Hypothetical Or Past Performance
Hypothetical or simulated performance results have inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are designed with the benefit of hindsight. Past performance is not indicative of future results no representation is being made that any account will or is likely to achieve profits or losses similar to those shown.
A Full Service Student Financial Center
Bank of Americas Student Banking division is focused on addressing the needs of cash-starved college students who are pulling together higher education financing. Most modern students draw from several sources to assemble college funding, so private financial aid alternatives fill valuable roles for a large percentage of college students.
Scholarships and grants provide preferred aid because these forms of financial assistance do not require repayment, but loans are used to cover costs that exceed gift-aid awards. As students transition from high school into higher education roles, they face unusual financial circumstances. Emancipated on one hand, but generally without lengthy credit histories. Bank of America responds with a number of unique products, tailored to college-aged consumers.
Alternative Options To A Bank Of America Student Loan
Before you take out private student loans, its important to max out your federal student aid. The first step in doing this is filing the FAFSA®. The FAFSA is free and can be filed online. Filing the FAFSA is the only way to be eligible to receive federal student loans and grants. Once you file the FAFSA you will see what subsidized and unsubsidized loans, and well as grants you qualify for.
Once youve filed the FAFSA and determined your outstanding need, its a good time to look at private student loan lenders to help fill the financial gap. Here are some things to consider.
- Interest Rates: Private student loans come with competitive interest rates. For those with good credit, the rate may even be lower than that of federal student loans. Most lenders will offer the option of fixed or variable interest rates.
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How To Apply For Student Loan Refinancing
Most banks that offer student loan refinancing provide an online application process. If you have a co-signer, they can also apply online, and you can typically get a decision quickly.
To speed up the process, make sure you have the following information on hand:
- Your Social Security number
- Recent loan statement from each loan servicer
Repaying Federal And Private Student Loans
- Federal student loans: Following a six-month grace period, you generally begin to make payments.
- Private student loans: Youll generally have a six-month grace period. If you elected to make in-school fixed or interest payments with our , youll continue to make those payments during your grace period. After that, youll begin to make principal and interest payments.
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Content And Service Availability
Bank of America or its Affiliates may make changes to the Sites and reserves the right to do so without prior notice to you. Client acknowledges that not all products and services listed or discussed in the Sites are available in all geographic areas. Your eligibility for particular products and services is subject to final determination and acceptance by Bank of America or its Affiliates.
Can I Consolidate My Federal Student Loans From Bank Of America
Bank of America doesnt issue federal student loans anymore. Still, borrowers with FFEL loans from Bank of America or another lender can take advantage of Direct Consolidation Loans to combine multiple federal loans into one.
You dont need good credit to qualify for a Direct Consolidation Loan, but you may not receive a lower interest rate either. Instead, youll receive a fixed rate thats the weighted average of your current loans rates, rounded up to the nearest one-eighth of 1%.
With only a single monthly payment to remember, federal student loan consolidation can make managing your student loan debt easier without sacrificing access to federal repayment options and forgiveness programs.
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Bank Of America Student Loans: Refinancing And Alternatives
August 29, 2022 by Covenant
Considering how expensive it is to pay for college, you may be discouraged from furthering your education after high school. But thanks to Student Loans, you can now take loans to support your tuition and fees with less stress.
As a college student, if your school approves your student loans, you are free to choose your own lender as part of your federal financial aid package. Bank of America can be a perfect choice here.
Officially, Bank of America started student loans and they handle most popular federal loans such as Safford Loans, PLUS , Graduate Student PLUS, and Federal Consolidation Loans. So, as a freshman, you should be able to take and refinance your loan from Bank of America.
The question now is, Does Bank of America Still Offers Student Loans? The next section of this article will explain whether Bank of America still gives out their loans to students.
For easy navigation, you can check out the table of content below:
Enhance Cash Flows And Efficiency
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View, analyze and manage your financial information through one integrated online banking channel.
