College expenses naturally add up quite fast. Once you have been able to pay or cover your tuition fees, there are some other education-related expenses (housing, books, lab fees, sport fees, food, etc) that must also be covered. With all these expenses, a student is left with no other option but to get a student’s loan so as to survive through their college lives.
The main benefit that comes with these loans is that a student can be able to defer payments until graduation and are comfortably working. On top of this, they have the flexibility to make interest-only payments for up to two years after graduation. The principle amount plus the interest rates may be deferred for up to seven years whilst registered in a participating school undergraduate’s program. The interest accrued is usually added to the borrower’s loan on a quarterly basis whilst in deferment and once at the start of the repayments.
The student’s financial support from Bank of America made easier
In order to contribute to the student’s financial health whilst in college, in 2001 Bank of America constituted a student’s financial assistance program under the name, ‘Bank of America Community Fellows Program.’ This has enabled the bank to take part in a leading major role of encouraging the students after graduating to enter community-oriented service careers, for instance, health care. In addition, the bank has promised to keep on backing programs that generally benefit the community it attends to.
Apart from this, like any other student loan’s company, Bank of America provides educational loans to deserving students so as to help in financing their college education. Though it may seem like all loans are the same, student loans are definitely different and offer unique benefits to the borrowers. It is essential to differentiate between the varied types of student loans offered by the Bank of America so as to make an informed decision when deciding on which to borrow. Analyzed below are some of them.
CampusOne student Loans
There are various types of student loans that form the bulk of federal loans and CampusOne student loans is one type of loan. Additionally, Bank of America avails the students with the majority federal loans, for instance the PLUS loan, Stafford Loan, Graduate PLUS loan, or consolidation loans. It is important to be aware that federal loans come with a government ties to them. The tie may be that it is government guaranteed, have fixed rates, or is heavily subsidized, though it depends on a particular loan type.
Private BofA student Loans
These are private student loans that have no federal ties whatsoever and are availed to students in need. They bear close similarities to the normal standard bank loan that anyone could request. Nevertheless, these student loans are only meant for educational purposes. A borrower should be aware that they have several benefits attached to them. The Bank of America generally offers two kinds of private student loans; those that are certified by the school a student is attending and those that are not certified.
School certified private loans
There are two types of school certified private loans which the Bank of America lends to needy students. These are; the Bank of America Private Students Loans and the Bank of America TERI Student Loans. These two types of private student loans by the Bank of America are actually a great way to fill in the gaps other financial aid alternatives leave. Additionally, they are available to all types of students. The major benefit of these types of loans is that they usually come with flexible repayment schedules that are agreeable to every student. The minimum amount due each month is usually around $50, irrespective of the loan amount taken.
The Educational Resources Institute (TERI) student loans are usually based on a student’s creditworthiness and as long as they are enrolled at least halftime in education, anyone can be availed with these types of student financial aid.
Non-certified student loans
With these types of student loans, one doesn’t need to be certified by the school they are attending to avail them. A good example is the CampusEdge Student Loan, which quite frequently acts as a supplement to other availed federal financial aid. Another one is the Education Maximizer Loan that also acts as a supplement to grants and federal loans. With these loans, a student may borrow up to $40,000 annually and repayments can be deferred until they graduate and are working.