Does Bank Of America Offer Student Loans?
While Bank of America offers checking accounts, credit cards, HELOCs and more, it stopped offering student loans in 2010. However, if you are doing business with Bank of America and are looking to borrow money. student loans, you still have options. It’s usually best to start your search with federal student loans, but you can also search for private student loans from other national banks, credit unions, and online lenders. And if you have any outstanding loans that were previously held by Bank of America, refinancing is still open to you.
Overview of Bank of America Student Loans
Until 2010, Bank of America managed private and federal student loans. Currently, Bank of America does not offer any student loan products and has sold its student loan products to other loan services. That said, you can still refinance and consolidate loans that were once held by Bank of America and are now held by another service agent.
If you are looking for new loans, Federal Student Loans may be the best place to start. They come with a fixed interest rate and offer federal protections and benefits that are not offered by private student loans.
If you need funds beyond what federal student loans provide, you can look for private student loans from other lenders. These are offered by national banks, like Wells Fargo and Citizens Bank, as well as credit unions and online lenders. With private student loans, it’s best to shop around with several lenders to find competitive rates that suit your financial situation.
Who manages my Bank of America student loan?
If you’ve borrowed private student loans from Bank of America, you can see who is currently handling your loans by checking your credit report. You can do this for free at each credit bureau once a week until April 2022 on AnnualCreditReport.com.
If Bank of America was your administrator for federal student loans, you can see who is managing your loan by logging into the Federal Student Aid website using your Federal Student Aid ID (FSA ID). . You can also call the Federal Student Aid Information Center at 1-800-433-3243.
What to do with old Bank of America student loans
If you took out student loans from Bank of America before 2010, you still have the option of refinancing or consolidating them.
Bank of America Student Loan Refinancing
Bank of America does not offer student loan refinancing. However, if you took out student loans from the company before 2010, you can still refinance them with another lender.
When you refinance your student loans, you pay off all private and federal student loans using a private loan with a fixed monthly payment. This can help you organize your payments into one loan and provide you with a lower interest rate. Just keep in mind that if your Bank of America managed loans are federally owned, you lose federal protections and benefits through refinancing.
Citizens Bank and Wells Fargo are two national banks that offer refinance loans, but sites like CommonBond, LendKey, and College Ave also offer refinances. Before choosing a lender, shop around at least three companies to make sure you get competitive rates and terms.
Bank of America Federal Student Loan Consolidation
You can also consolidate approved federal student loans once serviced by Bank of America. When you consolidate your loans, you take out multiple federal student loans and consolidate them into one loan with a fixed monthly payment. The difference between consolidating and refinancing is that you will not change your interest rate with the consolidation.
However, consolidation preserves your federal protections, including options for withholding and deferring your payments or accessing income-based repayment plans. If you are interested in consolidation, you can apply for a consolidation loan directly on the Federal Student Aid website or contact your loan officer with any questions.
The bottom line
Bank of America no longer offers student loan products since 2010. However, if you took out federal or private student loans from Bank of America before 2010, you can still consolidate or refinance them.