Does Bank of America Offer Student Loans?
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Bank of America doesn’t offer student loans. But you can take out private student loans from other banks, as well as credit unions and online lenders.
Before borrowing any private student loan, exhaust your federal options first by completing the Free Application for Federal Student Aid, or FAFSA.
If you need a private student loan to fill a remaining tuition gap, compare multiple private lenders’ offers to get the lowest interest rate possible.
» MORE: Best private student loans
Does Bank of America still do student loans?
Bank of America ended its private student loan program in 2008. Federal student loans from Bank of America were available until the Federal Family Education Loan program stopped in 2010.
Federal loans now come only from the government. Some national banks — including Citizens Bank — still have private student loan programs, while others such as JP Morgan Chase, Capital One and U.S. Bank don’t. Community banks and credit unions may also offer private education loans.
Borrowing a private student loan from a bank or credit union may be a good choice if you have an existing relationship with that financial institution. These lenders may discount interest rates if you’re already a customer; Citizens Bank will reduce your rate by 0.25 percentage points, for example.
How to refinance Bank of America student loans
Bank of America doesn't refinance student loans, but many lenders do. Check multiple student loan refinance offers to find the lowest interest rate possible.
To qualify with any refinance lender, you’ll typically need:
Good credit — a FICO score in at least the high 600s.
Steady income, with a debt-to-income ratio below 50%.
To meet additional requirements, like having graduated from college.
If you have a private student loan from Bank of America, there’s little downside to refinancing — provided you can get a lower interest rate and won’t pay more by extending your repayment term.
If your Bank of America loans were federal loans, you have additional options:
You can still refinance federal Bank of America student loans. You can refinance only with a private lender. This will cost you federal benefits, but refinancing can make sense if your goal is to decrease your loan’s interest rate and save money overall.
But you can also consolidate federal student loans from Bank of America. Consolidation won’t lower your interest rate or save you money, but it can qualify your existing federal loans for additional repayment plans and programs, such as Public Service Loan Forgiveness. It can also extend your repayment term.
Bank of America began selling off its federal student loan portfolio in 2015. Those loans now have a different loan holder. Access your studentaid.gov account for a list of your current federal loans.
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