Bank of America Student Loans

Bank of America Student Loans

If you’re looking to finance your education, you might be considering student loans. But did you know that student loans aren’t just for students? If you’re a parent or guardian or even a family member of a student, you may be eligible for special student loan benefits. Learn all about the benefits of Bank of America student loans below.

Bank of America offers student loans to students in the United States, Canada and select European countries. If you are a high school, college or university student, you can apply for a student loan with Bank of America even if you have no credit history. Conclusion: If you have been reading this series (I hope so), you have seen the importance of using a blog’s meta information and writing your blog intro in a way that congruently describes and connects with your audience. Article #6: The Title of the Blog Post

One of the largest banks in the world, Bank of America, was once the king of student loans. That has changed over time. Do you have any Bank of America student loans that have changed lenders over time? If so, let’s take a look at what happened to Bank of America’s student loans, what alternatives are out there, and how you can take control of your student loans.

Bank of America Student Loan History

Bank of America (BofA) was once heavily involved in student loans. Its private student loans, such as the CampusEdge student loan and the Education Maximizer loan, have been heavily promoted to students. In 2007, the company was the third largest student loan lender in the United States, with $900 million in private student loans,

However, Bank of America stopped offering private student loans to its customers in 2008. According to former board member Sandra Dunleavy, Bank of America is focusing its student loan strategy on the federal student loan program and will phase out private loan products next academic year.

This new strategy included collaboration with the Department of Education on federal loans, such as Stafford loans, Parent PLUS loans, and the Federal Family Education Loan Program (FFELP). But in 2017, BofA also moved away from this strategy. It sold more than $3.9 billion in student loans, most of which were FFEL loans. BofA is officially out of the student loan business.

Bank of America no longer offers student loan products

Bank of America has nothing to do with student loans at this time. It no longer makes loans or accepts new applications for student loans.

If you had BofA student loans, you should have received information about the new lender and the new services. If for some reason you don’t know who owns your credit, you can find that information on your credit report. You can get a free credit report at AnnualCreditReport.com.

Other creditors against payment

Now that Bank of America no longer offers student loans, you may be looking for other loan options. Make sure you’ve exhausted all federal options for student aid before turning to private loans. To apply for financial aid, use the Free Application for Federal Student Aid (FAFSA®).

Private loans are a great way to pay for education if government aid doesn’t cover all your costs. There are many lenders who may have different rates, terms and requirements for applicants. Therefore, it is important that you take the time to compare them all to find the best one for you. Here are some online lenders that are good alternatives to Bank of America student loans:

Common Bond

Common Bond is known for its refinancing, but also offers several options for private student loans. Common Bond offers low rates for qualified borrowers. There are no application or early repayment fees, but some of their graduate loans for certain professions have a 2% origination fee. Some Common Bond loans allow you to waive collateral.

College Avenue

College Ave has private student loan options for almost everyone. The interest rate is low for eligible borrowers, and the interest rate is reduced by 0.25% if you choose the automatic payment option. College Ave loans have no application, disbursement or early repayment fees.

LendKey

LendKey is not your typical lender. The company provides private loans to students and graduates and acts as an intermediary between lenders, credit unions and community banks. Most loans require a co-borrower. LendKey offers low rates and a 0.25% fee reduction by opting for automatic payment.

Reliable

Credible is a student loan marketplace where you can compare multiple private lenders. Research student loans for undergraduate and graduate students to find the best rates. The big advantage is that you only have to submit one application, and not separately to different lenders. Go to the Credible website, fill out your personal and financial information, and see what loan options are available to you.

Make sure you have exhausted all government loan options before considering private student loans. For more help, search our full list of private lenders for 2019.

Ask me about your student loans

Bank of America refinancing of student loan

If you are still paying off your student loan with Bank of America, you can save money on refinancing. This is especially true if you had private student loans from BofA. It is unclear whether borrowers who have made federal loans with Bank of America (e.g., FFEL loans) are eligible for consolidated federal loans.

If you have an excellent credit score or use a guarantor with excellent credit, you may be able to get a better interest rate and/or a lower monthly payment than your current loan. Refinancing can save thousands of dollars in interest payments over the life of the loan.

If you refinance federal loans previously administered by BofA, your federal loans become private loans. They lose access to government protections such as income-contingent repayment schemes, loan forgiveness and deferred payments. Make sure you don’t have to qualify for any of these programs before you decide to refinance a private loan. Here are three of the best lenders you should consider for a refinance.

Ernest

In addition to attractive interest rates, Earnest offers significant payment flexibility on its refinancing loans. Borrowers can choose from 180 different loan terms, ranging from five to 20 years. You cannot skip payments more than once every 12 months. However, it should be noted that it is not currently possible to apply with a co-borrower to refinance an Earnest student loan. Get a bonus of up to $1,000 when you use our Earnest link.

Laurel road

Laurel Road may be of interest to any student loan borrower, but specializes in the refinancing of medical student loans. Medical school graduates who refinance a loan at Laurel Road can pay only $100 during their residency, and AMA members receive a 0.25% discount on the interest rate. Laurel Road will automatically apply the best of these discounts or our total bonus of $1250 when you sign up through our link.

Financing of education loans (ELFI)

ELFI has made a name for itself in the student loan refinancing industry by focusing on quality customer service. The rates are also generally very reasonable, and the 0.25% discount for automatic payments is already included in the offers. You can add a co-debtor to your ELFI application, but note that the program does not offer a co-debtor exemption. Receive a bonus of up to $1,275 when you use our ELFI link to see if you qualify to refinance your student loans through them.

