SunTrust Graduate Business School Loan:
Frequently Asked Questions

Get the answers you need to learn more about the SunTrust Graduate Business School Loan

Click on a question to get an answer.

  1. Who is eligible to apply?

    Enrollment requirements
    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; find out if a school is eligible.

    Legal age of majority
    The student must be the legal age of majority1 at the time of application, or at least 17 years of age if applying with a cosigner who meets the age of majority requirements in the cosigner's state of residence.

    Many students will need a creditworthy cosigner to qualify
    If a student is concerned about being approved for a private student loan, or doesn't have a substantial credit history, approval chances can be strengthened by adding a qualified cosigner.

    Other
    SunTrust private student loans are generally offered across the United States; however, they are not available to students or cosigners whose permanent residency state is Iowa or Wisconsin.

    Applicants, including cosigners, if applicable, must be U.S. citizens or permanent residents with a Social Security Number.

  2. How much can be borrowed with a Graduate Business Loan?
    • The maximum annual loan amount for the upcoming semester/academic period is determined by the school's cost of attendance, minus any federal student loans, scholarships or grants, up to $95,000.2

    • For applicants interested in refinancing existing private student loans into a new loan, the maximum loan amount including the outstanding balance of any loans you request to be refinanced, is $150,000 minus the approved amount for the upcoming semester/academic period; learn more about the In-School Refinance Option

    • 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 $1,001.3

  3. 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.

  4. Can this loan cover past due balances?

    Yes. SunTrust Graduate Business School Loan applications for past due balances will be accepted up to one calendar month beyond the applicant's academic period end date or graduation date.

  5. How do I apply?

    Applications are accepted online. For a full overview of the application process, click here and read the information in the section titled "Application Process". If you have questions, please call 866.232.3889.

  6. How quickly can my school get the loan funds?

    If you're concerned about timing, you can speed up the process by faxing or uploading all supporting/required documentation as well as choosing to electronically sign documents within the Loan Packet (Credit Agreement, Applicant Self-Certification form, and Approval Disclosure).

    If you apply early and documentation is received promptly, your school will likely receive the funds in plenty of time. If you're unsure of the school's loan deadlines, contact the financial aid office or check the school website for a published timeline.

  7. What repayment options are available?

    The SunTrust Graduate Business School Loan has several repayment options to choose from:4

    • Immediate Repayment: The first payment of principal and interest will be due approximately 30-60 days following the final disbursement date.

    • 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.7

    • 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.5,6

    • 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.5,7

    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.

  8. Why is an Applicant (Borrower) Self-Certification Form required?

    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.

  9. 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.

  10. What happens when a borrower (and cosigner, if applicable) defaults on a private student loan?

    Defaulting on any 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 a student loan. If a consumer is about to miss a loan payment, the loan servicer should be contacted immediately to work out a repayment schedule.

  11. Do I have to make payments while I go to school?

    Borrowers who select to defer payments while in school can defer payments (a) while enrolled at least half-time at an approved school and (b) during the 6-month grace period after graduation or dropping below half-time status. In any case, the initial deferment period may not exceed 66 months from the first disbursement date. This option must be chosen during the application process. Any accrued and unpaid interest will be capitalized (added to the unpaid principal loan balance) when repayment of principal and interest begins. There are no prepayment penalties.

  12. How do I know if my school is an approved school for a Graduate Business School Loan?

    Please visit the first page of the online application, select the school state and then a list of schools in that state will be listed. If the branch of your school is not listed, please choose the main campus. Visiting the application does NOT obligate you to apply.

  13. What if my school is not listed as an approved school for a Graduate Business School Loan?

    The Graduate Business School Loan is for graduate level business students. Approved schools for this program are determined on an annual basis. If neither the branch nor the main campus is listed, your school is not eligible to participate in this program. In this case, please check the approved schools for the SunTrust Custom Choice Loan — your school may be approved for that program.

  14. Does SunTrust offer loans to international students?

    Yes. SunTrust offers loans to international students through a program called the Union Federal Private Student Loan program. This option is not available with the Graduate Business School program.

  15. What documents will I need to provide if I am approved?

    Approved documentation for a Graduate Business School Loan can be found here but not all applicants are required to submit documentation. If documentation is required, it will be requested during the loan application process.

  16. What student loans are eligible to be refinanced into a new SunTrust private student loan?

    Eligible private student loans that can be included in a new SunTrust private student loan are defined as private student loans and private consolidation loans that the student applicant used for, or to refinance loans used for, postsecondary Qualified Higher Education Expenses8 not currently in a past due status.

