Borrower Benefits for 2006/2007
At SunTrust, financial aid means much more than a loan.
We want to help keep college affordable. That's why we offer money-saving borrower benefits designed specifically for borrowers with Federal Stafford and PLUS loans.
SunTrust Stafford loans qualify for the following benefits:
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ZERO fee Stafford Loan - SunTrust pays the 3% origination fee for loans guaranteed after April 1, 2006*
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0.25% interest rate reduction for payments electronically paid from a personal bank account
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3.33% principal reduction after the first 30 consecutive, on-time payments when the borrower is signed up for electronic statements
Be sure to check out our PLUS loan benefits:
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3% interest credit after the loan enters repayment, applied 210 days after the PLUS loan is fully disbursed
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0.25% interest rate reduction when monthly payments are automatically debited from a personal checking or savings account
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3.33% reduction of your original principal loan balance after making 30 initial, on-time payments**
- PLUS parent borrowers can request that their loan payments be postponed for up to four years while their student is enrolled in school at least half-time***
* For residents of or students attending school in Florida and Georgia, SunTrust will pay
the 3% origination fee on behalf of Stafford loan borrowers. Guarantors reserve the
right to charge up to a 1% Federal default fee.
** Must be signed up to receive electronic correspondence with a valid email address.
*** During any period of forbearance, interest will accrue and be capitalized (added to the
loan balance) at the end of the forbearance period.
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