Getting hold of the right bank for consolidating or refinancing student loans can be very confusing. Luckily, there are some of the best lenders and banks that can help students in refinancing or consolidating their federal or private student loans depending on their financial situation. One such bank that is popular for offering refinance student loan options to students throughout the United States is the Bank of America. With Bank of America refinance student loans, students get the ability of refinancing their current private or federal student loans at low rates of interest. This helps them in decreasing their monthly payments to a great extent.
Eligibility for Refinance Student Loans
Almost all the banks that deal in offering such loans have certain eligibility criteria for the students to get such loans. Even with these loans, students need to possess the eligibility for such loans. The bank generally looks at the credit score, savings, annual income and the college degree type of the students interested in student loans refinancing. If the students are successful in meeting these requirements, they serve as excellent candidates for consolidation and refinancing. However, if you are a student and you do not think that you can meet these requirements, there is nothing for you to worry. This is because you have the option of applying with a cosigner for increasing your scopes of getting approved for Bank of America refinance student loans.
The Benefits of Getting Student Loans that can be refinanced
Students who require proper help beyond the scholarships and federal loans have the option of going for private student loans. There is the Bank of America Student Program Consolidation Loan that offers the borrowers complete flexibility of rolling multiple private loans into a single consolidated loan. The refinancing system of the student loan from this bank offers great relief from high rates of interest. These particular types of loans also help in reducing the costs incurred in managing multiple loans. Minimum refinance loan has a value of around $10, 000. The borrowers possessing 48 consecutive on-time payments have the chances of earning a 0.78% reduction in rate of interest along with an additional 0.25% discount for participants enrolling in automated withdrawal payment program.
Pre-Refinance Considerations
Bank of America refinance student loans allow students to pack existing loans into one single government loan. Students with multiple outstanding private or federal student loans including PLUS, Perkins and Stafford loans always have the option of going for the this kind of student loan. These loans can serve as the most sensible fiscal decision for the students. However, it is to be noted that mere participation is not always a guarantee of reaping great benefits.
These types of student loans give students the flexibility of extending the life of their loan repayment. This automatically helps in making their monthly loan payments smaller. It is necessary for the students to weigh the benefits of these refinance loanscarefully in order to get the best advantages of these loans. Therefore, the students must always be very careful while opting for the loan refinancing.