Make faster, easier payments through the convenience of mobile technology. Delivering quick payments that can eliminate paper checks, create efficiencies and save money.
Payments and merchant services
Access the guidance and capabilities of one of the worlds largest payments processors to collect and disburse funds with greater efficiency, flexibility, speed and control, as well as streamline a broad range of payments.
Get automated payments and easier and faster access to consolidated global data with commercial card technologies, helping you reduce costs, increase working capital and improve process efficiencies.
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Refinance Bank Of America Student Loans
Regardless of who now services your loans, you may want to look into student loan refinancing which allows you to choose your preferred lender and combine all your student loans in one place. When you refinance, your new lender will pay off the outstanding balances of any loans you include , resulting in one new loan with new terms.
Through this process you may be able to lower your interest rate and lower your monthly payments by increasing your repayment term. .
Editorial Selection: Best For No Cosigners
- 4 free months of Chegg®
- Shortest cosigner release period available
- Loans for undergraduates, graduates, and career training
Sallie Mae is one of the largest private student loan companies around. They offer undergraduate, graduate, and non-degree seeking loans. You can apply for a loan with Sallie Mae and hear back within 10 minutes.
Sallie Maes Multi-Year Advantage means 90% of students will qualify for subsequent funding when they apply again with Sallie Mae.
- Fixed rates : Between 3.75% and 13.72% APR
- Variable rates : Between 2.00% and 12.35% APR
- Loan amounts: $1,000 toup to 100% of school-certified costs
- Repayment Terms: 5 15 years
- In-school repayment options: Interest-only payments, $25 payments, and deferred payments
- Grace Period: 6 months
- Cosigner Release: After 12 on-time payments and if you meet credit requirements
- Unique benefits: Users get 4 months of online tutoring service Chegg for free
What makes Sallie Mae a good alternative
Sallie Mae has one of the easiest cosigner release programs, and borrowers only have to make 12 on-time payments before having the cosigner removed from the loan. Also, borrowers have access to various repayment options and a six-month grace period.
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Sign Your New Loan Documents
Once your lender approves your new loan, youll sign your loan documents. But dont stop making payments on your old loans just yet, since it may take the lender a few weeks to process your new loan. Avoid late fees and negative credit marks on your credit report by making payments on your old loan until the account is closed for good.
See More:What is your Debt-to-Income Ratio? How to calculate DTI
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We believe everyone should be able to make financial decisions with confidence. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free.
So how do we make money? Our partners compensate us. This may influence which products we review and write about , but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services.Here is a list of our partners.
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What If I Already Have A Bank Of America Student Loan
If you have a Bank of America student loan, it might have been sold off to a new provider. You can find out who that is by checking your credit report at www.annualcreditreport.com. If you had an FFEL loan with Bank of America, you can find your new servicer through the National Student Loan Data System.
If you want to change providers, you can refinance your Bank of America student loan with a new lender. Refinancing can save you money if you find a lower interest rate with a different company. Just know that you can only refinance with a private lender, so federal student loans that are refinanced will lose their federal benefits.
Sallie Mae Smart Option Student Loan For Undergraduates And The Sallie Mae Graduate School Loan Details
|Variable Interest Rate||
Initial rates range from 3.25% to 13.59% APR for undergraduate loans, and 3.75% to 13.38% APR for the Graduate School Loan. 1
Lowest rates shown include the auto debit discount.2
The Smart Option Student Loan is now also available to students at participating non-degree granting schools for professional training and trade certificate courses .
|Fixed Interest Rate||
Range from 3.75% – 13.72% APR for undergraduate loans, and 4.25% – 12.92% APR for the Graduate School Loan. 1
Lowest rates shown include the auto debit discount. 2
|Collateral Requirements||Must be attending a degree-granting institution. Applying with a cosigner may help your chances of getting approved. Cosigning doesnt need to be a lifelong commitment. You may apply to release your cosigner from the loan after you graduate, make 12 on-time principal and interest payments and meet certain credit requirements. Releasing the cosigner will not adversely impact the rate on your loan. 3|
Regions and Sallie Mae encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.
