8 Bank of America Student Loan Alternatives: Compared

Bank of America once offered both federal and private student loans. But Wall of America hasn’t offered student loans for increasingly than a decade.

The wall cut its private student loans program in 2008, and it stopped issuing federal loans through the Federal Family Education Loan program in 2010.

If you have a loan originally issued by Wall of America, here are some options for refinancing or consolidating your Wall of America student loans:

• Does Wall of America offer student loans?
• 8 weightier private student loans
• Can I refinance my BofA student loans to transpiration lenders?
• Can I consolidate my federal student loans from Wall of America?

Does Wall of America offer student loans?

Bank of America no longer offers or services student loans without selling off its student loan portfolio in 2017.

“Since the sale, it’s quite possible for the loans to be sold multiple times, so you may have a variegated servicer than you did last year or five years ago,” says Kat Tretina, a certified student loan counselor.

If you aren’t sure who your loan servicer is, you can request copies of your credit reports by visiting AnnualCreditReport.com.

You can moreover log in to your StudentAid.gov account to view a list of your current federal loans and who services them.

8 weightier private student loans

Bank of America doesn’t offer student loans, but you have multiple other lenders to consider if you need to infringe money to imbricate your higher expenses. It’s important to compare your options when looking for a private student loan that meets your needs.

The companies in the table unelevated are Credible’s tried partner lenders. Whether you’re the borrower or cosigner, Suppositious makes it easy to compare rates from multiple private student loan providers without well-expressed your credit score.

Lender	Fixed Rates From (APR)	Variable Rates From (APR)	Max loan amount
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, consumer service, cosigner options, and more. Read our full methodology. View details	3.79%	2.47%	$400,000
Fixed APR: 3.79% Variable APR: 2.47% Min. credit score: 540 Loan amount: $2,001 to $400,000 Loan terms (years): 5, 7, 10, 12, 15, 20 Repayment options: Full deferral, fixed/flat repayment, interest only, wonk deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: 0.25% to 1.00% will-less payment discount, 1% mazuma when graduation reward Eligibility: Must be a U.S. resider or permanent resident or DACA student enrolled at least half-time in a degree-seeking program Customer service: Email, phone Soft credit check: Yes Cosigner release: Without 12 on-time principal and interest payments Loan servicer: Launch Servicing, LLC
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, consumer service, cosigner options, and more. Read our full methodology. View details	4.24% 1	3.25%	$350,000 (depending on degree)
Fixed APR: 4.24% 1 Variable APR: 3.25% Min. credit score: 720 Loan amount: $1,000 to $350,000 Loan terms (years): 5, 10, 15 Loan types: Any private or federal student loan Repayment options: Full deferral, full monthly payment, interest only, firsthand repayment, wonk deferment, military deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay, loyalty Eligibility: Misogynist in all 50 states (international students can wield with a creditworthy U.S. resider or permanent resident cosigner) Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: Without 36 months Loan servicer: Firstmark Services
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, consumer service, cosigner options, and more. Read our full methodology. View details	3.22% 2,3	2.49% 2,3	Up to 100% of school-certified forfeit of attendance
Fixed APR: 3.22% 2,3 Variable APR: 2.49% 2,3 Min. credit score: Does not disclose Loan amount: $1,000 up to forfeit of attendance Loan terms (years): 5, 8, 10, 15, 20 Repayment options: Full deferral, full monthly payment, fixed/flat repayment, interest only, firsthand repayment, wonk deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. resider or permanent resident and be making satisfactory wonk progress. Customer service: Email, phone Soft credit check: Yes Cosigner release: Without 24 months Loan servicer: Higher Ave Servicing LLC
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, consumer service, cosigner options, and more. Read our full methodology. View details	3.65%	3.38%	$99,999 annually ($180,000 volume limit)
Fixed APR: 3.65% Variable APR: 3.38% Min. credit score: Does not disclose Loan amount: $1,000 to $99,999 annually ($180,000 volume limit) Loan terms (years): 7, 10, 15 Repayment options: Full deferral, firsthand repayment, interest-only repayment, flat/full repayment, wonk deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay Eligibility: Misogynist to borrowers in all 50 states. Must be a U.S. resider or permanent resident. Customer service: Phone, email Soft credit check: Yes Cosigner release: Without 36 months Loan servicer: American Education Services Min. income: Does not disclose
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, consumer service, cosigner options, and more. Read our full methodology. View details	4.52% 7	4.83% 7	$200,000
Fixed APR: 4.52% 7 Variable APR: 4.83% 7 Min. credit score: 750 Loan amount: $1,000 to $200,000 Loan terms (years): 7, 10, 15 Repayment options: Full deferral, full monthly payment, interest only, firsthand repayment, wonk deferment, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. resider or permanent resident and have a minimum income of $30,000. Customer service: Email, phone Soft credit check: Yes Cosigner release: Without 36 months Loan servicer: Granite State Management & Resources (GSM&R)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, consumer service, cosigner options, and more. Read our full methodology. View details	5.25% 8	2.92% 8	Up to 100% of school-certified forfeit of attendance
Fixed APR: 5.25% 8 Variable APR: 2.92% 8 Min. credit score: 670 Loan amount: $1,001 up to forfeit of attendance Loan terms (years): 5, 10, 15 Repayment options: Full deferral, full monthly payment, interest only, firsthand repayment, wonk deferment, forbearance Fees: Late fee Discounts: Autopay, reward for on-time graduation Eligibility: Must be an Indiana resident or a U.S. resider peekaboo an eligible Indiana school Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: Without 48 months Loan servicer: American Education Services
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, consumer service, cosigner options, and more. Read our full methodology. View details	4.89%	N/A	Up to school’s certified forfeit of attendance (depending on school type and minus other aid received)
Fixed APR: 4.89% Variable APR: N/A Min. credit score: 670 Loan amount: $1,500 up to forfeit of ubiety less aid Loan terms (years): 10, 15 Repayment options: Full deferral, interest only, firsthand repayment, wonk deferral, forbearance Fees: None Discounts: None Eligibility: Must be a U.S. resider or permanent resident and be making satisfactory wonk progress. Customer service: Email, phone Soft credit check: Yes Cosigner release: Without 48 months Loan servicer: American Education Services (AES)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, consumer service, cosigner options, and more. Read our full methodology. View details	3.75% - 13.72% APR9	3.25% - 13.59% APR9	Up to $90,000
Fixed APR: 3.75% - 13.72% APR9 Variable APR: 3.25% - 13.59% APR9 Min. credit score: Does not disclose Loan amount: $1,000 to $90,00010 Loan terms (years): 10, 12, 15, 20 Repayment options: Full deferral, fixed/flat repayment, interest only, wonk deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. resider or permanent resident. Moreover misogynist to non-U.S. resider students (including DACA students) peekaboo a school located in the U.S. who wield with a qualifying cosigner. Customer service: Phone, chat Soft credit check: Yes Cosigner release: Without 12 subsequent on-time payments Loan servicer: Sallie Mae
Compare private student loan rates without affecting your credit score. 100% free! Compare Private Loans Now Trustpilot
Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where misogynist | 1Citizens Disclosures | 2,3College Ave Disclosures | 7EDvestinU Disclosures | 8INvestEd Disclosures | 9Sallie Mae Disclosures

