Bank of America once offered both federal and private student loans, but the company hasn’t offered education 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.
Though you can no longer borrow for college from Bank of America, there are other alternatives available. And if you already have a loan originally issued by the bank, you may consider refinancing your Bank of America student loans.
Does Bank of America offer student loans?
After selling off its student loan portfolio in 2017, Bank of America no longer offers or services student loans after .
“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.
Best private student loans
Bank of America doesn’t offer student loans, but there are 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.
Advertiser Disclosure$1,000 up to 100% of the school-certified cost of attendance
Overview
College Ave offers student loans for almost every type of degree program, with a range of repayment options, including a unique eight-year repayment term. Additionally, you can get extended grace periods of as long as 36 months on graduate, dental, and medical student loans.
It's also possible to get loan approval for multiple school years at one time. About 90% of undergraduates applying with a cosigner are approved for additional student loans. However, you must complete at least half of your repayment term before you can remove a cosigner for your loan. Some lenders allow cosigners to be released much sooner, after as few as one to two years of payments.
pros
- Rate discount of one-quarter of a percentage point for using autopay
- Does not charge origination or application fees
- May qualify for multiyear approval
- Grace periods between 9 and 36 months for graduate, MBA, law, dental, and medical school loans and 36 months
cons
- Parents borrowers are required to pay at least the interest while the student is in school
- Cosigners not eligible for release until at least half the repayment term of the loan is completed
Loan terms
5, 8, 10, or 15 years for most borrowers (law, dental, medical, and other health profession students have up to 20 years)
Loan amounts
$1,000 minimum up to your school’s annual cost of attendance; lifetime limits depend on your degree and credit profile
Cosigner release
Available after more than half of the scheduled repayment period has elapsed and other requirements are met
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. International students with a Social Security number and a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
$1,000 up to 100% of school-certified cost of attendance
Overview
Sallie Mae offers the Smart Option Student Loan for undergraduate students and a suite of loans for graduate students. You can borrow up to your school-certified cost of attendance and apply just once annually to get the funds you need for the entire academic year. Plus, applying for a Smart Option Student Loan with a cosigner may help you get a better rate.
Through Sallie Mae, you can find a variety of loans designed for specific needs, including loans for MBA programs, law school, medical school, and health profession programs.
pros
- Can borrow up to school-certified cost of attendance
- No prepayment or origination fees
- Loans available to noncitizens with an eligible cosigner
- Cosigner release after 12 on-time payments
cons
- No parent loan options
- No option to check your rates through prequalification
- Loan terms not disclosed until after you apply
Loan terms
10 to 15 years for the Smart Option Student Loan; 15 years for law school, MBA, and graduate school loans; 20 years for medical school loans
Loan amounts
$1,000 up to school-certified cost of attendance. Student must be listed as the borrower, and a parent may cosign.
Cosigner release
After you graduate, make 12 one-time principal and interest payments, and meet certain credit requirements
Eligibility
Must be a U.S. citizen or permanent resident enrolled in an eligible program. Noncitizens residing and attending school in the U.S. may qualify by applying with a creditworthy cosigner, who must be a U.S. citizen or permanent resident, and providing an unexpired government-issued photo ID.
$1,000 up to cost of attendance
Overview
ELFI a division of Tennessee-based SouthEast Bank, offers private student loans and refinancing for undergraduates, graduates, and parents. Borrowers can take out loans starting at $1,000, with options up to the full cost of attendance at their school.
ELFI student loans are available to students nationwide who are enrolled in a bachelor's degree program or higher. Borrowers can choose from multiple repayment terms and benefit from competitive interest rates and support from a dedicated Student Loan Advisor. However, ELFI doesn't offer cosigner release or rate discounts, which may limit flexibility for some borrowers.
pros
- Receive support from a dedicated Student Loan Advisor
- Transparent credit and income requirements
- Flexible repayment terms
cons
- Must be enrolled in a bachelor’s degree program or higher
- Cosigners can’t be released from the loan
- No autopay rate discounts available
Loan amounts
$1,000 - Cost of attendance
Cosigner release
A cosigner may not be taken off a loan, but the borrower can apply for a new loan without their cosigner.
Eligibility
All 50 states as well as Washington DC and Puerto Rico.
