Bank of America Student Loans and Alternatives

One of many largest banks on this planet, Financial institution of America, was once king within the pupil mortgage business. Over time, that’s modified. Do you continue to have Financial institution of America pupil loans which have modified lenders over time? In that case, let’s check out what occurred to Financial institution of America pupil loans, what options can be found, and find out how to take cost of your pupil loans.

The historical past of Financial institution of America pupil loans

At one time, Financial institution of America (BofA) was very concerned within the pupil mortgage business. Its personal pupil mortgage merchandise, such because the CampusEdge pupil mortgage and the Training Maximizer Mortgage, had been closely promoted to school college students. In 2007, it was the third-largest pupil mortgage lender in america and held $900 million in personal pupil loans,

In 2008, nonetheless, Financial institution of America stopped providing personal pupil loans to prospects. Based on former government Sandra Dunleavy, “Financial institution of America is focusing our pupil mortgage technique on the federal pupil mortgage program and discontinuing personal mortgage merchandise for the approaching educational 12 months.”

This new technique concerned partnering with the Division of Training on federal authorities loans corresponding to Stafford Loans, Mother or father PLUS Loans, and the Federal Household Training Mortgage Program (FFELP). However, in 2017, BofA deserted this technique as properly. It bought off over $3.9 billion in pupil loans, made up principally of FFEL loans. BofA was formally not within the pupil mortgage enterprise.

Financial institution of America not affords pupil mortgage merchandise

At the moment, Financial institution of America has no affiliation of any form with pupil loans. It not originates loans and isn’t accepting new purposes for pupil loans.

For those who had BofA pupil loans, you must have obtained info relating to the brand new lender and servicer. If for some motive you don’t know who owns your mortgage, you’ll find that info in your credit score report. You’ll be able to entry your free credit score report at

Different lenders to think about

Now that Financial institution of America pupil loans are not supplied, chances are you’ll be in search of different mortgage choices. Earlier than you flip to non-public loans, you’ll need to ensure you’ve exhausted all of your federal pupil assist choices. To use for federal monetary assist, you should utilize the Free Utility for Federal Pupil Help (FAFSA®) type.

Personal loans are a good way to pay for training bills when federal help doesn’t cowl all your faculty bills. There are various lenders to think about with various charges, phrases, and eligibility necessities. So it’s vital to take time and examine all of them to seek out the one which fits your wants. Listed below are some on-line lenders which are good options to Financial institution of America pupil loans:


Identified for its refinancing, CommonBond additionally affords a number of personal pupil mortgage choices. CommonBond has low charges for certified debtors. There aren’t any utility charges or prepayment charges, however a few of their profession-specific graduate loans have a 2% origination charge. Some CommonBond loans are eligible for cosigner launch.

Faculty Ave

Faculty Ave has personal pupil mortgage choices for nearly everybody. Rates of interest are low for certified debtors, plus there’s a 0.25% rate of interest discount for selecting the autopay choice. Faculty Ave loans haven’t any utility, origination or prepayment charges.


LendKey isn’t your typical lender. Though it affords personal undergraduate and graduate pupil loans, it acts as a intermediary, working between lenders, credit score unions and group banks. Most loans would require a cosigner. LendKey has low charges and a 0.25% fee discount for selecting autopay.


Credible is a pupil mortgage market that permits you to examine a number of personal lenders. Search undergraduate and graduate loans to seek out one of the best charges. A serious perk is you solely have to use as soon as, not individually for a number of lenders. Head to Credible, enter some private and monetary info and see what mortgage choices can be found for you.

Be sure you’ve exhausted all federal mortgage choices earlier than personal pupil loans. For extra assist, search our full listing of personal lenders for 2019.

Refinancing Financial institution of America pupil loans

For those who’re nonetheless paying off a pupil mortgage that originated with Financial institution of America, you may get monetary savings by refinancing. That is very true should you had personal BofA pupil loans. Not that debtors who took out federal loans from Financial institution of America (corresponding to FFEL loans) are eligible for federal consolidation loans.

In case your credit score is great otherwise you use a cosigner with stellar credit score, you might be able to safe a greater rate of interest and/or decrease month-to-month funds than you will have along with your present mortgage. Refinancing may probably trim hundreds of {dollars} of curiosity funds over the lifetime of your mortgage.

While you refinance federal loans previously managed by BofA, your federal loans will grow to be personal loans. You’ll lose entry to federal protections corresponding to income-driven reimbursement plans, mortgage forgiveness, and forbearance. Be sure you gained’t want entry to any of those applications earlier than committing to non-public mortgage refinancing. Listed below are three prime refinancing lenders to think about.


Along with enticing rates of interest, Earnest affords nice cost flexibility on its refinance loans. Debtors can select from 180 completely different reimbursement phrases starting from 5 to twenty years. And you’ll skip a cost as typically as each 12 months. Nonetheless, it must be famous that it isn’t at the moment potential to use for Earnest pupil mortgage refinancing with a cosigner. Stand up to a $1,000 bonus once you use our Earnest hyperlink.

Laurel Highway

Whereas Laurel Highway might be value contemplating for any pupil mortgage debtors, they specialise in medical pupil mortgage refinancing. Medical faculty graduates that refinance with Laurel Highway will pay as little as $100 throughout residency and AMA members qualify for a 0.25% fee low cost. Laurel Highway will robotically apply the higher of that low cost or our common $1,050 bonus once you apply utilizing our hyperlink.

Training Mortgage Finance (ELFI)

ELFI has made a reputation for itself within the pupil mortgage refinancing area by specializing in superior customer support. Its charges are additionally normally very aggressive and the 0.25% low cost for computerized funds is already mirrored within the quotes it offers. You’ll be able to add a cosigner to your ELFI utility however be aware that it doesn’t provide any cosigner launch program. Stand up to a $1,275 bonus once you use our ELFI hyperlink to see should you qualify to refinance your pupil loans by them.

Refinance pupil loans, get a bonus in 2021

1 Disclosures
$1,050 BONUS1 For 100k+. $300 bonus for 50k to 99k.1
VISIT LAUREL ROAD Variable 1.64-5.65percent1 Mounted 2.25-5.75percent1

2 Disclosures
$1,050 BONUS2 For 100k+. $300 bonus for 50k to 99k.2
VISIT COMMONBOND Variable 2.49-6.84%%2 Mounted 2.59-6.74percent2

3 Disclosures
$1,000 BONUS3  For 100k or extra. $200 for 50k to $99,9993
VISIT EARNEST Variable 1.88-5.64percent3 Mounted 2.44-5.79percent3

4 Disclosures
$1,000 BONUS4 For 100k+. $300 bonus for 50k to 99k.4
VISIT SPLASH Variable 1.88-6.15percent4 Mounted 2.44-6.62percent4

5 Disclosures
$1,275 BONUS5  For 150k+. Tiered 300 to 575 bonus for 50k to 149k.5
VISIT ELFI Variable 2.39-6.01percent5 Mounted 2.47-5.99percent5

6 Disclosures
$1,000 BONUS6 For $100k or extra. $200 for $50k to $99,9996
VISIT SOFI Variable 2.25-6.59percent6 Mounted 2.49-6.94percent6

7 Disclosures
$1,250 BONUS7  $350 for 50k to 100k7
VISIT CREDIBLE Variable 1.80-8.90percent7 Mounted 2.15-9.15percent7

Undecided what to do along with your pupil loans?

Take our 11 query quiz to get a customized suggestion of whether or not you must pursue PSLF, IDR forgiveness, or refinancing (together with the one lender we expect may provide the finest fee)

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