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What are the requirements to apply for the Bank of America Student Loans?

The process of loan application may at times be very tedious causing some hesitations whether to apply or not. I don’t have a source of income and I would like to know about the requirements in order to apply for the Bank of America Student Loans. I have also heard about the Great Lakes Student Loans and want to know whether there different requirements than the previous ones have or not. Could anyone give me some information about private student loans? If I  manage to get few loans so how to consolidate student loans?

Jan Berry

in Student Loans

1 answer

1 answer

Bethany Evans on May 8, 2018

Every financial institution has its own set of requirements when granting a loan facility. The Bank of America Student Loans and Great Lakes Student Loans are bodies in America which work the same way. They have a similar regulatory body and the requirements are therefore, the same. This is because they both operate under the same regulatory body.  Some of these requirements include:

  • Students with good academic progress.

Students need to show the need to pursue and complete the courses in college. Loans are not given for any other unimportant reasons. The Educational Board in America needs to know that through giving these loans, more students complete college and secure jobs. There is the need to present documents that show the academic progress which will determine the approval or the disapproval of the loans.

  • Be enrolled in an accredited university or college.

There are so many universities now and students can enroll in any of them. Some universities are private while others are government sponsored. The security of a loan will determine the relevance of the college or the university. In order to get, for example, a private student loan, you have to prove that you are a student of an educational establishment. For quick approval, the university needs to be accredited.

  • Have a clean borrowing history.

You cannot be a defaulter in other financial institutions and expect to get student loans easily. There are documents presented to the financial bodies you borrow from that give your entire borrowing history. They mark as an affirmation from other institutions, that you have no arrears with them, neither have you defaulted.

For the financial institution to make this approval, students need to fill a form of agreement. They do it individually or together with their guardian. As initially mentioned, loans are taken during times of financial crisis. Parents may have challenges completing the fees but still need their students to complete school. In the agreement, parents can mention how much contribution they can make, towards the repayment of the loans once approved. It is easier to come up with an easy repayment plan. The plan will include the amount to pay monthly or yearly, the duration of repayment and the interests incurred. Having a plan makes it easy to keep track of the payments made and avoid the risk of default.

Private Student Loans are slightly different because they do not use the same regulatory body as the other two and that why there can be some other requirement. So it’s important to decide which one you are interested in and then find out the requirements. How to consolidate student loans is therefore dependent on the institution or body the student may choose to work with. 

Eric Bates2 years ago

It is important to note that students loans help in a very big way. If there was no option of such loans being offered to students, a big number of them would not have a chance to study. The Bank of America Student Loans and the Great Lakes Student Loans are especially recognized for this kind of financial aid. Their terms are simple. Students who show good academic progress also secure very good jobs after graduating. With good jobs, it is easy to continue making loan repayments without too much struggle. 

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