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Bank of America Student Loans
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About Students Loans:
Students loans, as the name suggests for itself, refer to the money lent out by banks and other financial institutions to students so that they can further and complete their education. The forms of education, for pursuing which loans are sanctioned are usually-
• College degrees at the graduate and undergratuate levels in various disciplines.
• Professional courses, such as engineering, law or medicine.
• Academic research projects for doctoral and post-doctoral degrees.
• Loans for students in schools are also offered.
Such loans come with a number of rules and regulations. There is a ceiling on the maximum amount that can be loaned to a student. For instance, most banks in India offer a maximum loan of Rupees 700,000 for studying in the country and Rupees 15,00,000 for foreign education. The loan has to be returned in instalments, usually monthly or even annually,within a limited period once the borrower's education is complete and he has secured a job. A rate of interest is also levied on the borrower besides the principal amount. The student has to provide the bank with all necessary and relevant documents as well as an assurance that he will use the loan efficiently and retuen it on lime.
Students loans or education loans, as they are otherwise popularly known as, are extremely beneficial for those students who are academically inclined, but do not have enough financial resources to fund their education. Today, government and private banks all over the world offer loans for higher education at affordable interest rates and reasonable terms and conditions.
Bank of America a Breif History:
The Bank of America was established in 1929, with the merger of the Bank of Italy, which was owned by Amadeo Giannini and the Bank of America, Los Angeles, which was founded by Orra E. Monnette. This bank was one of its kind, with many functions and services. It proliferated into other parts of America outside California as well and also began to provide insurance services. It also had financial relatioships with various markets in the international sphere. Though a mumber of restrictions curbed its activities in the middle of the 20th century, modifications in regulations from the 1980s led to its re- expansion. it is also the inventor of the bankAmericard, which, today, is widely popular as the VISA.
Today, the bank holds the position ofr the largest commercial banking institution in the USA, in terms of its dposits. The 2006 Forbes Global 2000 has also rated it as the third among the largest companies in the world.It is equipped with all forms of modern banking facilities such as online banking etc. It also has a number of stakes and claims in the international economy.
Private Students Loans of the Bank of America:
The Bank of America provides a number of services for students to pursue their higher education more efficiently. The various private schemes available for students include a number of banking services, such as the Education Maximiser Loan, which claims to understand the various needs of students, which go beyond the fees given to the educational institutions as tution fees and thus offer schemes, which cover all aspects of education including living expenses, equipments and even travelling. The student can thus use the money for anything that relates to his education.Loans are available right from kindergarten to colleges. Among the facilities offered for students by the bank as part of this scheme are-
CampusEdge Checking: It is an account designed specially for students and does not reqiore any minimum balance to be kept at all times in the account. The student does not have to pay any form of maintenance fees for holding the account for the first five years. The online banking service for account holders are free of cost. The ATM machines of the bank and its various branches established in various parts of the country allow the students to access their accounts and withdraw money conveniently. Money may also be transferred to these accounts from a parents account of the same bank and no fees is charged for this transfer. A student is entitled to receive $50 on opening the account online.
Student Visa Platinum : It is a specially designed credit card meant for students who earn as tehy study. one of the major advantages of this credit card is that no form of annual fees needs to be paid to have the card. There is no need for any co-signer either. There are special measures taken for the security of the card holders, under the Total Security Protection package, which is also free of cost. Besides, there are a number of economical deals available for the card holders. The bank claims that this credit card can teach young people to manage their costs more efficiently.
Federal Students Loans of the Bank of America:
The Bank also offers federal loans, that is those loans, which are given by the government of USA. The loans are provided by the U.S. Department of Education under its Direct Loan Program. Those loans offered by the Bank of America include-
Federal Stafford Loans : Loans that are given at a low interest rates to students doing their undergraduate as well as graduate studies. The loans for students in financial needs are subsidized.
PLUS Loans: Popular as the PLUS Loans, The Parent Loan for Undergraduate Students are loan options available for those who would like to use the loan to fund the education of their biological or adopted children or grandchildren. Anybody, irrespective of his financial condition can apply for this loan and like other federal loan schemes, are based on low interest rates and a convenient payback procedure.
These loans of the Bank of America are all based on the students' academic records and do not require any special recommendations. they are highly sought after and provide flexibility in terms of borrowing, usage and repayment.
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