AAA Advantage Loan

Financial AAA Advantage Loan
AAA Advantage Loan

AAA Advantage Student Loan

The AAA Advantage Student Loan, funded by SunTrust Bank, is a private student loan that can help pay for college. SunTrust is expanding access to funding, so now even more families can pay for college with a AAA Advantage Student Loan. You worked hard to get into college, let SunTrust help you pay for it. 


Login to your AAA Advantage Student Loan Application, Apply for a AAA Advantage Loan, or to speak with a Customer Service Representative call 1-800-513-1464.

Variable Rate Loan Details

Sign-in To Your Student Loan Account: Login

AAA Advantage Student Loan

Loan Name

Annual Percentage Rate (APR)

Application, Origination or Prepayment Fee

Graduation Reward

Loan Amount

How To Apply

AAA Advantage Student Loan

Variable:  3.751% APR to 12.751% APR1

0% 

3.00%2

- Minimum loan amount: $1,0013
- Annual loan maximum: 
$65,0003

Apply Now

Fixed Rate Loan Details

Sign-in To Your Student Loan Account: Login

AAA Advantage Student Loan

Loan Name

Annual Percentage Rate (APR)

Application, Origination or Prepayment Fee

Graduation Reward

Loan Amount

How To Apply

AAA Advantage Student Loan

Fixed: 5.351% APR to 14.051% APR1

0%

3.00%2

- Minimum loan amount: $1,0013
- Annual loan maximum: $65,0003    

Apply Now

Product Features:

  • Choice of competitive fixed or variable interest rates
  • Multiple repayment terms to choose from: 7, 10 or 15 years4
  • Multiple repayment options available:
    • full deferment5
    • interest only5
    • partial interest4,5
    • immediate repayment5
  • No origination, application or prepayment fees

 

Borrower Benefits:

  • 3.00% principal reduction with proof of graduation for AAA members2
  • Up to 0.50% interest rate reduction for auto pay6
  • 0.25% interest rate reduction for consistently making on-time payments7
  • Cosigner release option available after making 36 on-time payments8

 

In-School Refinance Option:

With this option, the student can refinance existing private student loans9 into a new AAA Advantage Student Loan.

  • Your new loan will give you the flexibility to select a repayment term and repayment option that is right for you now.
  • The process is easy – after approval of the loan request, this option will be presented – just list which private student loans you’d like to refinance.
  • Learn more about the in-school refinance option.

 

Loan Limits:

  • Minimum loan amount: $1,0013
  • Maximum loan amount: lesser of the cost of attendance less aid or $65,0003 with an annual maximum of $65,0003
  • Aggregate student loan limit (total amount of student loan debt allowable): $150,0003

 

Eligibility:

  • The student must be enrolled at least half-time at an approved school in a degree-granting program. To view the approved school list, visit the online application.
  • The student, and, if applicable, the cosigner, must have a good credit history with no student loan defaults or bankruptcies. Students with no credit history, or without a substantial credit history, may qualify with a creditworthy cosigner. Students applying on their own, or cosigners on a cosigned application, must provide proof of income.
  • The student must be the legal age of majority10 at the time of application or at least 17 years of age if applying with a cosigner who meets the age of majority requirements in the cosigner's state of residence.
  • The student must be a U.S. citizen or permanent resident alien, or an international student applying with an eligible cosigner. The cosigner must be a U.S. citizen or permanent resident alien. The AAA Advantage Loan is not available to students or cosigners who are permanent residents of Iowa or Wisconsin.

Click here to see the Application and Solicitation Disclosure

Before applying for a private student loan, AAA Northeast Bank and SunTrust recommend comparing all financial aid alternatives including scholarships, grants, and both federal and private student loans.

