Bank of North Dakota Student Loans Review: A No-Brainer for In-State Residents

Bank of North Dakota Student Loans Review

Federal student loans are usually the best way to finance your college education. But if federal loans don’t cover all your college-related expenses, you’ll want to make sure you get the best deal on private student loans.

If you’re a resident of North Dakota or planning to attend college in the state, you might qualify for the Bank of North Dakota student loans program.

Bank of North Dakota is the only state-run financial institution of its kind. It offers both private student loans and student loan refinancing to those who qualify.

Find out if you qualify for Bank of North Dakota student loans and whether they’re right for you.

Bank of North Dakota review

Established in 1919, the bank was created to promote the development of agriculture, commerce, and industry in the state of North Dakota.

Although the bank has no physical branches, it offers banking and loan services through its headquarters in the state’s capital, Bismarck. It also partners with more than 100 North Dakota financial institutions to better serve the state’s residents on a local level.

Bank of North Dakota student loans program review

If you’re a North Dakota resident or a non-North Dakota resident attending college in the state, the Bank of North Dakota DEAL Student Loan can save you money on both interest and fees.

The bank also offers two options for refinancing your student loans:

  1. DEAL One Loan: This loan allows North Dakota residents to refinance federal and private student loans from one or more lenders into one loan at a low interest rate.
  2. DEAL Consolidation Loan: This loan is for non-North Dakota residents who have a DEAL Student Loan. It allows them to refinance their DEAL Student Loan along with any other private or alternative student loans they have with other lenders. Federal student loans, however, are excluded.

The bank offers both fixed and variable interest rates.

Using the Bank of North Dakota online platform

With Bank of North Dakota, you can apply for student loans or student loan refinancing and manage your loans all in one place online:

bank of north dakota student loans

Image credit: Bank of North Dakota

If you click the button to learn more about student loans, you’ll be asked if you’re a North Dakota resident or non-North Dakota resident attending a North Dakota school.

For student loan refinancing, you’ll be asked if you’re a North Dakota resident or if you have a DEAL Student Loan.

If you don’t qualify based on these eligibility requirements, you won’t be able to proceed. If you do qualify, you’ll be directed to a list of frequently asked questions about the program.

There, you’ll get full disclosure about interest rates, fees, eligibility requirements, and more. With some student loan companies, it can be hard to get this much information without applying or calling the company. The lack of transparency makes it hard to know what you’re getting yourself into.

From there, you can apply for a loan by creating an account with Bank of North Dakota. Once you fill out your application, Bank of North Dakota will review it and determine your eligibility.

Bank of North Dakota student loans terms

Depending on which loan you’re applying for, there are different terms and limits. Here’s what to expect from each loan.

DEAL Student Loan

There’s a maximum loan limit of $50,000 for both undergraduate and graduate students. Even with these limits, though, Bank of North Dakota won’t lend you more than your school certifies you need.

The bank has four repayment plans from which you can choose:

Repayment Plan Term Length Payment Type
Standard 10 years Level
Graduated 10 years Increases over time
Extended* Up to 25 years Level
Extended-Graduated* Up to 25 years Increases over time

*You must have at least $30,000 in loans to qualify for the extended and extended-graduated plans.

Note that choosing a longer repayment period can mean you’ll pay more in interest over the life of the loan. That said, longer repayment periods can be helpful if you’re struggling to keep up with payments.

Since payments increase over time with the bank’s graduated payment plans, they can be helpful if your income is low now but you expect it to grow steadily over time.

DEAL One and DEAL Consolidation Loans

The bank doesn’t have any loan limits on its refinancing loans. It does state, however, that credit criteria and eligibility requirements can vary depending on how much you want to refinance.

Repayment terms depend on how much you’re refinancing:

Loan Amount Term Length
Up to $10,000 10 years
$10,001 to $20,000 15 years
$20,001 to $30,000 20 years
$30,001 and up 25 years

Bank of North Dakota student loans interest rates and fees

Bank of North Dakota offers low interest rates on all its loans. Plus, there are no fees for the DEAL Student Loan and DEAL One Loan. Here’s a breakdown of each loan.

