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Can I get some information on the bank of America student loans?

I would like to know about Bank of America student loans. I am a student who needs funding for my higher education. I am informed that the bank provides highly affordable loans. I would like to know what their rates are. I also wish to know how these loans are compared to the great lake student loans. I wonder which of the two options is better. What does it involve to get a private student loan? Finally, I would also appreciate some basic information on how to consolidate student loans.

Amanda Johnson

in Student Loans

1 answer

1 answer

Bethany Evans on June 7, 2018

Unfortunately, student loans by the bank of America are no longer available. According to the Bank of America FAQs site, the bank has suspended them. When they existed, they were among the most affordable loans available for American students. They were either given as federal loans through the government or, to a smaller extent, private loans directly to students. Should the bank resume lending, it will be very useful to students, due to the low rates it used to charge. You can find out about these rates from the site.

However, the Great Lakes student loans are available. You can benefit from these loans immediately for your education by visiting How Great Lakes Can Help You With Your Student Loans. Here are some facts about the loans.

  1. Great lakes provide very affordable loans to students. They offer both federal and private student loans. Federal loans are provided by the department of education while private loans are given directly to students or their parents without federal involvement. You can easily get a private loan from Great Lakes, since they act as a link between students and numerous lending institutions, including banks and other financial institutions, which provide these loans.
  2. The Great Lakes connect students and lenders. It can help students to find out how to manage their loans, gain from available tax benefits, reschedule repayments when necessary and manage any potential threats to their loan repayments. The information they provide also helps students to opt for the most affordable loan available for their needs. There are loans which can be guaranteed by parents when the student cannot take a loan on his own. Having been in this business since the 1960s, Great Lakes has the requisite experience in everything to do with loans.
  3. You can also learn how to consolidate your student loan from Great Lakes. Consolidation of loans happens when you have more than one student loan at the same time. The loans can then be combined so that you make just one single monthly payment, instead of multiple payments. It makes it easier to plan and manage your repayment program. Typically, those who consolidate their loans have less stress making repayments since they only have one sum to think about every month. This can also make the repayment cheaper than it would be when different repayments with varying rates have to be made. 

Ronald Miller2 years ago

It is important to learn how to consolidate student loans. However, I don’t agree that it is necessarily cheaper to repay consolidated loans. All the interests accruing for the different loans have to be catered for in the repayment process. It is true that making a single repayment a month, rather than multiple ones, is easier to plan for and manage. Still, it does not mean you are repaying less than you would have when making the multiple payments. The best way out is to find a way of going for a single loan rather than multiple ones whenever possible. That way the loan repayment will be quite straightforward. In case you need further education, then you can go for an additional loan from the same lender, to benefit from the same rates. It is easier to consolidate loans from the same lender than from different ones with varying rates. 

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