Overview
While Ascent provides traditional student loans for undergraduate, graduate, and medical programs, it also stands out with some options that are uncommon among private student loan lenders. For example, its Outcomes-Based Loan, which doesn't require established credit or a cosigner, is available to juniors and seniors. When assessing your application, Ascent considers factors including your school, major, and GPA to determine if you're eligible.
Ascent also offers its Progressive Repayment plan to qualified borrowers. It allows you to begin with smaller payments at the start of the repayment term and then gradually pay more each month over time. If you borrow with a cosigner, they can be released after you make as few as 12 monthly payments. However, cosigners for loans for international students do not qualify.
pros
- Doesn’t charge application fees or origination fees
- Offers discounts of 0.25 to 1 percentage points when using automatic payment
- Can get a 1% cash-back reward after you graduate
- Grace periods from 9 months to 36 months
cons
- May find lower interest rates with some competitors
- International students don’t have option to release cosigners
Loan terms
5, 7, 10, 12, 15, or 20 years
Loan amounts
$2,001 minimum up to your school’s annual cost of attendance; lifetime limits of $200,000 for undergrads and $400,000 for graduates
Eligibility
Must be a U.S. citizen or DACA student enrolled at least half time at an eligible institution. International students with a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
$1,000 to $350,000 (depending on degree)
Overview
Citizens Bank offers private student loans for undergraduate and graduate students, as well as parents. With its multiyear approval option, you can apply for a loan once, and as long as you qualify, you won't need to reapply each year. This means you can secure loans for future academic years without multiple hard credit checks.
Citizens borrowers can also take advantage of interest rate discounts. If you or your cosigner has an account with Citizens Bank, you can reduce your rate by 0.25 percentage points. Another 0.25 percentage points can be shaved off by enrolling in automatic payments, giving you the chance to lower your rate by up to 0.5 percentage points.
pros
- Multiyear approval lets you secure funding for future school years
- You can reduce your rate by 0.5 percentage points with autopay and loyalty discounts
- International students can apply with a qualified cosigner
cons
- Fewer repayment terms to choose from than some other lenders
- Long wait time for cosigner release
- Parents can’t defer payments while student is in school
Loan terms
5, 10, or 15 years for student loans; 5 or 10 years for parent loans
Loan amounts
$1,000 minimum, up to a maximum of $225,000 for undergraduate and graduate degrees; $300,000 for MBA and law; and $225,000 or $400,000 for health care student loans, depending on the degree type
Eligibility
Must be a U.S. citizen or permanent resident enrolled at least half-time in a degree-granting program at an eligible institution. International students can apply with a cosigner who’s a U.S. citizen or permanent resident.
$1,000 to $99,999 annually $180,000 aggregate limit)
Overview
Citizens Bank offers private student loans for undergraduate and graduate students, as well as parents. With its multiyear approval option, you can apply for a loan once, and as long as you qualify, you won't need to reapply each year. This means you can secure loans for future academic years without multiple hard credit checks.
Citizens borrowers can also take advantage of interest rate discounts. If you or your cosigner has an account with Citizens Bank, you can reduce your rate by 0.25 percentage points. Another 0.25 percentage points can be shaved off by enrolling in automatic payments, giving you the chance to lower your rate by up to 0.5 percentage points.
pros
- Multiyear approval lets you secure funding for future school years
- You can reduce your rate by 0.5 percentage points with autopay and loyalty discounts
- International students can apply with a qualified cosigner
- Offers parent student loans
cons
- Fewer repayment terms to choose from than some other lenders
- Long wait time for cosigner release
- Parents can’t defer payments while student is in school
Loan amounts
$1,000 to $99,999 per year (lifetime limit of $180,000)
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. You must also meet Custom Choice’s underwriting criteria for income and credit, or apply with a cosigner who does. Eligible noncitizens such as DACA residents can also qualify by applying with a cosigner who’s a U.S. citizen or permanent resident.
$1,001 up to 100% of school certified cost of attendance
Overview
INvested is an Indiana company that offers affordable student loans exclusively to state residents. Loans are available to Indiana students and parents who can meet income and credit requirements, or who have an eligible cosigner. Borrowers can borrow as little as $1,001 or as much as the school-certified cost of attendance minus other aid.
