The Bank of North Dakota (BOND) is a private student loan provider. Although federal student loans are the primary option for covering tuition, there are times when federal loans may not cover all expenses. A private loan can be an effective way to make sure all education costs are covered.

Bank of North Dakota student loans are available to North Dakota residents who plan on attending an in-state or out-of-state college or to out-of-state residents attending a North Dakota school. Qualified borrowers can apply for private student loan and student loan refinancing options through the bank of North Dakota.

Private Student Loan Options

Bank of North Dakota student loans help where other loans, grants, and scholarships can’t. To qualify, you must be a North Dakota resident with plans to attend an accredited college full-time, or an out-of-state student planning to attend a North Dakota accredited college. You must also be creditworthy or have a creditworthy cosigner.

To get a loan you have to complete the Free Application for Federal Student Aid (FAFSA), receive a student aid award letter from the school, accept the aid from the school, and then apply for a DEAL Student Loan individually or with a cosigner. The school will certify the request and the borrower self-certifies the loan. After the final disclosures are made, the funds are sent to the college.

Here is a breakdown of what a Bank of North Dakota student loan entails:

  • Interest rate: Currently 4.9 percent on a fixed rate loan or 3.09 percent on a variable rate loan for North Dakota residents. For non-ND residents, the rate is currently 5.9 percent fixed or 4.09 percent on a variable rate DEAL Student Loan.
  • Term: From 10 to 25 years.
  • Loan amount: Up to $50,000 for graduate students and $50,000 for undergraduate students. The minimum loan amount is $500.
  • Fees: The DEAL and DEAL One Student Loans have no fee for North Dakota residents, but there is a 3.75 percent loan fee for non-residents. Late fees are assessed for loans that are 15 days late.
  • Repayment plans: Monthly or quarterly payments are available. If hardship makes the loan difficult to repay, BOND will review the situation and present other options.
  • Repayment terms: Repayment begins six months after graduation or when college is attended less than half-time.
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Different Refinancing Options 

There are two different types of loans. The first is the DEAL One Loan. The Deal One Loan allows a North Dakota resident to refinance their private and federal loans into a loan with a potentially lower interest rate. Multiple student loans can be consolidated under this option.

The second loan is the DEAL Consolidation Loan. This is for borrowers living outside of the state who already have a DEAL Student Loan. Other private loans and federal loans can be consolidated into one payment.

  • Interest rate: The Deal Consolidation Loan for non-North Dakota residents is a 5.9 percent fixed or 4.09 percent variable rate. North Dakota residents pay a 4.9 percent fixed and 3.09 percent variable rate.
  • Term: From 10 to 25 years.
  • Loan Amount: There are no limits. The limits are determined by the amount requested and creditworthiness.
  • Fees: The DEAL Consolidation Loan has no fee for residents but a 3.75 percent fee for non-residents.
  • Repayment terms: Payments begin one month after the creation of the loan. Loans that are 15 days past due will be assessed a late fee. You can choose your payment date and build a strong credit history.
  • Repayment plans: The repayment plan is a standard monthly payment. However, any hardship making the monthly payment can be addressed with BOND. The situation will be assessed so that a solution can be reached.