In-school and loan refinancing now available to current and new BMO customers
CHICAGO and LINCOLN, Neb., Oct. 15, 2020 /CNW/ - BMO Harris Bank and Nelnet, a company with more than 40 years of experience helping students pay for college, launched new student loan products for current students and graduates. BMO has partnered with U-fi From Nelnet to provide BMO customers with solutions to finance their education, including student loan refinancing and private student loans.
Products are available for federal and private loans including federal loans not covered under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Graduates can consolidate existing private student loans, which can help lower monthly payments and potentially lower their interest rate. Current students now have more options for private student loans when students and families exhaust their federal funding.
Nationally, about two-thirds (65%) of college seniors who graduated from public and private nonprofit colleges in 2018 had student loan debt. The borrowers owed an average of $29,200.i
"Managing education expenses can be a burden for many students, graduates and their families, especially during the pandemic," said Mark Shulman, head of consumer lending for BMO Harris Bank. "We partnered with Nelnet to create an easy-to-use digital platform for students and their families to explore their options to borrow or refinance student loans and to lower their interest costs. The current rates as low as 2%ii provide a large savings opportunity for many borrowers."
"We are excited to support BMO Harris Bank and help their customers make educational dreams possible with well-informed funding decisions," said Mark Heiser, chief development officer of Nelnet Consumer Loans. "Our competitive education and refinancing loans provide families a hassle-free application process and exceptional service throughout. U-fi From Nelnet helps families cover education expenses that position them for life-long financial success."
These products are available through a digital application, have no origination fees, and interested borrowers can check rates without negatively impacting their credit score.
Nelnet (NYSE: NNI) is a diversified and innovative company focused on offering educational services, technology solutions, telecommunications, and asset management. Nelnet helps students and families plan and pay for their education and makes the administrative processes for schools more efficient with student loan servicing, tuition payment processing, and school administration software. Through its subsidiary, ALLO Communications, Nelnet offers fiber optic services directly to homes and businesses for ultra-fast internet and superior telephone and television services. The company also makes investments in real estate and early-stage and emerging growth companies. For more information, visit NelnetInc.com.
About BMO Harris Bank
BMO Harris Bank provides a broad range of personal banking products and solutions through more than 500 branches and fee-free access to over 40,000 ATMs across the United States. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the United States. For more information about BMO Harris Bank, visit the company fact sheet. Accounts are subject to approval. BMO Harris Bank N.A. Member FDIC. BMO Harris Bank is part of BMO Financial Group, a highly diversified financial services provider with total assets of CDN$974 billion as of July 31, 2020.
i "Student Debt and the Class of 2018," The Institute for College Access & Success. https://ticas.org/wp-content/uploads/2019/09/classof2018.pdf
ii Variable interest rates starting at 2.00%. Lowest fixed and variable interest rates require enrollment in auto debit, a five-year repayment term and the borrower making immediate principal and interest payments.
SOURCE BMO Harris Bank