Like many other lenders, Bank of America made this move after it deemed the student loan market unprofitable during the ongoing credit crunch.
As they left the private student loan business, Bank of America shifted into offering federal loans including Stafford, Plus loans, and others offered under the Federal Family Education Loan Program (FFELP).
To learn more about these options, keep reading below or click the button to the left to compare private student loans from multiple lenders If you have student loans from Bank of America, whether they are federal or private, and are able to meet the eligibility requirements, most of which depend on your credit history, you most likely will be able to refinance them.
When you refinance your loans, the new lender pays them off and gives you a new loan with different terms.
With student loan consolidation, you may be able to refinance at a lower interest rate, decrease your monthly payment, or both!
When you apply, most banks and lenders will look at your credit score, annual income, savings, and college degree type (or certificate of enrollment if still in school).
Understanding your assets AND your liabilities can reveal opportunities for managing both more effectively.
Your balance sheet consists of assets (things you own) and liabilities (money you owe).To start, Bank of America placed a .7 billion portfolio of loans made under the FFELP for sale.When in the business, Bank of America offered both federal and private student loans.BOA is headquartered in the picturesque town of Charlotte, North Carolina.It is one of the largest banks in the United States, based on the number of assets it holds.If you have a loan from Bank of America, you are still required to repay it.