Cover College-Related Expenses At Zero Interest (0% APR) for the First 6 Months1
Introducing a student loan with a 0% introductory APR for the first six months.1 With a Start Student Loan, funded by SunTrust Bank, make no payments while in school2 and use it to cover your tuition, food, housing, books, lab fees and other school-related expenses.
Get the same 0% introductory APR1 offer on refinanced existing private student loan balances3
Make no payments while you're in school2
After the introductory period, Variable APR Range5: 5.984% - 10.560%, Fixed APR Range5: 6.427% - 10.971%
Before applying for a private student loan, SunTrust recommends comparing all financial aid alternatives including grants, scholarships, and both federal and private student loans. View and compare the available features of SunTrust private student loans.
Start Student Loan is a trademark of Cognition Financial Corporation used by SunTrust Bank under license. The Start Student Loan is funded by SunTrust Bank and is not offered in connection with any other lender or the federal government.
Cognition Financial Corporation is not an affiliate of SunTrust Bank.
Certain restrictions and limitations may apply. SunTrust Bank reserves the right to change or discontinue this Start Student Loan program without notice. This loan program is subject to approval under the SunTrust credit policy and other criteria and may not be available in certain jurisdictions.
SunTrust Bank may sell your Start Student Loan to a third party. All borrower benefits set forth in your credit agreement that are not subject to the discretion of SunTrust Bank must be honored by any potential purchaser provided you qualify for such benefits.
1. This loan has a 0% introductory APR, meaning that the loan will not accrue interest during the introductory period. The Introductory Period will begin on the first disbursement date of the loan and end on that date which is six (6) months from the first disbursement date. By way of example only, if the first disbursement date is January 15, the introductory period will end on July 15. The first disbursement date means the date on which loan funds are first transmitted on the student’s behalf.
2. Principal and interest payments are deferred while the student is enrolled at least half-time at an approved school and during the six-month grace period after graduation or dropping below half-time status, but the total initial deferment period, including the grace period, may not exceed 66 months from the first disbursement date. Any accrued and unpaid interest after the first six months following the first disbursement will be capitalized (added to the unpaid principal loan balance) when repayment of principal and interest begins. There are no prepayment penalties. Making payments during in-school deferment (including the grace period) will not reduce the principal balance of the loan.
3. Private student loans that can be refinanced with a new SunTrust private student loan are private student loans and private consolidation loans that the student applicant used for, or used to refinance loans used for, certain postsecondary expenses, not currently past due. Loans that cannot be refinanced into this loan are (1) private student loans for which the student applicant is not the primary borrower, (2) Federal student loans, and (3) student loans made by an educational institution. Loans being refinanced must have been used for “qualified higher education expenses” (defined by the Internal Revenue Code), which consists of expenses included in the Higher Education Act’s definition of “cost of attendance”.
4. Earn an interest rate reduction for making automatic payments of principal and interest from a bank account (“auto pay discount”) by completing the necessary direct debit form provided by the Servicer. Earn a 0.25% interest rate reduction when you auto pay from any bank account and an extra 0.25% interest rate reduction when you auto pay from a SunTrust Bank checking, savings, or money market account. The auto pay discount will be applied after the Servicer validates your bank account information and will continue until (1) three automatic deductions are returned for insufficient funds during the life of the loan (after which the discount cannot be reinstated) or (2) automatic deduction of payments is stopped (including during any deferment or forbearance, even if payments are made). In addition, the extra 0.25% interest rate reduction for auto pay from a SunTrust Bank checking, savings or money market account will be discontinued if automatic payments are no longer made from one of the aforementioned SunTrust Bank accounts. In the event the auto pay discount is discontinued, the loan will accrue interest at the rate stated in your Credit Agreement.
5. Interest rates and APRs (Annual Percentage Rates) depend upon (1) the student’s and cosigner’s (if applicable) credit histories, (2) the requested loan amount and (3) other information provided on the online loan application. If approved, applicants will be notified of the rate applicable to your loan. Rates and terms are effective for applications received after 8/6/19. The APRs assume a 0% introductory rate for six months from the first disbursement date, a 15-year $10,000 loan, with two-disbursements and full deferment. See footnote 1 for details on the 0% introductory period. The variable rate for each calendar month except during the 0% introductory period is calculated by adding the current index (One-month LIBOR index) to your margin. LIBOR stands for London Interbank Offered Rate. The One-month LIBOR is published in the “Money Rates” section of the Wall Street Journal (Eastern Edition). The One-month LIBOR index is captured on the 25th day of the immediately preceding calendar month (or if the 25th is not a business day, the next business day thereafter), and is rounded up to the nearest 1/8th of one percent. The current One-month LIBOR index is 2.375% on 8/1/19. The variable interest rate will increase or decrease if the One-month LIBOR index changes or if a new index is chosen. The applicable index or margin for variable rate loans may change over time and result in a different APR than shown. The fixed rate assigned to a loan after the 0% introductory period will never change except as required by law or if you request and qualify for the auto pay discount.