1
 Interest rates and APRs (Annual Percentage Rates) depend upon (1) the student’s and cosigner’s (if applicable) credit histories, (2) the repayment option and repayment term selected, (3) the requested loan amount and (4) other information provided on the online loan application. If approved, applicants will be notified of the rate applicable to your loan. Rates and terms are effective for applications received after 5/24/2018. The low APR assumes a 7-year $10,000 loan, with two-disbursements and no deferment. The high APR assumes a 15-year $10,000 loan with two disbursements. The variable interest rate for each calendar month is calculated by adding the current One-month LIBOR index to your margin. LIBOR stands for London Interbank Offered Rate. The One-month LIBOR is published in the "Money Rates" section of the Wall Street Journal (Eastern Edition). The One-month LIBOR index is captured on the 25th day of the immediately preceding calendar month (or if the 25th is not a business day, the next business day thereafter), and is rounded up to the nearest 1/8th of one percent. The current One-month LIBOR index is 2.000% on 5/01/2018. The variable interest rate will increase or decrease if the One-month LIBOR index changes. The fixed rate assigned to a loan will never change except as required by law or if you request and qualify for the auto pay discount or on-time payment benefit.

2The 3% principal reduction is based on the total dollar amount of all disbursements made, excluding any amounts that are reduced, cancelled, or returned. To receive this principal reduction, it must be requested from the servicer, the student borrower must have earned a bachelor’s degree or higher, proof of such graduation (e.g. copy of diploma, final transcript or letter on school letterhead) must be provided to the servicer and proof of the borrower’s or cosigner’s current AAA membership must be provided to the servicer. This reward is available once during the life of the loan, regardless of whether the student borrower receives more than one degree.

3The minimum loan amount is $1,001 with exceptions based on the student’s state of permanent residence, as follows: Alaska: $5,001, Colorado: $3,001, New Mexico: $2,501, Oklahoma: $5,001, Rhode Island: $5,001, South Carolina: $3,601. The maximum annual loan limit to cover in-school expenses for each academic year is determined by the school's cost of attendance, minus other financial aid such as federal student loans, scholarships or grants, up to $65,000. The loan amount must be certified by the school. If you choose the In-School Refinance Option, the maximum amount that you can refinance is $150,000 minus the amount that you are applying for to cover in-school expenses. In any event, the loan amount cannot cause the aggregate maximum student loan debt (which includes all student loans and certain unsecured consumer debt) to exceed $150,000 per applicant (on cosigned applications, separate calculations are performed for the student and cosigner).


4
The 15 year term is only available for loan amounts of $5,000 or more.  Payment examples (all assume a 45-month deferment period, a six month grace period before entering repayment and the Partial Interest Repayment option): 7 year term: $10,000 loan disbursed over two transactions with a 7-year repayment term (84 months), and a 8.468% APR would result in a monthly principal and interest payment of $199.90. 10 year term: $10,000 loan disbursed over two transactions with a 10-year repayment term (120 months) and a 8.938% APR would result in a monthly principal and interest payment of $162.92. 15 year term: $10,000 loan disbursed over two transactions with a 15-year repayment term (180 months) and a 9.423% APR would result in a monthly principal and interest payment of $136.90. 
  

 

5Any applicant who applies for a loan the month of,  the month prior to, or the month after the student’s graduation date, as stated on the application or certified by the school, will only be offered the Immediate Repayment option. The student must be enrolled at least half-time to be eligible for the partial interest, fully deferred and interest only repayment options unless the loan is being used for a past due balance and the student is out of school. With the Full Deferment option, payments may be deferred while the student is enrolled at least half-time at an approved school and during the six month grace period after graduation or dropping below half-time status, but the total initial deferment period, including the grace period, may not exceed 66 months from the first disbursement date The Partial Interest Repayment option (paying $25 per month during in-school deferment) is available on loans of $5,000 or more.  Making interest only or partial interest payments during in-school deferment (including the grace period) will not reduce the principal balance of the loan. See footnote 4 for payment examples. With the Immediate Repayment option, the first payment of principal and interest will be due approximately 30-60 calendar days after the final disbursement date and the minimum monthly payment will be $50.00. There are no prepayment penalties.    


