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 expenses until after graduation, or save money by starting loan repayment during school.
In order to be eligible, borrowers must meet these requirements:
- Must be enrolled at least half-time at an eligible school.
- Must be a U.S. citizen or permanent resident or have a cosigner who is (if applicable, please be sure to provide necessary documentation).
- You must be the legal age of majority or at least 17 years of age with a cosigner who is legal age of majority.*
- Your permanent residence is NOT in Illinois, Iowa, Texas, Washington, or Wisconsin. (Permanent residents of Illinois are restricted from cosigning for an Academic Answer loan as well).
- Many borrowers will need a cosigner. Borrowers without a cosigner must have at least 30 months of established credit history.
When to consider a cosigner
If you are concerned about being approved for a private loan, or you don't have 30 months of credit history, you might want to consider strengthening your chances by adding a cosigner.
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
- Exclusive SunTrust Graduation Reward — $300 principal reduction on every SunTrust Academic Answer loan upon graduation1
- No Upfront 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) + 3.00%, currently a 3.50% interest rate and 3.46% APR4
- Borrow up to the cost of education minus financial aid received
- Defer payments until after graduation5
Talk to one of our SunTrust representatives at 866.763.6350 to learn more about the Academic Answer private student loan or get started now by applying online.
Please note that SunTrust recommends you consider all aid alternatives including grants, scholarships, and federal loans (Stafford, PLUS and Grad PLUS), prior to applying for private student loans, such as the Academic Answer Loan.
* The legal age for entering into contracts is 18 years of age in every state except Alabama and Nebraska (19 years old), and Mississippi and
Puerto Rico (21 years old).
1Proof of graduation is required.
2A Repayment Finance Charge may apply based on your or your cosigner's credit history.
3The 0.25% rate reduction is available to borrowers who arrange with their servicer to automatically deduct monthly payments from their personal bank account. Savings programs are effective for all loans disbursed on or after October 13, 2006.
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 0.50% on 1/1/09. This APR example assumes a $10,000 undergraduate, 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 25 year repayment term with no Repayment Finance Charge, and a 3.00% margin. Margins can range from 2.50% to 11.50% (depending whether you are an undergraduate or graduate, if the loan is co-signed and upon your or your cosigner's credit history) and Repayment Finance Charges can range from 0% to 6.0% (depending upon your or your cosigner's credit history).
5Interest 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