student loans offered by bank of america

Types of Student Loans Offered by Bank of America — Explore College Financial Aid Options

student loans offered by bank of america

Types of Student Loans Offered by Bank of America

Student loans are an immensely fashionable class of loans that are supplied by lending establishments. One such premier supplier of student loan packages is Bank of America. It presents enticing choices to students to additional their training and obtain their objectives. Here are some sorts of student loans supplied by Bank of America:

CampusOne Student Loans – This class of student loan supplied by Bank of America is a federal loan. Federal loans are of many varieties such because the Stafford Loan, the PLUS loan, the Graduate PLUS loan and the Consolidation Loan. All these loans supplied by Bank of America are linked to the federal government. From the student’s perspective, which means the loan is assured and is both sponsored or has a hard and fast fee. It is the Consolidation loan which normally prices the fastened rate of interest as determined by the federal government.

Private Student Loans – These are autonomous loans with no federal linkages. Though much like regular bank loans, they differ in sure respects as effectively. There are several types of non-public student loans you could get from Bank of America relying on whether or not they’re licensed by the varsity or instructional institute.

In case the loan is licensed by the varsity, Bank of America presents two sorts of non-public student loans. One is the Bank of America Private Loan which might be availed by each undergraduate and graduate students. The better part about this loan is that it prices a minimal month-to-month installment and presents versatile reimbursement schemes.

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The different school-certified student loan supplied by Bank of America known as the Bank of America TERI (The Educational Resources Institute) Loan. This is offered to all students with minimal requirement of being enrolled in a program on a part-time foundation. The granting of those loans is contingent on the student’s means to repay the loan. So be certain that your credit historical past is powerful in case you are planning to use for the TERI Loan.

Non-Certified Loans – Bank of America additionally presents loans which needn’t be licensed by the tutorial establishment the place you’re planning to check. Two such loans are the CampusEdge Student Loan and the Education Maximizer Loan. These loans are sometimes availed by students, along with the federal loan and support, to pay their supplementary bills reminiscent of books, lodging and meals.  Both loans have straightforward phrases and circumstances. For instance, you may borrow a most of $40,000 a yr below the Education Maximizer Loan and have the choice to defer reimbursement until your commencement.