Personal Finance

SunTrust Suspends Private Student Loan Program

In-school repayment options:

  • In-school deferment: You won’t make payments while enrolled at least half-time in an approved school; payments start six months after leaving school.

  • Immediate repayment: Payment of principal and interest begins 30 to 60 days after the final disbursement. The minimum monthly payment is $50. There is no grace period.

  • Interest-only: Pay interest-only while enrolled at least half-time at an approved school. Combined interest and principal payments begin six months after you leave school.

  • Partial interest: A payment of $25 per month is available on loans of $5,000 or more while borrowers are enrolled at least half-time at an approved school. Payments covering full interest and principal begin after the six-month grace period ends.

Post-school repayment options

  • Grace period: 6 months

  • Forbearance: Borrowers experiencing a financial hardship may receive forbearance for up to 12 months, in three-month increments. Interest will accrue during this time.

  • Additional deferment: Borrowers having problems making payments may be eligible for up to 36 months of interest-only payments. This must be made at the borrower’s request.

  • Academic deferment: Yes, up to 48 months of additional deferment for re-enrollment.

  • Military deferment: Yes, up to 36 months if the student borrower and/or co-signer is unable to repay the loan while deployed on active-duty status in the armed forces of the United States.

  • Co-signer release available: Yes, after 36 on-time principal and interest payments.

  • Death or disability discharge available: Yes, in the event the student borrower dies or becomes permanently disabled, the loan can be forgiven with proper documentation and the cosigner won’t be responsible for repayment.

Repayment preferences

  • Allows greater-than-minimum payments via autopay: Yes.

  • Allows biweekly payments via autopay: No.

This article originally appeared on NerdWallet