Bank of America offers student loans. But you can take private student loans from other banks as well as from credit unions and online lenders.
Before taking out any private student loan, first exhaust the federal options by filling out a free application for Federal Student Aid or FAFSA.
If you need a private student loan to fill the remaining tuition gap, compare the offers of multiple private lenders to get the lowest possible interest rate.
Is Bank of America really dealing with student loans?
Bank of America terminated its private student loan program in 2008. Federal student loans at the Bank of America were available until the Federal Family Education Loan Program ceased in 2010.
Federal loans now come only from the government. Some national banks – including Citizens’ Bank and Wells Fargo – There are still private student loan programs, while others JP Morgan Chase rather. Banks and credit unions may also offer private education loans.
Borrowing a private student loan from a bank or credit union can be a good choice if you have a relationship with that financial institution. These lenders can lower interest rates if you already have a customer; For example, Civic Bank will lower your rate by 0.25 percentage points.
Compare private loans from banks and credit unions
How to refinance Bank of America student loans
To be eligible for any refinancing lender, you usually need:
Good credit – FICO score at least in the high 600s.
To meet additional requirements, such as graduating from college.
If you have a private student loan from the Bank of America, a little less shortfall on refinancing – provided you can get a lower interest rate and comes to pay more by extending the maturity.
If your Bank of America loans were federal loans, you have additional options:
You can still refinance Federal Bank of America student loans. You can only refinance from a private lender. It will be cost you federal benefitsbut refinancing can make sense if your goal is to lower your loan interest rate and save money overall.
But you can also consolidate federal student loans from Bank of America. Consolidation limits your interest rate or saves you money, but it can qualify your available federal loans for additional repayment plans and programs, e.g. Forgiveness of public service loan. It can also extend the repayment period.
Bank of America began selling its federal loan portfolio to students in 2015. These loans have another loan holder. Access to yours a studentaid.gov account for a list of your current federal loans.