8 Bank of America Student Loan Alternatives: Compared

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

The bank 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 Bank of America, here are some options for refinancing or consolidating your Bank of America student loans:

Does Bank of America offer student loans?
8 best private student loans
Can I refinance my BofA student loans to change lenders?
Can I consolidate my federal student loans from Bank of America?

Does Bank of America offer student loans?

Bank of America no longer offers or services student loans after 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 different 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 also log in to your StudentAid.gov account to view a list of your current federal loans and who services them.

8 best private student loans

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

The companies in the table below are Credible’s approved partner lenders. Whether you’re the borrower or cosigner, Credible makes it easy to compare rates from multiple private student loan providers without affecting 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, customer 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, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: 0.25% to 1.00% automatic payment discount, 1% cash back graduation reward Eligibility: Must be a U.S. citizen 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: After 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, customer 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, immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay, loyalty Eligibility: Available in all 50 states (international students can apply with a creditworthy U.S. citizen or permanent resident cosigner) Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 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, customer 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 cost 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 cost of attendance Loan terms (years): 5, 8, 10, 15, 20 Repayment options: Full deferral, full monthly payment, fixed/flat repayment, interest only, immediate repayment, academic deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and be making satisfactory academic progress. Customer service: Email, phone Soft credit check: Yes Cosigner release: After 24 months Loan servicer: College 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, customer service, cosigner options, and more. Read our full methodology. View details	3.65%+	3.38%+	$99,999 annually ($180,000 aggregate 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 aggregate limit) Loan terms (years): 7, 10, 15 Repayment options: Full deferral, immediate repayment, interest-only repayment, flat/full repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay Eligibility: Available to borrowers in all 50 states. Must be a U.S. citizen or permanent resident. Customer service: Phone, email Soft credit check: Yes Cosigner release: After 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, customer 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, immediate repayment, academic deferment, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and have a minimum income of $30,000. Customer service: Email, phone Soft credit check: Yes Cosigner release: After 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, customer service, cosigner options, and more. Read our full methodology. View details	5.25%+8	2.92%+8	Up to 100% of school-certified cost of attendance
Fixed APR: 5.25%+8 Variable APR: 2.92%+8 Min. credit score: 670 Loan amount: $1,001 up to cost of attendance Loan terms (years): 5, 10, 15 Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, forbearance Fees: Late fee Discounts: Autopay, reward for on-time graduation Eligibility: Must be an Indiana resident or a U.S. citizen attending an eligible Indiana school Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 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, customer service, cosigner options, and more. Read our full methodology. View details	4.89%+	N/A	Up to school’s certified cost 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 cost of attendance less aid Loan terms (years): 10, 15 Repayment options: Full deferral, interest only, immediate repayment, academic deferral, forbearance Fees: None Discounts: None Eligibility: Must be a U.S. citizen or permanent resident and be making satisfactory academic progress. Customer service: Email, phone Soft credit check: Yes Cosigner release: After 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, customer 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, academic deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident. Also available to non-U.S. citizen students (including DACA students) attending a school located in the U.S. who apply with a qualifying cosigner. Customer service: Phone, chat Soft credit check: Yes Cosigner release: After 12 consecutive 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 available \| 1Citizens Disclosures \| 2,3College Ave Disclosures \| 7EDvestinU Disclosures \| 8INvestEd Disclosures \| 9Sallie Mae Disclosures

Other lenders to consider

The following lenders aren’t Credible partners, so you won’t be able to easily compare your rates with them on the Credible platform. But they may also be worth considering if you’re looking for a private student loan.

Lender	Loan types	Loan terms (years)	Min. credit score
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, customer 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, academic deferral, forbearance Fees: Late fee Discounts: Autopay Eligibility: Must be U.S. citizen 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, customer 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 cost 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, immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay, good grade discount, cash 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 academic progress. Customer service: Email, phone Soft credit check: Yes Loan servicer: Discover Bank
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, customer 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, academic deferral, military deferral, forbearance Fees: None Discounts: Autopay Eligibility: A U.S. Citizen or permanent resident. Not available 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, customer 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, immediate repayment, academic deferment, military deferment, forbearance Fees: None Discounts: Autopay Eligibility: Available 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, customer 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
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, customer 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, immediate repayment, academic 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
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, customer 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, immediate repayment, academic or military deferral, forbearance Fees: None Discounts: Autopay Eligibility: Must be a US Citizen 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, customer 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, immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay, loyalty Eligibility: Available 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 Credible to compare rates in 2 minutes from other lenders who offer private student loans. Find Your Student Loan

Methodology

Credible evaluated private student loan lenders in 10 different categories to determine the best alternatives to Bank of America student loans. This included interest rates, repayment options, terms, fees, discounts, customer service availability, as well as eligibility requirements and cosigner release options.

Can I refinance my BofA student loans to change lenders?

“If a borrower has outstanding BofA loans and is unhappy with their existing loan servicer, they can refinance their debt to get another servicer,” says Tretina. “However, Bank of America did handle federal FFEL loans, so keep in mind that refinancing those loans will cause 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 before you apply for a student loan refinance. Your lender may require you to have a minimum credit score. Generally, the higher your credit score, the better your odds of qualifying for a loan and receiving a favorable interest rate.

Tip: If your credit score falls short of the minimum requirement, you may want to apply with a cosigner who has good credit or take some time to improve your credit before applying.

2. Pay down debt

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

Keep in mind: You can lower your DTI ratio by paying off debt and increasing your income if possible.

3. Compare rates with multiple lenders

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

You can shop multiple student loan refinance offers from Credible partner lenders above. Compare your prequalified options in one place without affecting your credit.

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4. Choose a lender and loan offer

Review any loan offers you receive and choose the loan with the best 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 best 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 more interest over the loan term, and it would take longer to wipe out the debt.

5. Fill out a loan application

You must complete a full application to lock in your new interest rate. Your lender will typically run a hard 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 account is closed for good.

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

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

Bank of America doesn’t issue federal student loans anymore. Still, borrowers with FFEL loans from Bank of America or another lender can take advantage 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 fixed rate that’s the weighted average 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 access to federal repayment options and forgiveness programs.

Check Out: How to Consolidate Your Student Loans

About the author Tim Maxwell

Tim Maxwell is a financial writer with over two decades of experience. Tim’s work has appeared in USA Today, Washington Post, Bankrate, LendingTree, Fox Business, Credible and more. He also publishes Incomist, a personal finance site that focuses on paying off debt by earning extra income in creative ways.

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