PRODUCT NO LONGER AVAILABLE. Almost every student looking to supplement federal loans and other financial aid packages qualifies for a Bank of America private loan. Repayment can be extended up to 20 years and your minimum monthly payment amount is $50, no matter how much you borrowed. The minimum loan amount is $1,000. Undergraduates: you can annually borrow up to entire cost of your education minus other financial aid. Graduate students: the maximum cumulative loan amount (including all student loans) without a co-borrower is $225,000 for Dental and Medical, $150,000 for MBA, $130,000 for Law and $120,000 for all other graduate loans.