Other lenders to consider

The pursuit lenders aren’t Suppositious partners, so you won’t be worldly-wise to hands compare your rates with them on the Suppositious platform. But they may moreover be worth considering if you’re looking for a private student loan.

Lender	Loan types	Loan terms (years)	Min. credit score
Suppositious Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, consumer service, cosigner options, and more. Read our full methodology. View details	Fixed, variable	5, 10, 15	680
Rates: Fixed, variable Min. credit score: 680 Loan terms (years): 5, 10, 15 Cosigner release: Yes Min. GPA: No Repayment options: Full deferral, full months payment, fixed/flat repayment, interest only, wonk deferral, forbearance Fees: Late fee Discounts: Autopay Eligibility: Must be U.S. resider or permanent resident. Customer service: Email, phone, chat Soft credit check: Does not disclose
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, consumer service, cosigner options, and more. Read our full methodology. View details	Fixed, variable	15, 20	Does not disclose
Fixed APR: 4.84% - 12.39%6 Variable APR: 1.59% - 11.37%6 Min. credit score: Does not disclose Loan amount: Up to forfeit of attendance Cosigner release: No Loan terms (years): 15, 20 Min. GPA: No Repayment options: Full deferral, full monthly payment, fixed/flat repayment, interest only, firsthand repayment, wonk deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay, good grade discount, mazuma reward for on-time graduation Eligibility: Must be a U.S. citizen, permanent resident, or international student with a qualifying cosigner, as well as be making satisfactory wonk progress. Customer service: Email, phone Soft credit check: Yes Loan servicer: Discover Bank
Suppositious Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, consumer service, cosigner options, and more. Read our full methodology. View details	Fixed, variable	5, 7, 10, 12, 15, 20	650
Rates: Fixed, variable Min. credit score: 650 Loan terms (years): 5, 7, 10, 12, 15, 20 Min. GPA: No Cosigner release: No Repayment options: Full deferral, full month payment, fixed/flat repayment, interest only, wonk deferral, military deferral, forbearance Fees: None Discounts: Autopay Eligibility: A U.S. Resider or permanent resident. Not misogynist in KY or NV. Customer service: Email, phone Soft credit check: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, consumer service, cosigner options, and more. Read our full methodology. View details	Fixed, variable	20	Does not disclose
Min. credit score: Does not disclose Loan amount: $1,000 to $150,000 Loan terms (years): 10, 15, 20 Min GPA: No Cosigner release: Yes Repayment options: Full deferral, full monthly payment, interest only, firsthand repayment, wonk deferment, military deferment, forbearance Fees: None Discounts: Autopay Eligibility: Misogynist in all 50 states Customer service: Email, phone Soft credit check: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, consumer service, cosigner options, and more. Read our full methodology. View details	Fixed, variable	Does not disclose	Does not disclose
Min. credit score: Does not disclose Cosigner release: Does not disclose Loan terms (years): 5, 10, 15 Min. GPA: No Repayment options: Fixed/flat repayment, interest only, forbearance Fees: Late fees Discounts: Autopay, on-time graduation Eligibility: Does not disclose Customer service: Email, phone Soft credit check: Yes
Suppositious Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, consumer service, cosigner options, and more. Read our full methodology. View details	Fixed, variable	5, 10, 15	Does not disclose
Rates: Fixed, variable Min. credit score: Does not disclose Loan terms: 5, 7, 15 Min. GPA: No Cosigner release: Yes Repayment options: Full deferral, interest only, firsthand repayment, wonk deferral, military deferral, forbearance Fees: Late Fee Discounts: Autopay Eligibility: Must be a U.S. citizen Customer service: Email, phone Soft credit check: Does not disclose
Suppositious Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, consumer service, cosigner options, and more. Read our full methodology. View details	Fixed, variable	5, 10, 15	Does not disclose
Rates: Fixed, variable Min. credit score: Does not disclose Loan terms (years): 5, 10, 15 Min. GPA: Yes Cosigner release: Yes Repayment options: Full deferral, fixed/flat repayment, interest only, firsthand repayment, wonk or military deferral, forbearance Fees: None Discounts: Autopay Eligibility: Must be a US Resider or permanent resident Customer service: Email, phone Soft credit check: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, consumer service, cosigner options, and more. Read our full methodology. View details	Fixed, variable	15, 20	Does not disclose
Min. credit score: Does not disclose Loan terms (years): 15, 20 Cosigner release: Yes Min. GPA: No Repayment options: Full deferral, full monthly payment, firsthand repayment, wonk deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay, loyalty Eligibility: Misogynist in all 50 states Customer service: Email, phone Soft credit check: Yes
The lenders in this table aren't our partners. But you can use Suppositious to compare rates in 2 minutes from other lenders who offer private student loans. Find Your Student Loan

