Like many other lenders, Bank of America made this move after it deemed the student loan market unprofitable during the ongoing credit crunch.
As they left the private student loan business, Bank of America shifted into offering federal loans including Stafford, Plus loans, and others offered under the Federal Family Education Loan Program (FFELP).
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When in the business, Bank of America offered both federal and private student loans.If you meet these requirements, you might be an excellent candidate for student loan refinancing and consolidation!If you don’t think you meet the requirements, don’t worry – as you can apply with a cosigner to increase your chances of getting approved for a better student loan.Finding the right bank to refinance or consolidate your student loans is confusing.Fortunately, we’ve highlighted the six best banks and lenders to help you refinance and consolidate both private and federal student loans, based on your financial situation.This was much less risky for the banks in a time of great uncertainty.In early 2015, Bank of America announced that it would be moving on from offering these federally backed student loans to shift their assets elsewhere.Bank of America offers customers a variety of different financial services.For example, they offer credit cards, checking and savings accounts, auto loans, student loans and much more!To help progress toward your long-term financial goals, take a few minutes to periodically review your current balance sheet.Your balance sheet consists of assets (things you own) and liabilities (money you owe).