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Bank of America Student Loans

Many college students are finding that they have many academic funding options ranging from federal loans to private loans. Each has its own advantages and benefits that set them apart from other financing institutions. If you do not know yet, Bank of America has not only established itself as one of the trusted banks in America it also boasts of reaching out to the needs of the prospective college students, particularly those who have dreams of graduating from college or university.

Federally based Bank of America student loans are also available and are much in demand. The US Department of Education provides the loan to students that have met the academic and or credit rating requirements necessary to qualify. These loans can be applied for by either the student or the student’s parents. Public or federal loans generally have lower interest rates and more flexible terms.

Stafford Loans

Who it’s for

Stafford loans are for undergraduate, graduate, and health professional students who want a low-cost loan backed by the federal government. You must be a U.S. citizen or permanent resident to qualify for a Bank of America Stafford loan.

What kinds of Stafford loans are available to me?

There are two types of Stafford student loans that are granted based upon your financial status. Both allow you to defer payments of interest or principal and interest on your loan until 6 months after you graduate or if you drop below half-time enrollment status.

Subsidized Stafford loan

You remain eligible for a subsidized Stafford loan if you are in school at least half-time and can prove financial need. While you’re enrolled, the federal government will pay the interest on your Stafford loan.

Unsubsidized Stafford loan

Unsubsidized Stafford loans are for students who are unable to prove financial need. With an unsubsidized Stafford loan, you won’t have to pass a credit check and your interest starts accruing as soon as it is disbursed to you.

PLUS Loans

Who it’s for

A Parent Loan for Undergraduate Students (PLUS) is a flexible option for parents looking to help pay for school costs.

Am I eligible for a PLUS loan?

You can get a PLUS loan if you are a creditworthy parent, adoptive parent or spouse of a remarried parent of a dependent undergraduate student who is enrolled at least half time in an eligible institution.

Is there a maximum amount I can borrow?

Yes, the maximum PLUS loan amount is equal to the cost of attendance, as determined by the school, minus any other financial aid the student may be receiving.

Graduate PLUS Loans

Who it’s for

Graduate PLUS loans are for graduate and professional students who want a low-cost loan backed by the federal government.

Am I eligible for a Graduate PLUS loan?

You’re eligible for a Graduate PLUS loan if you:
Are a creditworthy graduate or professional student
Are enrolled at least half time in a degree program
Have a valid Social Security number and are a U.S. citizen or eligible permanent resident

Is there a maximum amount I can borrow?

Yes, the maximum Graduate PLUS loan amount is equal to the cost of attendance, as determined by the school, minus any other financial aid you may be receiving.

Important:

Starting December 5, 2009, Bank of America will suspend the origination of federal student loans and will no longer accept applications for new Stafford, PLUS, or Graduate PLUS loans.

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