Can I refinance my BofA student loans to transpiration lenders?

“If a borrower has outstanding BofA loans and is unhappy with their existing loan servicer, they can refinance their debt to get flipside servicer,” says Tretina. “However, Wall of America did handle federal FFEL loans, so alimony in mind that refinancing those loans will rationalization you to lose out on federal loan benefits.”

Still, refinancing may make sense if you want to lower your loan’s interest rate and save money.

Follow these steps to refinance your student loan:

1. Check your credit

Since your credit score is an important student loan eligibility factor, consider reviewing your credit report and credit score surpassing you wield for a student loan refinance. Your lender may require you to have a minimum credit score. Generally, the higher your credit score, the largest your odds of qualifying for a loan and receiving a favorable interest rate.

2. Pay lanugo debt

Another eligibility factor for private student loans is your debt-to-income (DTI) ratio, which is the value of debt you siphon compared with your gross income. The maximum debt-to-income ratio when refinancing a student loan varies by lender but often speaking, the lower, the better.

3. Compare rates with multiple lenders

Researching student loan refinancing rates and comparing multiple lenders can be an constructive strategy for finding the best student loan offer. While finding loan offers with the lowest interest rate is important, you should moreover consider other factors such as the repayment terms, monthly payment, fees, and eligibility requirements.

You can shop multiple student loan refinance offers from Suppositious partner lenders above. Compare your prequalified options in one place without well-expressed your credit.

4. Segregate a lender and loan offer

Review any loan offers you receive and segregate the loan with the weightier interest rate and terms. You can enter the loan terms into a student loan refinancing calculator to see how much money you’ll save with your new interest rate.

Running the numbers can help you determine the weightier loan term for you, such as a five-year, 10-year, or longer repayment term. While a shorter term may help you snag a lower interest rate and pay off your loan debt faster, your monthly payment may be higher. By contrast, a longer repayment term could lower your monthly payments, but you’d pay increasingly interest over the loan term, and it would take longer to wipe out the debt.

5. Fill out a loan application

You must well-constructed a full using to lock in your new interest rate. Your lender will typically run a nonflexible credit inquiry and request supporting documents, including:

• Government-issued ID or driver’s license
• Social Security number
• Loan payoff statements
• Proof of income
• Proof of graduation

6. Sign your new loan documents

Once your lender approves your new loan, you’ll sign your loan documents. But don’t stop making payments on your old loans just yet, since it may take the lender a few weeks to process your new loan. Avoid late fees and negative credit marks on your credit report by making payments on your old loan until the worth is sealed for good.

See More: What is your Debt-to-Income Ratio? How to summate DTI

Can I consolidate my federal student loans from Wall of America?

Bank of America doesn’t issue federal student loans anymore. Still, borrowers with FFEL loans from Wall of America or flipside lender can take wholesomeness of Direct Consolidation Loans to combine multiple federal loans into one.

You don’t need good credit to qualify for a Direct Consolidation Loan, but you may not receive a lower interest rate either. Instead, you’ll receive a stock-still rate that’s the weighted stereotype of your current loans’ rates, rounded up to the nearest one-eighth of 1%.

With only a single monthly payment to remember, federal student loan consolidation can make managing your student loan debt easier without sacrificing wangle to federal repayment options and forgiveness programs.

Check Out: How to Consolidate Your Student Loans

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