6Earn an interest rate reduction for making automatic payments of principal and interest from a bank account (“auto pay discount”). Earn a 0.25% interest rate reduction when you auto pay from any bank account and an extra 0.25% interest rate reduction when you auto pay from a SunTrust Bank checking, savings, or money market account. The auto pay discount will continue until (1) automatic deduction of payments is stopped (including during any deferment or forbearance) or (2) three automatic deductions are returned for insufficient funds during the life of the loan. The extra 0.25% interest rate reduction when you auto pay from a SunTrust Bank account will be applied after the first automatic payment is successfully deducted and will be removed for the reasons stated above. In the event the auto pay discount is removed, the loan will accrue interest at the rate stated in your Credit Agreement. The auto pay discount is not available when payments are deferred or when the loan is in forbearance, even if payments are being made.

7
The 0.25% interest rate reduction will automatically be applied if either one of the following payment conditions has been met: (a) the first 36 consecutive monthly payments are made on-time (received by the servicer within 10 calendar days after their due date), or (b) an amount equal to the first 36 months of scheduled payments (based on the monthly payment amount in effect when you make the most recent payment) has been paid and is not preceded by any late payments. Payments made prior to the start of your repayment term do not count toward the number of required monthly payments.  As an example, if you have made 30 months of consecutive on-time payments, and then, based on the monthly payment amount in effect on the due date of your 31st consecutive monthly payment, you pay a lump sum equal to 6 months of payments, the reduction will be automatically applied as of your 31st payment.      

8
A cosigner may be released from the loan upon request to the servicer, provided that the student borrower is a U.S. citizen or permanent resident alien, has met credit criteria, and met either one of the following payment conditions: (a) the first 36 consecutive monthly principal and interest payments have been made on-time (received by the servicer within 10 calendar days after their due date) or (b) the loan has not had any late payments and has been prepaid prior to the end of the first 36 months of scheduled principal and interest payments in an amount equal to the first 36 months of scheduled principal and interest payments (based on the monthly payment amount in effect when you make the most recent payment). As an example, if you have made 30 months of consecutive on-time payments, and then, based on the monthly payment amount in effect on the due date of your 31st consecutive monthly payment, you pay a lump sum equal to 6 months of payments, you will have satisfied the payment condition. Cosigner release may not be available if a loan is in forbearance.

9Private student loans that can be refinanced with a new SunTrust private student loan are private student loans and private consolidation loans that the student applicant used for, or used to refinance loans used for, certain postsecondary expenses, not currently in a past due status. Loans that cannot be refinanced into this loan are (1) private student loans for which the student applicant is not the primary borrower, (2) Federal student loans, and (3) student loans made by an educational institution. Loans being refinanced must have been used for “qualified higher education expenses” (defined by the Internal Revenue Code), which consists of expenses included in the Higher Education Act’s definition of “cost of attendance”.

10The legal age for entering into contracts is 18 years of age in every state except Alabama (19 years old), Nebraska (19 years old, only for wards of the state), and Mississippi and Puerto Rico (21 years old).


All advertised rates are current as of the date displayed and are subject to change without notice. All loans are subject to the lender’s receipt and approval of a completed loan application. 

SunTrust Bank, Member FDIC. © 2018 SunTrust Banks, Inc. SUNTRUST is a trademark of SunTrust Banks, Inc. All rights reserved.    

The creditor for this program is SunTrust Bank. Certain restrictions and limitations may apply. SunTrust Bank reserves the right to change or discontinue this AAA Advantage Student Loan program without notice. Availability of 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 AAA Advantage Student Loan to a third party. All borrower benefits set forth in your credit agreement that are not subject to the discretion of SunTrust Bank must be honored by any potential purchaser provided you qualify for such benefits.