INvested provides detailed information on eligibility so borrowers can quickly determine whether to apply for a loan — however, there’s no option to prequalify with a soft credit check. Cosigner release is also available after just 12 on-time payments, considerably shorter than many other lenders.
pros
- Low minimum borrowing limits
- Autopay discount of 0.25 percentage points
- Short cosigner release requirements
- Transparent qualification requirements
cons
- Loans are available only to Indiana residents
- No prequalification option to view your rates
- No loan options for international students
Loan amounts
$1,001 minimum, up to the school certified cost of attendance
Eligibility
Loans are available to Indiana residents only. Borrowers must have a FICO score of 670 or higher, a 30% maximum debt-to-income ratio or minimum monthly income of $3,333, continuous employment over two years, and no major collections or defaults in recent years. Borrowers who do not meet income or credit requirements can apply with a cosigner.
$1,500 up to school’s certified cost of attendance less aid
Overview
Massachusetts Educational Financing Authority (MEFA) offers student loans to borrowers with good credit. However, you won't be able to see your potential rate before applying.
The lender doesn't charge any fees and its rates are competitive, though MEFA only offers two repayment terms. You can add a cosigner to your loan if you're unable to qualify, but only one repayment plan allows you to release your cosigner.
pros
- Doesn’t charge any fees
- Low maximum rate compared with some lenders
- Can borrow up to the school-certified cost of attendance
cons
- No discounts for borrowers
- Limited repayment terms
- No prequalification available
Loan amounts
$1,500 minimum up to school-certified cost of attendance
Eligibility
Must be a U.S. citizen or permanent resident, enrolled at least half time at a degree-granting, nonprofit institution, and must maintain satisfactory academic progress. Must have no history of default on an education loan and no history of bankruptcy or foreclosure in the past 60 months. Applicants who can’t meet the minimum credit and income requirements may apply with a cosigner.
Loan Amounts
$1,000 up to 100% of the school-certified cost of attendance
Overview
College Ave offers student loans for almost every type of degree program, with a range of repayment options, including a unique eight-year repayment term. Additionally, you can get extended grace periods of as long as 36 months on graduate, dental, and medical student loans.
It's also possible to get loan approval for multiple school years at one time. About 90% of undergraduates applying with a cosigner are approved for additional student loans. However, you must complete at least half of your repayment term before you can remove a cosigner for your loan. Some lenders allow cosigners to be released much sooner, after as few as one to two years of payments.
pros
- Rate discount of one-quarter of a percentage point for using autopay
- Does not charge origination or application fees
- May qualify for multiyear approval
- Grace periods between 9 and 36 months for graduate, MBA, law, dental, and medical school loans and 36 months
cons
- Parents borrowers are required to pay at least the interest while the student is in school
- Cosigners not eligible for release until at least half the repayment term of the loan is completed
Loan terms
5, 8, 10, or 15 years for most borrowers (law, dental, medical, and other health profession students have up to 20 years)
Loan amounts
$1,000 minimum up to your school’s annual cost of attendance; lifetime limits depend on your degree and credit profile
Cosigner release
Available after more than half of the scheduled repayment period has elapsed and other requirements are met
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. International students with a Social Security number and a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
Loan Amounts
$1,000 up to 100% of school-certified cost of attendance
Overview
Sallie Mae offers the Smart Option Student Loan for undergraduate students and a suite of loans for graduate students. You can borrow up to your school-certified cost of attendance and apply just once annually to get the funds you need for the entire academic year. Plus, applying for a Smart Option Student Loan with a cosigner may help you get a better rate.
Through Sallie Mae, you can find a variety of loans designed for specific needs, including loans for MBA programs, law school, medical school, and health profession programs.
pros
- Can borrow up to school-certified cost of attendance
- No prepayment or origination fees
- Loans available to noncitizens with an eligible cosigner
- Cosigner release after 12 on-time payments
cons
- No parent loan options
- No option to check your rates through prequalification
- Loan terms not disclosed until after you apply
Loan terms
10 to 15 years for the Smart Option Student Loan; 15 years for law school, MBA, and graduate school loans; 20 years for medical school loans
Loan amounts
$1,000 up to school-certified cost of attendance. Student must be listed as the borrower, and a parent may cosign.
