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Are Bank of America student loans still available?

I am an undergraduate student, and I need financing to support my studies. So I am in search of various financing options. Some of my friends suggested the name of Bank of America. However, when I visited the bank website, I noticed that Bank of America student loans are no more available. Is that true? Are Great Lake student loans worth trying? Can you suggest some other good sources for a private student loan? Please give me information on how to consolidate student loans as well. Are these student loans easy to secure?

Annie Barnes

in Student Loans

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Bethany Evans on June 15, 2018

You can find many lenders offering students loans. Unfortunately, Bank of America study loans are not available in any form. Bank of America was a lender of Federal Student Loans, but this facility is not available as these loans are now available only through the U.S Department of Education Direct Loans Program. Also, the bank suspended processing other privately funded student loans. For more information, you can use the link https://studentloans.net/bank-america-student-loans/. Don’t get disheartened by that. We are going to introduce a number of other attractive loan options for you from private lenders.

Have you heard of Citizens Bank? If not, use the link https://www.citizensbank.com/student-lending/student-loans.aspx to know more about it. They claim that their loans are better than the Federal Direct PLUS, and they charge no application, origination, or disbursement fees. The company offers different repayment modes, ranging from immediate repayment, interest-only repayment, and deferred repayment. In the case of immediate repayment, the interest rate ranges from 4.85% to 11.80%. However, in the case of deferred repayment, it can go up from 7% to 11.9%.

Another source is PNC Bank. They offer loans of a minimum of $2,000 to a maximum of the total school-certified cost of attendance. The fixed rates range from 6.23% to 12.99%, and you have the option to select variable rates ranging from 4.42% to 11.53%. The repayment term can be extended up to 15 years. For further information on eligibility and application process, use the link https://www.pnc.com/en/personal-banking/borrowing/education-loan-center.html.

Another important lender you should not miss is Ascent. Their loans can be availed with or without a cosigner. The fixed interest rates vary from 7.01% to 13.74% while variable rates range from 5.35% to 12.69%. The minimum borrowing amount is $1,000, and the maximum is $200,000. It is possible to release the cosigner after 24 timely payments. To apply, visit https://ascentstudentloans.com/.

Finally, have you heard of GreatLakes student loans? This is one of the biggest student loan servicers, with about 1,100 lenders in its fold. If you are willing to set up auto-pay option, you can enjoy a further 0.25% interest drop on Direct Loans. You can get more information about this service at https://mygreatlakes.org/educate/.

Finally, there is an important online lending portal LendKey. This portal combines a large number of private student loans, along with refinancing and consolidation of student loan services. At a glance, the variable interest rates vary from 4.51% to 9.59% for the lenders on this portal and the fixed interest rates are in the range 5.36%-9.69%. 

Nicholas Rivera2 years ago

A few words of caution for a student loan seeker. Before making a decision to get a student loan, talk to a few students of your same background who have previous experience taking student loans and ask them if and how they manage to repay the loans. I say this because these days many college graduates find it challenging to get a good job. There was a time when college degree used to lead to high paying jobs but for many people I know personally, securing well-paying jobs has become difficult. So make sure that you do your homework before taking out private student loans and public student loans. Firstly, you should assess the employment prospects after the completion of your college degree. Remember, it is not your desire, but it is the facts that need to be considered. If it is clear that job prospects are not as high as you might like, think twice before proceeding to student loans.   


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