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 $29,200.1
"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%2
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.
1 "Student Debt and the Class of 2018," The Institute for College Access & Success. https://ticas.org/wp-content/uploads/2019/09/classof2018.pdf
2 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.