Academic Answer®: the solution to your student loan needs
Rising tuition, coupled with limited government aid, has created a widening gap between the cost of college and financial aid. The private student loan, Academic Answer, is a way to fill the gap by borrowing the difference between school expenses and other Federal financial aid. That means less out-of-pocket expense until after graduation, or save money by starting loan repayment during school. To learn more about managing your money, SunTrust offers money management tips.
Attend your college of choice
Students often use factors such as school rankings, majors, and student activities to decide what college they want to attend. All too often, tuition is the only barrier many face. Academic Answer gives students and parents an opportunity to get the student loans they need to make attending a top-choice school possible.
SunTrust recommends you exhaust all financial aid alternatives including grants, scholarships, and federal loans (Stafford, PLUS, and Grad PLUS) prior to applying for private student loans.
School certification
The Academic Answer loan requires school certification. When certifying a loan, the financial aid office will verify you are eligible for the loan amount requested. Your funds will be sent directly to the financial aid office to be applied to your account.
Everything you'd expect from SunTrust and more
Get money you need for college, and experience the benefits of choosing SunTrust.
- Six month grace period while you find a job
- Generous repayment terms — to see monthly payment examples, click here.
- Receive a $300 principal reduction on every SunTrust Academic Answer loan upon graduation1
- No Fees!2
- Lower your interest rate by 0.25% when you choose to have your payments automatically deducted from your personal bank account3
- Rates as low as one-month London Interbank Offered Rate (LIBOR)4 + 3.50%, currently a 3.875% interest rate and 3.78% APR5
- Make no payments until after graduation6
Talk to one of our SunTrust representatives at 866.763.6351 to learn more about the Academic Answer private student loan or get started now by applying online.
1Proof of graduation must be submitted within 90 days of graduation. Copy of diploma or final transcript is acceptable.
2Effective for applications received on or after 10/15/09.
3The 0.25% rate reduction is available to borrowers who arrange with their servicer to automatically deduct monthly payments from a bank account. The interest rate reduction benefit will remain on the account unless there are three automatic deductions returned for insufficient funds within a rolling 12-month period, or if the automatic deduction payment method is stopped.
4LIBOR 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) may be higher depending upon your credit history and will increase or decrease if the one-month LIBOR index changes. 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 was 0.375% on 9/1/10.
5This APR example assumes a $10,000 cosigned loan disbursed over two transactions with a deferment period of 45 months upon initial disbursement and a six month grace period upon graduation, a monthly principal and interest payment of $84.72 (there is a minimum monthly payment of $50), a 15 year repayment term (180 months), and a 3.50% margin. Margins can range from 3.50% to 11.25% depending if the loan is co-signed and upon your or your cosigner's credit history.
6Interest will continue to accrue while your payments are deferred, and it will be capitalized (added to your principal loan balance) when repayment begins.
Certain restrictions and limitations may apply. SunTrust reserves the right to change or discontinue these benefits without notice. This loan program may not be available in all jurisdictions