A plan for a student loan

Refinance your student loan and receive a bonus in 2021.

BONUS of $1,000 for 100,000 or more. 200 for 50,000 to 99,999¹.

VISIT EARNEST
variable 1.99% – 5.64% APR1
fixed 2.98% – 5.79% APR1

1,250 BONUS2 For 250k+, tiered bonus from 300 to 500 for 50k-250k.2

1,275 BONUS3 For 150,000 and above. Multi-level bonus from 300 to 575 for 50k to 149k.3

VISIT ELFI
variable 2.39% – 6.01% APR3
fixed 2.79% – 5.99% APR3

1,000 BONUS4 for $100,000 or more. 200 for $50,000 to $99,9994.

VISIT SOFI
variable 2.25% – 6.43% APR4
fixed 2.99% – 6.88% APR4

1,050 BONUS5For 100k+. 300 bonus for 50k to 99k.5

1,250 BONUS6 for 100k+ or $350 for 5k to 100k.6

1,250 BONUS7 For $150,000 or more. Multi-level bonus from 100 to 400 for 25k to 149k.7

VISIT LENDKEY
variable 1.91% – 7.69% APR7
fixed 2.95% – 8.49% APR7

Not sure what to do with your student loan?

Take our 11-question quiz to get personalized advice on PSLF, IDR, or refinancing (including information on which lender we think can offer the best interest rate).

Do our questionnaire.

1Earnest: $1,000 for $100,000 or more, $200 for $50,000 to $99,999.99. For Earnest, if you refinance $100,000 or more through this site, $500 of the $1,000 cash bonus will be provided directly by Student Loan Planner. In the above price range, an additional discount of 0.25% is included for automatic payment Information on income.

2Laurierweg: If you refinance over $250,000 through our link and Student Loan Planner receives the loan, a $500 cash bonus will be paid directly to Student Loan Planner. If you are a member of a professional association, Laurel Road can offer you the choice of a reduced interest rate or the $300, $500 or $750 cash bonus mentioned above. The Laurel Road proposals cannot be combined. The above price range includes an additional 0.25% discount for automatic payment. Laurel Road Disclosure.

3Fairy If you refinance over $150,000 through this website, $500 of the above cash incentives will be provided directly by Student Loan Planner. Uncover Alfie.

4Sofi: If you refinance $100,000 or more through this website, $500 of the $1,000 cash bonus will be provided directly by Student Loan Planner. The above price range includes an additional 0.25% discount for automatic payment.

5Ordinary liabilities Disclosure: If you refinance over $100,000 through this website, $500 of the above cash bonuses will be provided directly by Student Loan Planner. General Bond Disclosure.

6Valid: If you refinance over $100,000 through this website, $500 of the above cash bonuses will be provided directly by Student Loan Planner. Reliable dissemination of information.

7LendKey : If you refinance over $150,000 through this website, $500 of the above cash incentives will be provided directly by Student Loan Planner. The above price range includes an additional 0.25% discount for automatic payment.

This source has been very much helpful in doing our research. Read more about federal student loans and let us know what you think.

Frequently Asked Questions

Can I get a student loan from Bank of America?

There are many kinds of Bank of America student loans, each with a different purpose. The most common types of student loans that people take out are Federal Direct Loans and Federal Family Education Loans. The Loan Consolidation program allows borrowers consolidate loans from multiple institutions, and may save money in the long run. And the Personal Loan for College can help pay for any expenses that don’t qualify for the other loans.

Student loans have long been a contentious issue in the U.S., with many students arguing that they should be free or nearly free, while others argue that they should be as expensive as credit card debt. The truth is the answer isn’t all that simple. Student loans are a necessity for many students, since many of the school districts in the U.S. have money problems, and they can’t afford to keep funding free or nearly free education for all of their students.

Which bank is the best for student loans?

Whether you are in high school or college, getting student loans is the best way to pay for your education, which is why so many people are applying for them. But with so many student loan companies out there, it can be difficult to find the right one for you. With all the choices out there, you may not know where to begin. That’s why we created our blog so that you can learn all you need to know about student loans—including how to get them, how to manage them, and how to make the best decision for you. If you’re a student, you likely have a lot of issues on your mind.

Making sure you pass your classes (and get good grades), paying for school, taking care of your personal life – it’s a lot to deal with. One thing that many aren’t aware of is the importance of choosing a bank that’s right for your student loans. There are many options available for those receiving student loans, but all banks don’t offer the same services and rates. You may think your bank is best because you can go there to open a checking account and get a free t-shirt, but you may be missing out on better deals.

What banks have student loans?

A student loan is a type of loan designed specifically for people who want to pay for their education. Student loans can be used for tuition, room and board and other education-related costs. Although the application process is similar to that of a mortgage or car loan, your credit history will not affect your ability to get the loan. Your school or university generally will be your lender, and the terms of the loan will be laid out in a promissory note.  There are two types of student loans: federal student loans and private student loans.

Federal student loans are funded by the government and administered by the U.S. Department of Education. Private student loans are not funded by the federal government, but they are regulated by the U Many banks offer student loans, but finding the right one can be tricky. Do you need a few thousand dollars for a car or to move out of your parents’ house? Or are you already in school and looking for a loan to cover next semester’s tuition? Each type of loan comes with its own benefits and drawbacks, so it’s important to understand the basics before signing on the dotted line.

 

About the Author: Prateek

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