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Bank of America

Bank of America PLUS Loan Borrower Benefits

Bank of America offers a PLUS loan with an optional 2.0% interest rate reduction when payments are automatically debited from a bank account.

SPECIFIC INFORMATION ABOUT THE BANK OF AMERICA PLUS LOAN:
* Loan holder: MOHELA of Chesterfield, Missouri
* Loan servicer: MOHELA of Chesterfield, Missouri
* Guarantor: NSLP of Lincoln, Nebraska
* Loan fee: 3%
* Guarantee fee: 0%
* In-school forbearance is NOT available but may use financial hardship forbearance while student is enrolled; interest accrues during a forbearance;
* Ability to e-sign on-line application using a Bank of America PIN which may be requested on-line or by using the Federal PIN;
* Automatic borrower benefits: none
* Optional borrower benefits: 2.0% interest rate reduction with automatic payment from bank account; the monthly payments, however, would NOT be reduced, monthly payments are based on the current interest rate but the interest rate would be 2.0% less, this means that more of the payment would apply towards the principal thus reducing the length of the loan and decreasing the total interest paid.


HOW TO APPLY:
Repeat borrowers, with a signed Master Promissory Note (MPN) on file, should call 1-800-344-8382 for a PLUS pre-approval credit check. Be sure to provide the amount you wish to borrow. Once you are pre-approved we will be notified of your loan request. You do NOT need to complete another MPN.

New borrowers may apply over the phone at 1-800-344-8382. Once pre-approved you will receive a paper application and promissory note. You may also apply and sign the MPN on-line.



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