About Bank of America

Bank of America is one of the largest banks in America as well as one of the most popular and recognized lenders offering student loans. With several decades of development, Bank of America has approved its trustiness. All these student loans will satisfy the needs of the prospective collage students who want to finish their college career but lack enough money.

Bank of America has its own division on student loans which aim to offer valuable assistance in helping college students smoothly finish their education. Bank of America has student loans which include private loan package and federally based student loans.

Public or federal student loans are supported by the US Department of Education and offered to students who will meet the academic and crediting rating requirements. Both students and their parents are eligible to apply for and qualify the type of student loans. Federally based student loans boast lower interest rates, more flexible terms and lenient payback policies. They’re not required to be repaid until students have graduated.

These common federal student loans, including Stafford Loan, the PLUS loan, the Graduate PLUS loan and even consolidation loans are available. They are all closely related with government departments or organizations. The subsidization or fixed rates makes this type of student loans as the basic structure of student loans packages. Therefore, federal student loans are always to be considered first.

Private loan packages without any government tie include Education Maximizer Loan which can be used for any purpose which is related with educational process. This loan package is exclusive for any student with reasonable credit ratings. The Bank of America Private Loans serve as the effective complements to federal students loans and fill the gaps between the amount received from federal loans, grants and other forms of financial aid. They’re available for any students, undergraduate and graduate. Regardless of the amount you borrow, you should make monthly payment which is at least $50. They also feature easy qualification, flexible repayment plans and high interest rates.

Certified or non-certified loans

Student loan products provided by Bank of America can be categorized into certified or non-certified loans according to whether they have been certified by your college or school or not.

The Bank of America Private Loans and the Bank of America TERI Loans are two main types of certified loans offered by Bank of America. The Bank of America TERI Loans are supported by The Educational Resources Institute require student applicants to have good creditworthiness. The loan can be used for any educational purpose as long as you are enrolled half-time or full-time.

Non-certifies loans are all private loans. The CampusEdge Student Loan and the Education Maximizer Loan are two typical loans. The CampusEdge Student Loan, a great supplement to other federal financial aid, can be used to pay tuition, dorm fees, cafeteria fees, books and other educational expenses.

The Education Maximizer Loan is generally accepted as a supplement to federal loans and grants. The amount of this student loan can be up to $40,000 a year and can be used to pay for any educational fees.

Bank of America Official Website: http://www.bankofamerica.com


Read Also:

A Consumer’s Guide to Bank of America Auto Loans

Insofar as I can see, many Americas turn to Bank of America, when they need to finance or refinance their vehicle. This is understandable for most of you, I think. Bank of America, the second largest commercial bank in the United States, offers vehicle financing in all 50 United States and the District of Columbia. Best of all, these financing options are available in various types and lower interest rates.

Guide for Bank of America Loan Modification

It’s difficult for you to make your monthly repayment? Are you afraid that you may be deprived of the home ownerships by forecloses? Many homeowners are eligible to have their home loans modified, which will protect their home ownerships form foreclosure. According to U.S. Treasury Department, borrowers will save a median of $500 on monthly payments as long as their applications for permanent loan modifications get approved.

This web site is not affiliated with Bank of America. We recommend Bank of America official site for more accurate information of its financial services.