SunTrust Graduate Business School Loan
|Who Is the Borrower?||Eligible graduate students; borrower must be U.S. citizen or permanent resident.|
|Interest Rate||Interest rates are tiered and both fixed and variable rate options are available. Fixed rates range from 3.75% to 7.76%. Variable rates are indexed to the 1-month LIBOR and range from 1-month LIBOR plus 2.00% to LIBOR plus 5.17%. There is no interest rate cap unless the borrower is a resident of Texas, for whom rates are caped at 18%. Rates are reset monthly.|
|Credit Criteria||Approval and 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, repayment or 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 Stafford Student Loan. The maximum aggregete limit, inclusive of all the borrower’s educational debt, is $175,000.|
|Repayment Terms||Standard repayment of principal and interest begins immediately. The maximum repayment period is 15 years. No prepayment penalties.|
|Enrollment Status||Students must be enrolled at least half time in a graduate degree program.|
|Deferment Options||Interest only and deferred repayment options are available. For interest only repayment, fixed rates range from 4.65% to 7.99% and variable rates range from 1-month LIBOR plus 2.79% to 1-month LIBOR plus 5.98%. For deferred repayment, fixed rates range from 5.23% to 8.25% and variable rates range from 1-month LIBOR plus 3.37% to 1 month LIBOR plus 7.01%. Hardship forbearance may be granted under certain circumstances.|
|Can Loan be Sold?||SunTrust Bank states that it does not routinely sell its loans.|
|Other Borrower Benefits||Borrowers get a 0.25% interest rate reduction when payments are automatically deducted from their personal bank account; 0.50% if from a SunTrust account . Borrowers get a 1% reduction of principal upon graduation.|
|How to Apply||
Get more information and/or apply online: http://www.suntrusteducation.com/
Contact SunTrust at: 866-232-3889.
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.