Cosigner release
After you graduate, make 12 one-time principal and interest payments, and meet certain credit requirements
Eligibility
Must be a U.S. citizen or permanent resident enrolled in an eligible program. Noncitizens residing and attending school in the U.S. may qualify by applying with a creditworthy cosigner, who must be a U.S. citizen or permanent resident, and providing an unexpired government-issued photo ID.
Loan Amounts
$1,000 up to cost of attendance
Overview
ELFI a division of Tennessee-based SouthEast Bank, offers private student loans and refinancing for undergraduates, graduates, and parents. Borrowers can take out loans starting at $1,000, with options up to the full cost of attendance at their school.
ELFI student loans are available to students nationwide who are enrolled in a bachelor's degree program or higher. Borrowers can choose from multiple repayment terms and benefit from competitive interest rates and support from a dedicated Student Loan Advisor. However, ELFI doesn't offer cosigner release or rate discounts, which may limit flexibility for some borrowers.
pros
- Receive support from a dedicated Student Loan Advisor
- Transparent credit and income requirements
- Flexible repayment terms
cons
- Must be enrolled in a bachelor’s degree program or higher
- Cosigners can’t be released from the loan
- No autopay rate discounts available
Loan amounts
$1,000 - Cost of attendance
Cosigner release
A cosigner may not be taken off a loan, but the borrower can apply for a new loan without their cosigner.
Eligibility
All 50 states as well as Washington DC and Puerto Rico.
Overview
While Ascent provides traditional student loans for undergraduate, graduate, and medical programs, it also stands out with some options that are uncommon among private student loan lenders. For example, its Outcomes-Based Loan, which doesn't require established credit or a cosigner, is available to juniors and seniors. When assessing your application, Ascent considers factors including your school, major, and GPA to determine if you're eligible.
Ascent also offers its Progressive Repayment plan to qualified borrowers. It allows you to begin with smaller payments at the start of the repayment term and then gradually pay more each month over time. If you borrow with a cosigner, they can be released after you make as few as 12 monthly payments. However, cosigners for loans for international students do not qualify.
pros
- Doesn’t charge application fees or origination fees
- Offers discounts of 0.25 to 1 percentage points when using automatic payment
- Can get a 1% cash-back reward after you graduate
- Grace periods from 9 months to 36 months
cons
- May find lower interest rates with some competitors
- International students don’t have option to release cosigners
Loan terms
5, 7, 10, 12, 15, or 20 years
Loan amounts
$2,001 minimum up to your school’s annual cost of attendance; lifetime limits of $200,000 for undergrads and $400,000 for graduates
Eligibility
Must be a U.S. citizen or DACA student enrolled at least half time at an eligible institution. International students with a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
Loan Amounts
$1,000 to $350,000 (depending on degree)
Overview
Citizens Bank offers private student loans for undergraduate and graduate students, as well as parents. With its multiyear approval option, you can apply for a loan once, and as long as you qualify, you won't need to reapply each year. This means you can secure loans for future academic years without multiple hard credit checks.
Citizens borrowers can also take advantage of interest rate discounts. If you or your cosigner has an account with Citizens Bank, you can reduce your rate by 0.25 percentage points. Another 0.25 percentage points can be shaved off by enrolling in automatic payments, giving you the chance to lower your rate by up to 0.5 percentage points.
pros
- Multiyear approval lets you secure funding for future school years
- You can reduce your rate by 0.5 percentage points with autopay and loyalty discounts
- International students can apply with a qualified cosigner
cons
- Fewer repayment terms to choose from than some other lenders
- Long wait time for cosigner release
- Parents can’t defer payments while student is in school
Loan terms
5, 10, or 15 years for student loans; 5 or 10 years for parent loans
Loan amounts
$1,000 minimum, up to a maximum of $225,000 for undergraduate and graduate degrees; $300,000 for MBA and law; and $225,000 or $400,000 for health care student loans, depending on the degree type
Eligibility
Must be a U.S. citizen or permanent resident enrolled at least half-time in a degree-granting program at an eligible institution. International students can apply with a cosigner who’s a U.S. citizen or permanent resident.
