Bank of America doesn’t offer student loan refinancing. However, if you took out student loans with the company before 2010, you can still refinance them with a different lender.
Also question is, can banks consolidate student loans?
You can consolidate federal student loans with the Department of Education or a private lender, which is also called refinancing. If you refinance federal loans with a private lender, you’ll lose access to government programs, like income-driven repayment and Public Service Loan Forgiveness.
Accordingly, does Bank of America consolidate loans?
Bank of America is offering the Clean Sweep debt consolidation loan to customers as an effective way to improve their financial condition. It can help clients get out of debt, whether credit card or medical debt, with one predictable, consolidated monthly payment. … Contact BOA at (800) 500-5306 for more information.
Does it cost money to consolidate student loans?
No Cost to Consolidate – Aside from a slight increase in the interest rate on the consolidation loan, there is no cost to consolidate your loans. There are no fees to consolidate. Under no circumstances pay a fee in advance to get a federal education loan or consolidate your federal education loans.
U.S. Bank doesn’t offer student loans — similar to most big-name banks, including Bank of America, Capital One and JP Morgan Chase.
The most easily accessible student loan forgiveness programs include: Public Service Loan Forgiveness: After 10 years of making payments while working full time for a qualifying government or nonprofit employer, the rest of your loan debt is forgiven.