However, the loans that were once offered by Bank of America will be discussed below, in case you are a current student borrower or in case Bank of America decides to start reissuing student loans in the near future.
Please keep in mind, at this time, students are unable to borrow new loans from Bank of America.
information on this program from Bank of America and learn how it can provide you with options to consolidate debt at what will probably be a lower interest rate.
Check out the loans that were once offered by using the list below: These loans were offered to students who had unmet financial need after accepting federal student funding.
Bank of America considered the student’s credit history when deciding whether to award these student loans to applicants.
In 1930, the Bank’s name was changed to Bank of America.
BOA is headquartered in the picturesque town of Charlotte, North Carolina.
These loans are similar to loans you would get from a bank if you were seeking a personal line of credit.
Bank of America separated the loans into two main categories: non-certified student loans and certified student loans.
When borrowing Stafford loans, students who filed their taxes as an independent student were likely to receive a much higher borrowing limit than students who filed their taxes as a dependent student.
Through this program, BOA was a main loan originator and since students could pick any lender they wished, a student could simply choose to have their loan dispersed by BOA. Despite halting their student lending program, there is a portion of the Bank of America website that is still dedicated to providing student loan advice to borrowers.
Thus, it is important to borrow wisely and minimize the amount of loans that you take out.
Through this funding mechanism, Bank of America serviced a variety of student loans, such as Graduate Student PLUS loans, PLUS loans, Stafford loans, and Federal Consolidation loans.
In addition, they offer fewer protections, such as loan forgiveness under certain conditions.