Loan Amounts
$1,000 to $99,999 annually $180,000 aggregate limit)
Overview
Citizens Bank offers private student loans for undergraduate and graduate students, as well as parents. With its multiyear approval option, you can apply for a loan once, and as long as you qualify, you won't need to reapply each year. This means you can secure loans for future academic years without multiple hard credit checks.
Citizens borrowers can also take advantage of interest rate discounts. If you or your cosigner has an account with Citizens Bank, you can reduce your rate by 0.25 percentage points. Another 0.25 percentage points can be shaved off by enrolling in automatic payments, giving you the chance to lower your rate by up to 0.5 percentage points.
pros
- Multiyear approval lets you secure funding for future school years
- You can reduce your rate by 0.5 percentage points with autopay and loyalty discounts
- International students can apply with a qualified cosigner
- Offers parent student loans
cons
- Fewer repayment terms to choose from than some other lenders
- Long wait time for cosigner release
- Parents can’t defer payments while student is in school
Loan amounts
$1,000 to $99,999 per year (lifetime limit of $180,000)
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. You must also meet Custom Choice’s underwriting criteria for income and credit, or apply with a cosigner who does. Eligible noncitizens such as DACA residents can also qualify by applying with a cosigner who’s a U.S. citizen or permanent resident.
Loan Amounts
$1,001 up to 100% of school certified cost of attendance
Overview
INvested is an Indiana company that offers affordable student loans exclusively to state residents. Loans are available to Indiana students and parents who can meet income and credit requirements, or who have an eligible cosigner. Borrowers can borrow as little as $1,001 or as much as the school-certified cost of attendance minus other aid.
INvested provides detailed information on eligibility so borrowers can quickly determine whether to apply for a loan — however, there’s no option to prequalify with a soft credit check. Cosigner release is also available after just 12 on-time payments, considerably shorter than many other lenders.
pros
- Low minimum borrowing limits
- Autopay discount of 0.25 percentage points
- Short cosigner release requirements
- Transparent qualification requirements
cons
- Loans are available only to Indiana residents
- No prequalification option to view your rates
- No loan options for international students
Loan amounts
$1,001 minimum, up to the school certified cost of attendance
Eligibility
Loans are available to Indiana residents only. Borrowers must have a FICO score of 670 or higher, a 30% maximum debt-to-income ratio or minimum monthly income of $3,333, continuous employment over two years, and no major collections or defaults in recent years. Borrowers who do not meet income or credit requirements can apply with a cosigner.
Loan Amounts
$1,500 up to school’s certified cost of attendance less aid
Overview
Massachusetts Educational Financing Authority (MEFA) offers student loans to borrowers with good credit. However, you won't be able to see your potential rate before applying.
The lender doesn't charge any fees and its rates are competitive, though MEFA only offers two repayment terms. You can add a cosigner to your loan if you're unable to qualify, but only one repayment plan allows you to release your cosigner.
pros
- Doesn’t charge any fees
- Low maximum rate compared with some lenders
- Can borrow up to the school-certified cost of attendance
cons
- No discounts for borrowers
- Limited repayment terms
- No prequalification available
Loan amounts
$1,500 minimum up to school-certified cost of attendance
Eligibility
Must be a U.S. citizen or permanent resident, enrolled at least half time at a degree-granting, nonprofit institution, and must maintain satisfactory academic progress. Must have no history of default on an education loan and no history of bankruptcy or foreclosure in the past 60 months. Applicants who can’t meet the minimum credit and income requirements may apply with a cosigner.
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 a significant factor in determining your eligibility, 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. 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 to 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 or increasing your income.
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.
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 might 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 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, such as:
- Government-issued ID or driver’s license
- Social Security number
- Paperwork on your existing Bank of America loans
- Proof of income
- Proof of graduation
6. Sign your new loan documents
Once your lender approves your new loan, you’ll sign the loan documents. But don’t stop making payments on your old loans just yet, since it may take the new lender a few weeks to process your refinance loan. Avoid late fees and negative credit marks on your credit report by making payments on your old debt until the account is closed for good.
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 might 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 won’t 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
Meet the expert:
Tim Maxwell
Tim Maxwell is a financial writer who has spent over two decades covering the industry. His work has been featured by USA Today, Washington Post, Bankrate, and LendingTree.
