Bank of ND
Paying for college can be a costly and confusing endeavor. Scholarships and grants are essentially free money for college, and are your first step should be to check into which ones you might qualify for. Filling out your Free Application for Federal Student Aid (FAFSA) helps you to determine what types of federal financial aid you might be eligible for as well. Federal financial aid is generally low-cost, offering fixed and low-interest rates as well as flexible repayment plans.
College costs are skyrocketing, however, and these funding options may not be enough. Private student loans offered through financial institutions may help you to bridge the gap. The Bank of North Dakota, or BND, is the only state-owned bank in the country, and they offer student loans with competitive rates and favorable terms.
Types of Loans
Bank of ND offers the DEAL Student Loan for all types of education, including for high school students participating in dual credit programs, continuing education students, and full-time or part-time undergraduate or graduate students taking from one class to a full load. The DEAL Loan is funded by BND and guaranteed by Student Loans of North Dakota (SLND). DEAL Loans have an undergraduate or graduate loan limit of $50,000 and a minimum of $500. Graduate students in higher-cost programs may qualify for higher loan limits.
Interest rates may be either fixed, staying the same for the life of the loan, or variable, changing up or down depending on the average three month LIBOR rate. For current rates, check the BND website. Loans typically have a repayment period of 10 years, starting within six months of leaving school. Extended Repayment Plans are available if you have more than a $30,000 balance left on your loan, including both principal and interest.
BND offers consolidation loans through either the DEAL One Loan for North Dakota residents or the Deal Consolidation Loan for non-residents. These loans also offer either fixed or variable interest rates with terms determined by your, or your cosigner’s, credit.
After leaving school, consolidation loans can combine all of your loans from multiple lenders into one manageable monthly payment. DEAL Consolidation and DEAL One Loan payments start within 30 days of the loan completion. Consolidating your loans can change your original loan terms, so be sure to check with your financial advisor to determine if this is the right course of action for you.
Application and Eligibility
To qualify for a BND DEAL Loan, you must be a U.S. citizen, not have other loans in default, and meet specific credit criteria. If you don’t meet the credit requirements, you can apply with a creditworthy cosigner who does. You also must be either be a legal resident of or attend school in one of the following states: North Dakota, South Dakota, Wyoming, Montana, Minnesota, or Wisconsin. If you are not a resident of North Dakota, your loan will have a 3.75 percent fee added on.
Your school must be eligible, and you need to be enrolled in an eligible program and maintain satisfactory academic progress as determined by your individual school. If you are attending school at least half-time, you need to fill out your FAFSA first.
Applying for BND student loans is a fast and easy process that can be accomplished online or via mail.
- Register online with your email address, and create a username and password.
- Confirm your email address and then log in in to complete your application.
- The school confirms your enrollment or acceptance, academic progress, and eligibility.
- BND receives School Certification and mails you forms to acknowledge, sign, and return to them within a specified time period.
- The loan is disbursed to your school on your behalf.
BND DEAL Loans can be used for tuition and fees, and the remaining amount will be disbursed directly to you to pay for education-related expenses. For more information on private student loans as well as other financial aid opportunities, continue browsing our site.