Boa Student Loans

4 min read

I have been getting fucked over by Boa student loans since 2007. No other loan service provider has the same amount of fraud and corruption as Boa does. I filed my first complaint back in 2012 and they closed it immediately. They took away my account, then reopened it under a different name. When I filed a second complaint, they again closed my account and now I am unable to file any complaints. But not to worry because they know how many people are victimized by them and they aren’t about to stop their corrupt practices anytime soon. That’s why they keep opening up new accounts under different names. Do yourself a favor and stay far away from these boas.

Boa Student Loans Incorporation (BSL) was founded by Boa Financial Corporation in January 1999 as a subsidiary company dedicated solely to providing educational financing to students. BSL began issuing private student loans in 2002 and commercial ones in 2006. In 2013, BSL changed its name to Boa Student Loans Incorporated after acquiring several companies including North American Finance Company and GECO Financing Company. Boa currently services 30 million borrowers across 80 countries and has been accused of charging fees up to 5x higher than those charged by traditional banks. Boa Student Loans is known for its aggressive marketing tactics, high interest rates, and shady business practices. As of 2016, Boa Student Loans had a total portfolio worth $20 billion and employed around 600 employees. Many critics have claimed that BSL charges unreasonable fees and forces students into unnecessary debt. Boa student loans charge outrageous interest rates and use confusing terms to trick borrowers. For example, Boa Student Loans uses words like “deferred” and “interest-free” interchangeably. These misleading terms imply that interest-free doesn’t actually mean interest free. Instead, it means that if you make timely payments, you won’t pay any interest whatsoever. However, if you miss a payment, you’ll still end up paying hefty fees. Moreover, they often call themselves “loan servicing agents” even though they don’t really do anything besides collecting payments and sending invoices. If a borrower decides to file a lawsuit against Boa Student Loans, he/she faces a lot of hurdles, as well as long delays. Due to the company’s deep pockets, Boa can afford to outspend their victims and win in court. It takes years for Boa to get rid of a single case, by which time thousands of students have already taken on crippling amounts of debt.

Boa Student Loans’ marketing strategy includes offering cheap and easy installment plans with interest rates as low as 6% per year. But once students apply for a loan, they face extremely high interest rates. Additionally, Boa Student Loans offers no deferment options, which makes repayment impossible without drastic measures. Once students fall behind on payments, Boa Student Loans adds on late fees and collection costs. A student who misses just one payment could easily accrue hundreds of dollars in fees and penalties. Furthermore, Boa Student

Boa Student Loans

BusinessEmail – Contact me at theboasstudentloans@gmail.com

Boa Student Loans

What do we want?

We want to have our student loans paid off so we can stop spending money on school!

How can we get what we want?

Well if we had a lot of money then we could pay off our loan all at once. But since we don’t have that much money I think we should just work really hard and save our money up!

Can we get what we want without breaking the bank?

If we both worked really hard maybe we could earn enough extra money to pay off our loan!

Boa Student Loans

How It Works?

In order to secure federal student loans, students have to go through a rigorous application process. Students should take care of their financial situation before they apply for any student loan. As a general rule of thumb you should not borrow more than what you earn. If a student gets approved they will receive funds directly deposited to their checking account once per month. A student’s payment amount varies depending on the type of loan and how much money he/she borrowed. At present, the average balance for undergraduate borrowers who started borrowing in 2004 was $4,500 (source). Borrowers can expect to pay back around 8 percent interest over ten years.

Pros & Cons

The pros of taking out a student loan are that it gives you access to more funding. You need only show proof of income and assets such as bank statements and tax records to get student loans. In case you default, you will not lose your home or car if you do not make payments. Furthermore, you may qualify for lower interest rates and even forgiveness programs depending on your credit history. However, you have to pay the loan off sooner rather than later otherwise you will end up paying more in interest. Lastly, you could potentially be charged less than someone who does not have a co-signer.

Best Uses

Student loans are good for those who want to fund higher education. While some people use them to finance school activities and field trips, others use them to cover rent and food expenses. Other uses include buying a house, financing medical bills, or starting a business. Whatever your situation is, it is best to know that you can always make changes to your plans by adjusting your budgeting plan accordingly.

Boa Student Loans

Borrowing money

There are many ways people borrow money these days. There’s student loans, home mortgages, credit card debt, car loans, and even personal loans. You can make good use of borrowing money. However, if you do not take care of your debts, they could become burdensome. If you have a lot of student loan debt, you should pay off your student loans as soon as possible.

Financial freedom

When you pay off your student loans, you achieve financial freedom. Your loans disappear, and your debts are gone. When you don’t owe anyone any money, you feel free. Debt is just a heavy chain around your neck holding you back. Once you get rid of those chains, you’ll feel free.

A great credit score

If you want to buy a house someday, you need a great credit score. Having a low credit score means being denied from some major banks. But once you clear your student loans, your credit score will improve, and you will get access to more opportunities.

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