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SunTrust Academic Answer Loan

Who Is the Borrower?
 Eligible undergraduate students; borrower must be U.S. citizen or permanent resident. Borrower can NOT be a permanent resident of Illinois, Iowa, Texas, Washington, or Wisconsin. (Co-signer can NOT be permanent resident of Illinois.)
Interest Rate
 Variable interest rate is indexed to the 1-month LIBOR rate as published in the Wall Street Journal. Rates are tiered and "best" tier borrowers get loans at the 1-month LIBOR rate plus 4.0%. Rates range up to 1-month LIBOR plus 11.25%. There is no interest rate cap. Rates are reset monthly.
Credit Criteria
 Approval, interest rates are based on the student borrower's and/or co-borrower's creditworthiness as determined by SunTrust.
Fees
 There are no origination, disbursement, repaymentor default/insurance fees.
Minimum and Maximum Allowed
 Loans are approved from $1,001 up to the total cost of education minus any financial aid, including any Federal Direct Stafford Student Loan. The maximum aggregate limit is $60,000.
Repayment Terms
 Standard repayment of principal and interest begins immediately. The maximum repayment period is 25 years. No prepayment penalties.
Enrollment Status
 Students must be enrolled at least 6 credits per semester in an undergraduate degree program.
Deferment Options
 Options for interest-only repayment (for up to 5 years) and deferment of principal and interest. Repayment of principal and interest begins 6 months after the student ceases to be enrolled. Hardship forbearance may be granted under certain circumstances.
Can Loan be Sold?

SunTrust Loans does not currently sell its Academic Answer Loans; however it reserves the right to do so in the future.
Other Borrower Benefits
 Borrowers get a 0.25 interest rate reduction when payments are automatically deducted from their personal bank account. Exclusive SunTrust Graduation Reward — $300 principal reduction on every SunTrust Academic Answer loan upon graduation. Borrowers may apply for a cosigner release after the first 48 initial, consecutive principal and interest payments are made on time.
How to Apply

Get more information and/or apply online: http://academicanswer.suntrusteducation.com/index.html?schoolID=553

Call SunTrust at 866-763-6350.


This information is based on information provided by lenders identified in response to a Request for Information issued by Boston University. The terms and conditions of any loan may vary depending on, among other things, market conditions and your credit score. Proposed terms may have changed since lenders provided information to Boston University. You should contact the lender to obtain current terms and information. You should review any proposed terms and obligations carefully.

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