Bank of America Student Loans to Pay for Higher Education
Bank of America student loans is similar to those offered by other financial institutions in the way that they help finance a college education. However, they are very different in the way that they operate. The loans are structured to help students pay their tuition fee and then return the money when they are financially capable of doing so. The different types of Bank of America student loans are listed below.
CampusOne Student Loans
Bank of America also operates as a loan originator and you can select who you want as your lender when you are awarded the federal financial aid. Bank of America takes care of most federal loans such as PLUS loans, Stafford loans and Federal Consolidation Loans.
Stafford loans are either dependent or independent loans. For the dependent students, parental income is also taken into consideration when evaluating the financial aid but for independent students only the income of the individual applying is considered. This means the maximum amount of loan is higher for an independent student.
Private Bank of America student loans are not related to the federal financial aid and are like the loans you take from any other bank or creditor. To become eligible for a private loan you have to have a good credit score and also maybe a cosigner.
The private student loans are further divided into two categories, namely the school certified and uncertified Bank of America student loans.
School Certified Loans
The certified Bank of America student loans are either private loans or TERI loans. The private loans are for those students who have used up all their federal financial aid. These loans are open to undergraduate as well as graduate students and offer flexible terms on repayment with the lowest monthly payments of around $50.
The TERI loans are those offered by The Educational Resources Institute which aims to provide access to a college education to students from low-income families. The group has helped more than one-million individuals and they also offer career counselling and education planning services in collaboration with their lender partners.
The other types of private loans are those that do not need to be verified by the school. Examples of such loans include the CampusEdge loan which allows a student to pay for their additional expenses such as textbooks, cafeteria meals and accommodation fees. This Bank of America student loan can be repaid after you have graduated.