RMO Financial offers flexible repayment options for student loans to accommodate your financial situation at each stage of your education and career.
In-School Deferment: While you are enrolled at least half-time at an accredited institution, you are not required to make payments on your MyStudent Loan. Interest may accrue during this period depending on your loan terms.
Grace Period: After you graduate, leave school, or drop below half-time enrollment, you have a 6-month grace period before your first payment is due. This gives you time to find employment and get settled.
Repayment Options:
- Standard Repayment: Fixed monthly payments over your selected term (5–20 years). This is the most straightforward option and minimizes total interest paid.
- Interest-Only Repayment: Pay only the interest while in school and during the grace period, then transition to full principal-and-interest payments. This keeps your balance from growing during school.
- Partial Payment While in School: Make a fixed $25/month payment while enrolled to reduce future costs.
Autopay Discount: Enroll in autopay through MyRMO and receive a 0.25% interest rate reduction for the life of the loan.
You can view your repayment schedule, adjust payment amounts, and track your remaining balance at any time in MyRMO. For questions about choosing the right repayment plan, schedule an appointment through MyRMO or by calling us to speak with an Expert.