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Bank of America Student Loans Application Guide and Requirements 2019.
Bank of America Student Loans – The financial market has suffered instability in recent years, and your student loans could be caught in the middle. Some lenders, such as the Bank of America, once rendered student loans but not anymore.
When student loans are sold to a different servicer, borrowers can be left with questions about how to handle their loans. Here’s everything you need to know if you had a Bank of America student loan or you are looking to get a new loan from the bank.
What is Bank of America?
The Bank of America is one of the largest banks in the United States on the basis of assets. It once offered private student loans and federal student loans, including Stafford Loans, PLUS Loans, and other loans under the Federal Family Education Loan Program (FFELP).
Applying for a new Bank of America student loan is no longer possible, but there are other options you can consider.
What are the Other Options to Consider?
Before you survey other private student loan lenders, it’s important to ensure you’ve completed some key financial aid steps:
1. Fill out the Free Application for Federal Student Aid (FAFSA). The FAFSA will determine the federal financial aid you’re qualified for, such as grants, work-study, and federal loans.
2. Identify your financial gap. After you receive your financial aid award, determine if you need additional funds. If you do, private student loans might be an option. Eligibility for private student loans is determined by the lender and based on factors such as income and credit score.
What Happened to Bank of America’s Private Loans?
The Bank of America announced in 2008 that it would no longer extend private loans. Shortly after, they started stripping themselves of their private loan portfolio.
When the loans were sold to a new servicer, borrowers received the information. But even though the loans were sold, the borrowers still owe the money on it.
If you don’t know who owns your loan, you can find that information on your credit report. You can check your credit report for free through AnnualCreditReport.com.
What Happened to Bank of America’s Federal Loans?
Bank of America continued to issue federal student loans such as Stafford Loans, PLUS loans, and FFEL loans in 2010. The loans actually stayed on Bank of America’s books for a full four years before Bank of America started selling them off.
In 2015, Bank of America announced that it had $2.7 billion worth of student loans for sale. It sold all of these loans off over the next two years.
Not sure who bought your loan? You can learn more through the National Student Loan Data System. All loans you find in the NSLDS are eligible for income-driven repayment plans, federal loan consolidation, or private refinancing. Compare all your options to be sure you’re taking advantage of the programs that suit your needs.
What to Do with Existing Bank of America Student Loans?
If you already have a student loan initially issued by the Bank of America, you can check the status of the loan using the National Student Loan Data System (NSLDS), which is the U.S. Department of Education’s central database for Title IV loans and grants.
You should be able to log in if you already have an FSA ID. If you don’t have an FSA ID, you can create a new one online.
Once you know the current status of your student loan and servicer, you can continue making loan payments through your servicer or look into refinancing options.
What is Refinancing Bank of America Student Loans?
In spite of your original lender, when you refinance, a new lender will pay off the amount owed and issue you a new loan with new terms. This process might help you get lower interest rates or monthly payments.
Different services have different eligibility requirements, interest rates, and terms, which is why it’s important to compare your options. Since Bank of America no longer refinances student loans, you could consider some other lenders.
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