SunTrust Banks (STI) in Atlanta will offer a new loan program that allows borrowers to refinance their existing private student loans.

The SunTrust Bank Private Student Loan Consolidation Program gives approved borrowers the choice of a fixed- or variable-interest rate in addition to several repayment terms, according to First Marblehead (FMD), a third-party administrator of student lending activities for SunTrust. The program will begin accepting applications in early August.

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