About Bank of America Loans
Bank of America is one of the nation’s largest banks, and was once a major student lender. However, as a result of the 2008 financial crisis and subsequent recession, Bank of America suspended their entire student lending program, which they have not since resumed. As such, students cannot receive Bank of America loans to pay for their college education at the moment, nor does it seem that the Bank of America program for students will be resumed anytime soon.
Students and Bank of America Loans
While Bank of America offered great borrowing options for students, in their absence, there are a variety of other third party lenders for those who exhaust their federal financing options and still need money for college, private student aid are a good option to cover the remaining costs. In Bank of America’s student funding absence, other student loan providers can make college affordable by supplying students with much-needed money to pay for tuition, accommodation, books, travel, and any other college-related expenses.
Suspension of Bank of America Loans
Bank of America acted as a third-party lender for federal loans before the Department of Education took over the process of disbursing all federal loans. As a result of the shift in the process of federal loan disbursement, Bank of America lost a large volume of its student lending. After the mortgage crisis and economic collapse of 2008, Bank of America had to suspend any further issuance of student aid for an undisclosed period of time.
Although Bank of America Loans are not currently being offered, you can always look for other options. By searching and comparing loans through our Comparison Tool, you can apply through Chase, Citi, SunTrust, or Sallie Mae, which offer attractive forms of student financial aid.
No, there are no private student loans that are offered by the Bank of America.
- Bank of America is no longer in the student lending market, but other private loan options are available to you.
- Find your loan options with a simple, free search for private student loans on SimpleTuition.
- Remember to exhaust other funding sources, particularly federal student loans before exploring private loan options.