Types of Student Loans Available for American Students: 2019

Types of Student Loans Available for American Students
Types of Student Loans Available for American Students

The tuition fee of any esteemed college is considerably high as compared to average institutions and other complementary spending such as living in a dorm can be too much to bear all at once. Below in this article, we will cover the Types of Student Loans Available for American Students: 2019.

Education loans work as a panacea for every bright student who at the given moment can’t afford to pay for his college studies. Such loans can be paid off even after the student has graduated and has started to make his earnings. Applying for an education loan is a hassle-free task, and a credible financier always keeps things simple and smooth. The most trusted brand in the financial market has been SunTrust because they have always lived up to their exceptional standards. The American bank holding company had $199 billion worth of assets by the end of March 31, 2018.

The Atlanta based company also offers education loans, and American students have chosen them as their first preference, always. After completing only a few mandatory formalities, you can pursue your dream course at your dream college.

Let’s understand today how education loans work in America through the mechanisms and workings of SunTrust.

Requirements for Student or Education Loan Applications

  • Don’t fill out the application form before confirming with your financier if the educational institution you are going to is approved or not under their list.
  • To apply legally, you should be a citizen of the United States, or you should be living in the country with the status of a permanent resident.

Other possible information needed will be asked by the officials of the SunTrust.

By analyzing all the asked documents and information, the lender will make his decision whether if you are a qualified borrower as per their requirements.

Types of Student and Education Loans that you as a Student can apply for:

There are three types of such loans available, and the SunTrust offers all of them. Provision for refinancing the loans are taken care of with different rules and that shall be discussed as well.

MBA and Other Graduate Business Courses Student Loans

There are specific business-related courses, especially MBA that are too costly for most of the American students to bear. And such is not just the case only in this country but in many others. Business-oriented courses do have a decent return on investment and due to this college fee are also expensive.

At any given day it is highly recommendable in such a situation to try for acquiring federal aid because it’s free money. But you also shouldn’t ignore the fact that federal funding won’t be able to cover all your expenses. A SunTrust loan of this type can be repaid in either on a 7 or a 10 year term period.

Union Federal Student Private Loan

This one is the most suitable student loan option for all the students who is willing to pursue undergraduate and graduate courses. Such a loan has the potential of covering almost every single aspect of your college expenses, even including the books.

The repaying term period is quite flexible: 7, 10, and 15 years.

Custom Choice Student Loan

This student loan is quite similar to that of the previously mentioned one. A custom choice loan can also cover your tuition fee along with the other expenses of room, board, and many others.

The loan can be repaid within the term periods of either 7, 10, or 15 years.

In-School Refinance

Even if you already have a loan from another lender to pay off, you can still apply for any of the three above mentioned education loans, and SunTrust wouldn’t mind financing it. Applying before graduation can help you with the reduced principal rates.