    Loan types that cannot be refinanced into a new SunTrust private student loan:

    • Private student loans for which the student applicant is not the primary borrower

    • Federal student loans

    • Loans made by an educational institution

  17. What does it mean to refinance a private student loan(s) into a SunTrust Private Student loan?
    • After final loan approval, any existing eligible private student loan(s)9 that the applicant requested to be refinanced will be paid off and added to the balance of the new private student loan; learn more about the In-School Refinance Option

    • Required payments should continue to be made on any loans being refinanced until they are paid off. Time may elapse between when this option is requested and the when the loans are actually paid off. If the payoff amount(s) sent to the servicer(s) do not cover the entire balance owed on the existing loan(s), the outstanding balance(s) will remain the borrower's responsibility.

  18. What does Qualified Higher Education Expenses mean?
    • In order to refinance existing private student loans into a new SunTrust private student loan, the existing private student loans must have been used to pay for Qualified Higher Education Expenses. Private student loan consolidation loans can also be included as long as the loans that were consolidated were also used to pay for Qualified Higher Education Expenses.

    • Qualified Higher Education Expenses generally include tuition and fees, room and board, costs for rental or purchase of any equipment, materials, or supplies required of all students in the same course of study, an allowance for books, supplies, transportation, and miscellaneous personal expenses, and a reasonable allowance for the documented rental or purchase of a personal computer. The formal definition for Qualified Higher Education Expenses is included in Section 221 of the Internal Revenue Code (26 U.S.C. § 221) and includes the items in the definition of "cost of attendance" in Section 472 of the Higher Education Act of 1965 (20 U.S.C. § 1087ll), except as otherwise stated in the Internal Revenue Code's definition of Qualified Higher Education Expenses.

    • If you have questions about particular costs or specialized circumstances or need more information, please consult the full definition of "cost of attendance".

  19. Should I continue making payments on the loans I'm requesting to refinance?

    Yes, you should continue making any required payments on the existing private student loans you choose to refinance until they are paid off by SunTrust. There could be a lag between the time you request this option and the time the loans are actually paid off and it's important to continue to make payments so your credit isn't affected and no late-payment fines are incurred.



1 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).

2 The maximum annual loan amount for the upcoming semester/academic period is determined by your school's cost of attendance, minus other financial aid such as federal student loans, scholarships or grants, up to $95,000.

3 The minimum loan amount is $1,001 with exceptions based on the student's state of permanent residence, as follows: Alaska: $5,001, Colorado: $3,001, New Mexico: $2,501, Oklahoma: $4,901, Rhode Island: $5,001, South Carolina: $3,601.

4 Any applicant who applies for the loan the month of, the month prior to, or the month after their graduation date, as stated on the application or certified by the school, will only be offered the immediate repayment option. Partial Interest Repayment is available on loans of $5,000 or more.

5 For Partial Interest and 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 for these repayment options.

6 Making interest only or partial payments while in school will not reduce the principal balance of the loan. Partial Interest Payment plan of $25 per month is available on loans of $5,000 or more. Click here to see payment examples.

7 Payments may be deferred (a) while a student is enrolled at least half-time at an approved school, and (b) during the 6 month grace period after graduation or dropping below half-time status, but the total initial deferment period, including the grace period, may not exceed 66 months from the first disbursement date. Any accrued but unpaid interest will be capitalized (added to the unpaid principal loan balance) when repayment of principal and interest begins. There are no prepayment penalties.

8 Qualified Higher Education Expenses generally include tuition and fees, room and board, costs for rental or purchase of any equipment, materials, or supplies required of all students in the same course of study, an allowance for books, supplies, transportation, and miscellaneous personal expenses, and a reasonable allowance for the documented rental or purchase of a personal computer. The formal definition for Qualified Higher Education Expenses is included in Section 221 of the Internal Revenue Code (26 U.S.C. § 221) and includes the items in the definition of "cost of attendance" in Section 472 of the Higher Education Act of 1965 (20 U.S.C. § 1087ll), except as otherwise stated in the Internal Revenue Code's definition of Qualified Higher Education Expenses. If you have questions about particular costs or specialized circumstances or need more information, please consult the Internal Revenue's full definition of "cost of attendance".

9 Private student loans that can be refinanced with a new SunTrust private student loan are private student loans and private consolidation loans that the student applicant used for, or to refinance loans used for, postsecondary Qualified Higher Education Expenses not currently in a past due status. Loans that cannot be refinanced into this loan are (1) private student loans for which the student applicant is not the primary borrower, (2) Federal student loans and (3) student loans made by an educational institution.

Paying for college can be a challenge, SunTrust can help navigate the options.

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