BMO Harris Bank partners with Nelnet to offer private student loan financing options

By Pavithra R

BMO Harris Bank, a part of BMO Financial Group, has announced that the bank has partnered with Nelnet, a leading student loan servicer to launch new student loan products for current students and graduates.

BMO has partnered with U-fi From Nelnet to provide its customers with solutions to finance their education, including student loan refinancing and private student loans. Student loan products are available for federal and private loans, including federal loans not covered under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

“Managing education expenses can be a burden for many students, graduates and their families, especially during the pandemic. 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% provide a large savings opportunity for many borrowers,” said Mark Shulman, head of consumer lending for BMO Harris Bank.

Graduates can also consolidate existing private student loans, which can help lower monthly payments and potentially lower their interest rate. Current students have more options for private student loans when students and families exhaust their federal funding.

“We are excited to support BMO Harris Bank and help their customers make educational dreams possible with well-informed funding decisions. 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,” said Mark Heiser, chief development officer of Nelnet Consumer Loans.

The products are available through a digital application, have no origination fees, and interested borrowers can check rates without negatively impacting their credit score.

Established since 1882, BMO Harris Bank provides a broad range of personal banking products and solutions. Its commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the United States.