Does Bank of America Offer Student Loans-story

Does Bank of America Offer Student Loans?

Before borrowing any personal student loan, exhaust your federal choices first by finishing the Free Application for Federal Student Aid, or FAFSA.

If you want a non-public student loan to fill a remaining tuition hole, evaluate a number of personal lenders’ provides to get the bottom rate of interest attainable.

Does Bank of America nonetheless do student loans?

Bank of America ended its personal student loan program in 2008. Federal student loans from Bank of America had been accessible till the Federal Family Education Loan program stopped in 2010.

Federal loans now come solely from the federal government. Some nationwide banks — together with Citizens Bank and Wells Fargo — nonetheless have personal student loan packages, whereas others equivalent to JP Morgan Chase, Capital One and U.S. Bank don’t. Community banks and credit unions may provide personal training loans.

Borrowing a non-public student loan from a bank or credit union could also be a sensible choice when you’ve got an current relationship with that monetary establishment. These lenders might low cost rates of interest should you’re already a buyer; Citizens Bank will cut back your charge by 0.25 share factors, for instance.

How to refinance Bank of America student loans

To qualify with any refinance lender, you’ll sometimes want:

  • Good credit — a FICO rating in not less than the excessive 600s.

  • To meet extra necessities, like having graduated from faculty.

Compare refinancing loans from banks and credit unions

Citizens One Student Loan Refinance
Wells Fargo Student Loan Refinance
PenFed Student Loan Refinance
NerdWallet score 
NerdWallet score 
NerdWallet score 
Check Rate See my charges Check Rate
Min. Credit Score

Does not disclose

Min. Credit Score

Does not disclose

If you’ve gotten a non-public student loan from Bank of America, there’s little draw back to refinancing — offered you will get a decrease rate of interest and received’t pay extra by extending your reimbursement time period.

If your Bank of America loans had been federal loans, you’ve gotten extra choices:

  • You can nonetheless refinance federal Bank of America student loans. You can refinance solely with a non-public lender. This will price you federal advantages, however refinancing could make sense in case your objective is to lower your loan’s rate of interest and get monetary savings total.

  • But you may also consolidate federal student loans from Bank of America. Consolidation received’t decrease your rate of interest or prevent cash, however it could possibly qualify your current federal loans for added reimbursement plans and packages, equivalent to Public Service Loan Forgiveness. It may also prolong your reimbursement time period.

Bank of America started promoting off its federal student loan portfolio in 2015. Those loans now have a unique loan holder. Access your studentaid.gov account for an inventory of your present federal loans.

READ:   7 Important Things You Need to Know

Leave a Reply

Your email address will not be published. Required fields are marked *