DEAL Student Loan

Private student loan interest rates can range from 2.13% APR to 9.39% APR depending on the lender you choose. Comparatively, Bank of North Dakota’s interest rates are impressive.

Here are the current interest rates:

bank of north dakota student loans

Image credit: Bank of North Dakota

DEAL One Loan

If you’re refinancing with a DEAL One Loan, you don’t have to worry about fees. The current interest rates are as follows:

bank of north dakota student loans

Image credit: Bank of North Dakota

DEAL Consolidation Loan

If you’re trying to refinance with a DEAL Consolidation Loan, Bank of North Dakota charges an administrative fee of 3.75 percent of the loan amount. The interest rates also are a little higher than the bank offers on its other student loans.

Here are the current interest rates:

bank of north dakota student loans

Image credit: Bank of North Dakota

On all Bank of North Dakota student loans, there’s a late fee of 6 percent or $15, whichever is less. The fee will be assessed if your payment is 15 days late.

Co-signer release

If you can’t qualify for Bank of North Dakota student loans on your own, you can apply with a co-signer who meets the bank’s credit criteria.

The good news is the bank offers a co-signer release, which allows your co-signer to get off the loan after you meet the program’s payment requirements:

  • DEAL Student Loan: 24 regular, consecutive on-time payments
  • DEAL One and DEAL Consolidation Loans disbursed prior to January 1, 2013: 24 regular, consecutive on-time payments
  • DEAL One and DEAL Consolidation Loans disbursed on or after January 1, 2013: 48 regular, consecutive on-time payments

Bank of North Dakota student loans eligibility requirements

Eligibility requirements vary depending on which loan you’re applying for.

For all Bank of North Dakota student loans, you must be a U.S. citizen to qualify. Also, you or your co-signer must meet the bank’s credit requirements.

DEAL Student Loan

  • You’re attending or plan to attend an eligible school.
  • None of your loans are in default.
  • You’ve completed the FAFSA if you plan to attend school at least half-time.
  • The school certifies your enrollment.
  • You’re a North Dakota high school student participating in a dual-credit program (high school and college). Note: This qualifies you for a DEAL Student Loan, but it isn’t a requirement for all borrowers.

DEAL One Loan

  • You’ve lived at a physical address in North Dakota for at least six months.
  • Your loans are in a grace period or repayment status.
  • Your loans aren’t delinquent or in default.

DEAL Consolidation Loan

  • You don’t live in North Dakota but have a DEAL Student Loan
  • Your loans are in a grace period or repayment status.
  • Your loans aren’t delinquent or in default.

Bank of North Dakota customer service

We couldn’t find any customer reviews of the Bank of North Dakota student loans program.

However, if you have any questions about the program, you can reach the bank by phone at 1-800-472-2166 Monday through Friday between 8 a.m. and 5 p.m. Central Time. Alternatively, you can send a message online.

Should you borrow from Bank of North Dakota?

For those who qualify, Bank of North Dakota student loans and student loan refinancing loans offer competitive rates and other terms. And if you’re a North Dakota resident, you qualify for the best rates the bank has to offer.

Before you take the plunge and apply, though, check out other top student loan refinancing companies to make sure you’re getting the best deal.

Interested in refinancing student loans?

Here are the top 6 lenders of 2018!
LenderRates (APR)Eligible Degrees 
Check out the testimonials and our in-depth reviews!
2.75% - 7.24%Undergrad
& Graduate
Visit SoFi
2.57% - 6.39%Undergrad
& Graduate
Visit Earnest
2.57% - 7.12%Undergrad
& Graduate
Visit CommonBond
2.99% - 6.99%Undergrad
& Graduate
Visit Laurel Road
2.58% - 7.26%Undergrad
& Graduate
Visit Lendkey
2.89% - 8.33%Undergrad
& Graduate
Visit Citizens
Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print, understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.