Sallie Mae Smart Option Student Loan® and Sallie Mae Graduate Student Loan Details
For Borrowers Attending Degree-Granting Institutions
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Does Bank Of America Offer Any Similar Loans
It does offer one option that your family can use to help pay for school if they own a home: a home equity line of credit . This lets parents borrow up to the amount they own in their home. Since your home is collateral, they can often get low rates similar to what student loan providers might offer.
Come from a family that rents? Youre out of luck. Bank of America does not offer personal loans, which could have been another option. You can, however, sign up for a student credit card, which can help you build your credit history and qualify for competitive student loan refinancing rates if you use it responsibly.
Do You Have A Valid Social Security Number
Great! You can apply for your own account today! Let’s confirm:
You’re applying for Bank of America Advantage SafeBalance Banking®
- No monthly maintenance fee for eligible students
- Helps keep you from spending more than you have no overdraft fees
- Checkless banking with flexible ways to pay
Good news, you can start your application online!
- Based on your age, you must have a co-applicant who is 18 years of age or older to apply
- After applying, we may ask you to show proof of identification in one of our Financial Centers
You’re applying for Bank of America Advantage SafeBalance Banking®
- All the essentials with flexible ways to pay
- No monthly maintenance fee for students under 25
- No overdraft fees – helps keep you from spending more than you have
Ex: U.S. driver’s license, state-issued ID card, U.S. Passport
2. One additional form of IDEx: student ID, work ID, credit/debit card from another bank, current vehicle registration, foreign driver’s license
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Can I Refinance My Bofa Student Loans To Change Lenders
If a borrower has outstanding BofA loans and is unhappy with their existing loan servicer, they can refinance their debt to get another servicer, says Tretina. However, Bank of America did handle federal FFEL loans, so keep in mind that refinancing those loans will cause you to lose out on federal loan benefits.
Still, refinancing may make sense if you want to lower your loans interest rate and save money.
Follow these steps to refinance your student loan:
What Is The Credit Score For Bank Of America Student Loans
To secure a private loan from Bank of America, youll typically need a score of at least 600 or a co-signer with a score in that range.
However, it is difficult to ascertain the main credit score cutoff for Bank of America because private lenders keeps it as trade secret.
So, the only way to find out if you qualify is to apply. Though some lenders offers preselection, which gives you access to find out if you are eligible for a student loan without the lender doing a hard pull on your credit.
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How To Accept Your Federal Or Private Student Loan
You accept your federal student loans by signing and returning your . You may be asked to take part in entrance counseling at your school to make sure that you understand your loan obligations. Plus, youll sign a Master Promissory Note to agree to the loans terms.
You accept your private student loans after youve been approved. Heres our process:
Both federal and private student loans are legal agreements. When you agree to a loan and sign or e-sign for it, youre committed to paying it back, along with interest.
Can I Refinance My Student Loans With Bank Of America
Bank of America does not refinance student loans, but you can find many lenders who do that. However, to qualify with any refinance lender, a student must definitely need:
- A good credit score:
- Steady income: must be a debt-to-income ratio below 50%
- Meet additional requirements like graduating from college
Having a private student loan from Bank of America, you will experience a little drawback to refinancing. But if you have federal loans from bank of Ameria, you have additional options:
- Refinancing Federal Bank of America Student Loans: In this instance, you can only refinance with a private lender. Doing this will cost you federal benefits, although refinancing can make sense if your aim is to reduce your loans interest rate and save money in the end.
- Consolidate Federal Student loans from Bank of America: Consodilation will not lower your interest rate or save you more money, but it can certify your existing federal loans for additional repayment plans and programs. An example of such plans and programs is the Public Service Loan Forgiveness. Also, consolidation can extend your repayment term.
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