Yes. RMO Financial offers student loan refinancing through the MyStudent Refi program, allowing you to consolidate and potentially lower the cost of your existing student loans.
Who Is Eligible:
- U.S. citizens or permanent residents
- Borrowers with existing federal or private student loans (or both)
- Minimum annual income or proof of employment
- Good credit history (minimum score requirements apply)
- Degree from an accredited institution
Benefits of Refinancing:
- Lower Rate: Qualified borrowers may secure a lower interest rate than their current loans, saving money over the life of the loan.
- Single Payment: Combine multiple student loans into one monthly payment for simpler management.
- Flexible Terms: Choose a repayment term of 5, 10, 15, or 20 years based on your budget and goals.
- No Fees: No application fee, origination fee, or prepayment penalty.
How to Apply:
- Log in to MyRMO and navigate to "Lending" then "Student Loan Refinancing."
- Enter your existing loan details to get an estimated rate and savings.
- Complete the full application and upload required documents (proof of income, loan statements).
- If approved, RMO pays off your existing loans directly and your new loan begins.
Important: Refinancing federal student loans into a private loan means you may lose access to federal benefits such as income-driven repayment plans, Public Service Loan Forgiveness, and federal deferment or forbearance options. Consider this carefully before refinancing.
To learn more, schedule an appointment through MyRMO or by calling us to speak with an Expert.