SunTrust Student Loans
Student loans have always been an integral part of a student’s plan to pay for college. The rising cost of a college education coupled with the state of the economy means that more and more students have to look for loans to cover their expenses. However, students should always look for gift monies and federal loans before applying for private loans. Students who are unable to find funds through these sources have the option of SunTrust loans.
Custom Choice Loan
SunTrust’s Custom Choice Loan is an excellent option for borrowers who have unmet financial need and are looking for a loan which offers flexible terms and conditions. There are two interest rate options: variable and fixed. Students who want the certainty of a fixed monthly payment throughout the duration of the loan should go for the latter option. In addition to this, there is also a high interest rate and low interest rate option available. Both of these options have their own set of advantages and disadvantages. Borrowers who want to make smaller monthly payments should look for the low interest option. However this would increase the duration of the loan and result in more interest. The high interest rate option allows for a smaller duration and lower interest payment over the duration of the loan.
There is no origination fee involved. Borrowers can acquire funds up to the cost of attendance minus other sources of funding. There is also a grace period of six months but the duration can alter according to the choice of the repayment plan. There are four distinct loan repayment options; immediate repayment, interest only repayment, partial interest repayment and full deferment. Students can choose a plan according to his/her own requirements and circumstances.
Smart Financial Planning
While loans such as these SunTrust offerings can be helpful for students looking to cover college costs, it’s important to remember that private loans should not be a student’s first source of funding. When looking to borrow money for college, always remember to exhaust your federal options first, as federal loans typically have lower interest rates and more favorable borrower terms than private loans. If you do need to borrow more, however, be sure to compare your options and understand your financial needs in order to find the loan that’s best for you.