Better alternative to a private student loan
If you're considering a private student loan to help with college expenses, stop. Here's what to do instead.
Access Your Loan Information. SunTrust Bank reserves the right to change or discontinue this Custom Choice 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 Custom Choice Loan to a third party.
Alternative student loans are a good source of funds for college but they come with higher interest rates and much more stringent terms and repayment policies. Alternative loans should be your last stop on the road to funding your college education.
Private Alternative Loans Private Alternative Loans Students who need additional funds beyond what they qualify for under the Federal Direct Loan programs or who are not eligible for federal loans may wish to apply through the alternative loan programs. Each lender has different eligibility requirements, interest rates and repayment terms.
Alternative Loan. An alternative student loan (also referred to as a private student loan) is not a federal student loan, but one through a private bank or other lending institution. In some cases, alternative loans have interest rates, repayment terms, and deferment options that are less favorable than those of the Direct Loan Programs.
How to apply for an alternative loan Students will need to apply directly with the lender of their choice. Most students will be required to have someone co-sign the loan application. Interest rates for loans are determined by the lender and are based on the student's... You may choose any lender ...