Types of Student Loans Offered by Bank of America
Student loans are an immensely popular category of loans which are offered by lending institutions. One such premier provider of student loan programs is Bank of America. It offers attractive options to students to further their education and achieve their goals. Here are some types of student loans offered by Bank of America:
CampusOne Student Loans – This category of student loan offered by Bank of America is a federal loan. Federal loans are of many kinds such as the Stafford Loan, the PLUS loan, the Graduate PLUS loan and the Consolidation Loan. All these loans offered by Bank of America are linked to the government. From the student’s perspective, this means that the loan is assured and is either subsidized or has a fixed rate. It is the Consolidation loan which usually charges the fixed interest rate as decided by the government.
Private Student Loans - These are autonomous loans with no federal linkages. Though similar to normal bank loans, they differ in certain respects as well. There are different types of private student loans that you can get from Bank of America depending on whether they are certified by the school or educational institute.
In case the loan is certified by the school, Bank of America offers two types of private student loans. One is the Bank of America Private Loan which can be availed by both undergraduate and graduate students. The best part about this loan is that it charges a minimal monthly installment and offers flexible repayment schemes.
The other school-certified student loan offered by Bank of America is called the Bank of America TERI (The Educational Resources Institute) Loan. This is available to all students with minimum requirement of being enrolled in a program on a part-time basis. The granting of these loans is contingent on the student’s ability to repay the loan. So make sure your credit history is strong if you are planning to apply for the TERI Loan.
Non-Certified Loans - Bank of America also offers loans which need not be certified by the educational institution where you are planning to study. Two such loans are the CampusEdge Student Loan and the Education Maximizer Loan. These loans are often availed by students, in addition to the federal loan and aid, to pay their supplementary expenses such as books, lodging and food. Both loans have easy terms and conditions. For example, you can borrow a maximum of $40,000 a year under the Education Maximizer Loan and have the option to defer repayment till your graduation.
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