans that are in deferment or forbearance?
Yes. However, part of the eligibility requirements for the loan include having a student loan payment history. Specifically, at least one payment must have been made on two student loans or at least two payments on one student loan must have been made by the Primary Applicant. Payments on federal or private student loans would satisfy this requirement.
It is also important to keep in mind that the consolidation loan will go into immediate repayment. If any of the loans being consolidated are in a deferment or forbearance, the deferment and forbearance on those loans will end once they are consolidated.
Can I consolidate other debt such as federal student loans or credit cards within the SunTrust Private Student Loan Consolidation Program?
No. Only private student loans may be consolidated within this program. The federal government provides information regarding consolidation of Direct Stafford and Graduate PLUS loans here.
What is an Application and Solicitation Disclosure (ASD)?
The Application and Solicitation Disclosure (ASD) is part of the online application for the SunTrust Private Student Loan Consolidation Program and is presented to and must be acknowledged by all applicants. The ASD displays current interest rate ranges, loan cost examples, federal loan alternatives, and other general information about the loan program.
Although the preferred method of disclosure delivery is electronic via our website, all applicants have the option to print the disclosure and/or have a paper copy mailed to them. The ASD for this program can be found here.
What is a Final Disclosure??
A Final Disclosure is generated and mailed to the applicants once the application for the SunTrust Private Student Loan Consolidation Program is fully complete and approved. The Final Disclosure includes loan specifics and defines the rescission period in which an applicant may cancel the loan.
What happens if I default on my Private Student Loan Consolidation?
Defaulting on any loan is a serious matter that could have a long-term, adverse effect on your credit score. If you're about to miss a loan payment, you should contact your servicer immediately to discuss what options are available to you. American Education Services, AES, services the SunTrust Private Student Loan Consolidation. If you are currently in repayment on your consolidation loan, click here to log into your AES account or contact their customer service team at 800.233.0557, Monday - Friday 7:30 am to 9:00 pm ET.