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Last updated on July 16th, 2022 at 10:38 pm
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If you are a student and would like to access higher education loans, SunTrust Bank could make that happen; they provide student loans at affordable rates. The bank makes loans available to private students who want to pursue higher education at either undergraduates or graduate levels. This SunTrust Student Loans review will give all the details about their offers, pros, and cons.
What Are SunTrust Student Loans?
SunTrust Student Loans are educational loans that are made available to students in private higher education institutions in the United States to help them bridge the financial challenges that they face. The student loans are made available to students through SunTrust Bank, which is a subsidiary of SunTrust Bank Holding Company in the United States. SunTrust Bank Holding Company is one of the pioneer financial institutions in the country, and it has been providing financial services to consumers and businesses including giving educational loans to students in the form of SunTrust student loans.
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SunTrust Student loans are available to college students who need a source of additional funds to facilitate smooth servicing while they pursue their higher education. The bank acknowledges that students face many difficulties when trying to raise the funds needed for their education. Indeed, this is the motivation behind the bank’s provision of a flexible loan repayment duration. It also explains why the bank ensures that every student can apply for the student loan with the loan limit set at $150, 000.
We Liked SunTrust Student Loans Because…
- Students access flexible loan repayment terms: This SunTrust student loans review reveal that beneficiaries of SunTrust student loans are free to decide which of the bank’s three repayment plans works best for them. You can decide to repay the loans in 7 years, 10 years, or 15 years based on your financial capability. You need to note, however, that the shorter the repayment period, the lower the interest rates you will be charged. As such, you need to choose a repayment period that works best for you.
- SunTrust student loans provide one of the most extended forbearance duration once you are through with your college. Are you worried about the little forbearance durations that various financial institutions provide to people who take student loans? If you are, you should consider SunTrust student loans because they offer long forbearance periods. In fact, you could qualify for up to a 24-month forbearance period. A long forbearance comes in handy when you lose your job or when you are experiencing certain financial constraints that need to be addressed before repaying your higher education loan.
- You get lower interest rates when you decide to open an account with SunTrust bank and allow the bank to deduct the student loan from it conveniently. When shopping for favorable student loans, you need to identify all the opportunities that allow you to pay low-interest rates. SunTrust student loan interest rates will offer you just that. All you will need to do is sign up with the bank and ensure your salary is deposited to the bank to allow it to deduct the agreed amount. With this model, your interest rate will be capped at 0.50 percent.
- SunTrust Bank provides a wide variety of student loan products to ensure that they meet each client’s needs. If you want to take a student loan from SunTrust Bank, you have to choose from the company’s three options: Union Federal Private Student Loans, Custom Choice Student Loan, and the Graduate Business School Loan. The three types of student loans offered by the bank make it convenient for any student who is seeking additional funds for his or her higher education.
- Were you afraid that you would have to pay the high penalties and fees charged by the financial institutions that offer student loans? If you were, this SunTrust student loans review indicate that you should not worry anymore. This is because the bank has no pre-payment penalties or any extra levies charged on those taking student loans.
Not So Sure About…
- Although the student loans provided by SunTrust bank can be enticing, using them has numerous drawbacks. For instance, various SunTrust student loans review writers claim that the bank’s failure to consolidate the federal loan with your private loan could be disappointing. Although many financial institutions that provide student loans allow for the consolidation of private and federal loans, SunTrust Bank does not allow this.
- SunTrust customer care and online support are also not as helpful as most people would like them to be. If you email the bank for an inquiry, the response is likely to be delayed; you might get a response after 24 hours. The fact that the bank does not offer live chat services to their clients on their website compromises the customer experience when transacting with the bank.
- SunTrust Bank has set a lower loan limit for its clients at $150, 000. If you want to take a student loan exceeding $150,000, you will have to seek a different financial institution that offers higher amounts of student loans compared to this bank.
Online Reviews Say That
When one goes through the various online SunTrust student loans reviews by students who have enjoyed the SunTrust student loans, he or she will draw the following conclusions:
- Many people acknowledge that SunTrust Bank services are convenient since the bank has a presence in all the 50 states.
- The SunTrust student loans reviews by international students who do not have U.S. citizenship reveal that they get little trouble when they want to access the student loans provided by SunTrust Bank.
- A majority of the online SunTrust student loans reviews acknowledge that SunTrust student loans are relatively better than those provided by other financial institutions are. Most of the reviewers cite competitive and beneficial financial incentives as the main reason why they prefer using SunTrust student loans.
If you wish to take a higher education student loan to bridge the financial gap that you are experiencing, you could consider SunTrust student loans from SunTrust Bank. The bank provides competitive interest rates, numerous incentives, and affordable loan repayment plans that make loan repayment convenient for you. Moreover, the bank’s extended forbearance period is among the longest in the industry. Thank you for reading our SunTrust student loans review. Share your thoughts or questions in the comments below!