US Student Loan
Bank of America helps build strong communities by helping people achieve their dreams.We reach for higher standards everyday in everything we do for our customers, our shareholders,our associates,our community upon which the future prosperity of our company rests. as quoted by Kenneth D Lewis Chairman, CEO, and President of Bank of America.which holds quite true as bank of America trusts and invests in people which by far is the best asset for any business to prosper.How do they really help the communities Lets say financing deserving students is one of their million ways.Now we need to know what is a student loan Why any one needs itWhy would any firm would give a loan for something this intangible
Description:
In simple words it is money lent to a student to cover his costs for achieving professional degrees and qualifications.The rate of interest levied on these loans are relatively low than any other loan.Though they are also considered as a kind of student grants and commonly issued by the government.The eligibility criteria ,loan amount and other formalities are varies from country to country.
Not all are fortunate enough to be financially equipped to sustain the costs of higher studies .Most of us fall into this category as education does comes at a cost and when you really want the best to sharpen and nuture your talent and ability you have to turn to these kind of finances.
As some one had once quoted for a lasting prosperity one should always invest in people. When financial institutions all over the globe invest in students they are investing in intellectual property . After achieving the educational targets these people become worthy returns.
Why should anyone opt for Bank of America
Well, it is one of the nations leading banks yet that is not the only reason. Bank of America has customized loans for every need.They have showcased their offers in easy to understand structure.You can make your preliminary enquires by simply following the instructions and answer few relevant questions on their website www.bankofamerica.com or you call call their student loan numbers. Bank of America has branches all over the globe which helps international students also avail the opportunity.
There are four categories of loans which focuses on particular segment of students.First category is FFEL Federal family education loan,program loans(subsidized and unsubsidized loans) which focuses on undergraduate and graduate students.eligibility for which is decided by few conditions such as you are US citizen or non-US as defined by federal laws.You are pursuing your degree at least as ahalf time with one of the listed institutes.student has social security number etc.The second Category is of Plus loans which is parents of undergraduate,they are qualified on the basis of citizenship, credit rating and parent of eligible undergraduate.Third category comprises of Bank of America private loans which set their vision on medical,dental, law, MBA ,graduates and undergraduate students.Considered eligible for such loans is as US citizen or a permanent resident, credible credit history and satisfactory academic progress.of the student.lastly the Bank of America education maximiser loans which is specifically designed for Kindergarden till tweleth grade students.
The minimum amount varies from loan to loan it can be $1000 annually as minimum or $30000 maximum.Disbursement of the loans is done via electronic transfer directly to the schools for first two installments later can be co-payable to the school and student if requested by school.There can be multiple disbursement as per the school schedule or one time disbursement when the laon is finally processed for the borrower.Rate of interest is relatively low as 8.25 percent. which is variable and is adjusted annually on July 1st.It is better to confirm the rate of interest by calling the bank.Federal government charges 3 percent origination fees and guarantor charges 1 percent as a insurance premium from the loan amount.Where as in private loans there might be no fees.Fees also might vary as per the grade of the student.
Duration of repayment in case of federal loans is maximum ten years which further gets classified into subsidized and
unsubsidized repayments.Minimum monthly repayments vary from $50 to $600 annually.Usually there is no penalty.for prepayment.
How to Apply
If you are a starter submit the free application for federal student aid(FAFSA).You can get the form from www.fafsa.ed.gov to fill it out and submit online or get it from your high school counselor or financial aid advisor mentioning that Bank of America is your choice as a lender.You can also just apply online at bank of America website.Students are also classified into independent and dependent students.Independent student is over twenty four years or older ,married,an orphan,ward of the court,graduate/professional student or has dependents other than his spouse.Dependent is one who does not fulfill any criterias of a independent student.The minimum and maximum amount for loan for each year like freshman,sophomore or graduate varies as per the student type.Borrowers can enjoy some discounts on the loan amount if repayments are done on time.Bank of America covers you all the way, if you cant have federal loan for the complete schedule of your education ,BOA comes to your rescue with their private loans.Irrespective of your field of education , financial standing bank of America most often has a customized loan for you specific requirements.
To conclude Bank of America is one stop destination to get the best student loan at affordable rates and convenient repayment options.They have proved over the years of their services ,they are considerate in most cases but everyone should ahere also to their part of responsibility like being regular on repayments , informing the bank in time if at times you are failing to repay etc.Failing to meet the terms and conditions one could face legal actions such seizure of property , garnish wages or litigate for which you have to pay the charges incurred.Along with being there for your every educational need,being geographically accessible you also have expert advice from the banks esteemed execeutives who are eager to help.So whats stopping you now to reach for the sky when you know there is someone to become the wind beneath your wings.
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