Student Loans from Bank of America
A Full Service Student Financial Center
Bank of America's Student Banking division is focused on not only addressing the needs of student finances, but also tackling the topics of financial aid and applying for loans without being overbearing. Most students want to do their research and college applications online.
In response, banks and other lending institutions have built well-designed and information-packed websites that offer everything from information on the basics of financial aid to interactive loan wizards and role-playing games - all intended to engage today's media-savvy college applicant.
Student Products and Services
While not considered student loan services, Bank of America bundles its student loan information with important banking services designed with college students in mind. While you're applying online for student loans why not apply for a student Visa card at the same time. Of course Bank of America advertises the credit card as a convenient and easy way to build credit, but it could also be hazardous for some college students.
Providing Federal Loans
Bank of America student loans include the Federal Stafford loans, and Parent and Graduate/Professional PLUS loans. The Stafford loans are a non-credit based loan and the amount you are awarded is solely based on financial need. For this reason, Stafford loans come with some of the lowest interest rates, but often their funds are not nearly enough to cover college costs.
Providing Alternative Loans
Private loans through Bank of America include their Education Maximizer LoanŽ. Private student loans are offered by all banks and student loan providers as a way to augment the federal loans that often fall significantly short of covering college costs. Going to college is so much more than just tuition. Expenses also include books, food, and transportation, among others.
Specialized Varieties
Bank of America student loans can be used by undergraduates, graduates, med students, law students, dental students, MBA students and those studying for the bar exam. The advantage to private loans is their convenience and flexibility. Based on your credit score you may be eligible to borrow nearly any amount you wish. Private student loans also often have lower interest rates than other types of loans.
Student loan consolidations from Bank of America also let graduates roll all the loans associated with college into one, low monthly payment. You can expect your repayment period to be extended, but you will have less risk of student loan default.
