Bank of America Reaffirms Commitment to Federal Student Lending

CHARLOTTE, N.C., April 17 /PRNewswire/ -- Bank of America, a leading
source of educational financing nationwide, today renewed its commitment to
providing government-backed student loans while discontinuing its private
student loan products.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050720/CLW086LOGO-b )
"Bank of America remains committed to helping parents and students finance
a college education through the federal student loan program," said Sandra
Dunleavy, head of Bank of America's student loan business. "Now more than
ever, parents and students need a trusted source to help them with their
financial needs."
In addition to government-backed Stafford, PLUS and GradPLUS loans, Bank
of America provides students with a suite of banking products, including
checking, free online banking, free text alerts to avoid fees, and free
parent-to-student funds transfers, as well as online financial education
tools.
Bank of America private student loan products accounted for less than 15%
of the total $6 billion in student loans funded by the bank last year.
Bank of America
Bank of America is one of the world's largest financial institutions,
serving individual consumers, small and middle market businesses and large
corporations with a full range of banking, investing, asset management and
other financial and risk-management products and services. The company
provides unmatched convenience in the United States, serving more than 59
million consumer and small business relationships with more than 6,100 retail
banking offices, nearly 19,000 ATMs and award-winning online banking with
nearly 24 million active users. Bank of America is the No. 1 overall Small
Business Administration (SBA) lender in the United States and the No. 1 SBA
lender to minority-owned small businesses. The company serves clients in 175
countries and has relationships with 99 percent of the U.S. Fortune 500
companies and 83 percent of the Global Fortune 500. Bank of America
Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
http://www.bankofamerica.com
SOURCE Bank of America

Diane Wagner, Bank of America, +1-312-828-2932,
Diane.Wagner@BankofAmerica.com