Information on Student Loan Interest Rates

2007-03-08 10:33:40

( Financial )



Bank of America loan packages provides students with different options to choose from when taking out a loan. Their student loan interest rates are competitive and will offer lower interest rates than prime rates for undergraduates and graduates. There are also subsidized loans granted to those in school, where the government pays your interest rate loan.

Student loan interest rates can differ in their repayment schemes too. With some loans, students can only start repayments after completing their studies, which aims to give the student a reasonable amount of time to secure a job and become financially independent. It also gives the student more time to pay this kind of loan back.

Other interest rates are fixed, but do offer flexible payment options and you are also able to qualify for a discount if the payments are made automatically from a checking or savings account. This option, however does only allow the student a ten year maximum time limit to pay this loan back.

To qualify for these and other loans at the bank of America, you might be required to have a co-signatory to ensure that the loan is fully repaid. Credit checks may also be done to asses the student’s capabilities when it comes to finances. Whichever bank you use, will be able to offer assistance in choosing the best student loan for your situation.

Be sure to read and understand all of the information given to you. Do some research about the different loan options that are available to you, and which one is feasible for you to take out, considering interest rates, repayment options and the flexibility that is, or is not offered.

Student loan interest rates are there to assist you in being able to take advantage of your education institution to its fullest, without the feelings of anxiety because of heavy repayments when it comes to the end of a student’s life at college.


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