Bank of North Dakota Student Loans Review

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Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

Bank of North Dakota Student Loans Review
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Federal student loans are often the least expensive way to finance your undergraduate college education, but they may not cover all of your costs. If you are searching for student loans in North Dakota, and you are a resident of the state or planning to attend college there, you might want to consider Bank of North Dakota’s (BND) student loan services.

In addition to loans and refinancing opportunities, the Bank of North Dakota student loan forgiveness program is also an option for graduates who have since left school.

To find out if Bank of North Dakota’s student loans could be a good fit for you, let’s run through the following three topics:

A brief overview of the Bank of North Dakota

Established in 1919, the Bank of North Dakota (BND) was created to promote the development of agriculture, commerce and industry in the state of North Dakota. The bank doesn’t have physical branches but offers its services through its headquarters in the state’s capital, Bismarck, and lending offices in Fargo, Grand Forks and Minot. The only state-owned bank in the country, its robust student loan department, which serves more than 45,000 borrowers,provides private loans, refinancing opportunities and repayment programs to students and graduates.

Bank of North Dakota student loans program review

If you’re a North Dakota resident or a North Dakota nonresident attending college in the state, the Bank of North Dakota DEAL Student Loan may save you money on both interest and fees. A DEAL student loan can be used by residents for approved in-state or out-of-state colleges.

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

  • 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 of 1.80% (variable) and 3.39% (fixed).
  • DEAL Consolidation Loan: This loan is for North Dakota nonresidents 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 for its student loans of North Dakota. If you are interested in the bank’s offerings, simply apply online. The bank’s platform will take you through the process and the site provides full disclosure about interest rates, fees, eligibility requirements and more.

Applications for the loan program are filed online and the Bank of North Dakota will contact applicants directly about their loans.

With this in mind, here are some details you’ll want to know:

Bank of North Dakota student loans’ terms

Depending on which loan you’re applying for, there are different terms and limits. Below is a list of the Bank of North Dakota’s student loan services and what to expect.

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 two repayment plans (standard or extended) from which you can choose:

Repayment PlanTerm Length
Standard10 years
Extended*Up to 25 years

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

DEAL One and DEAL Consolidation Loans

The bank doesn’t have any loan limits on its consolidation loans. It does state, however, that credit criteria and eligibility requirements can vary depending on how much you want to refinance. The bank offers the DEAL One consolidation loan to residents of North Dakota. The DEAL Consolidation Loan is for North Dakota nonresidents who have a DEAL Student Loan.

Repayment terms depend on how much you’re refinancing:

Loan AmountTerm Length
Up to $10,00010 years
$10,001 to $20,00015 years
$20,001 to $30,00020 years
$30,001 and up25 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

Bank of North Dakota’s interest rates are solid, although they offer different interest rates for nonresidents of the state. As of Sept. 15, 2020, the range of interest rates for Bank of North Dakota is 1.77% to 3.39% depending on whether the loan is fixed or variable. If you have a DEAL Student loan and you are a nonresident, the range is 1.80% to 3.39% depending on if the loan is fixed or variable.

DEAL One Loan

If you’re refinancing with a DEAL One Loan, you don’t have to worry about fees. The current interest rates for residents of the state are 3.39% (fixed interest rate) or a 1.80% (variable APR). If you take out a DEAL Consolidation loan (for North Dakota nonresidents) the rates are 4.39% (fixed) and 2.80% (variable).

DEAL Consolidation Loan

If you’re a nonresident graduate trying to refinance with a DEAL Consolidation Loan, Bank of North Dakota charges an administrative fee of 3.75% of the loan amount.

The current interest rates for nonresident graduates on DEAL Consolidation loans are 4.39 fixed and 2.80 variable through Sept. 30, 2020.

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

Cosigner release

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

The good news is the bank offers a cosigner release, which allows your cosigner 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 Jan. 1, 2013: 24 regular, consecutive on-time payments
  • DEAL One and DEAL Consolidation Loans disbursed on or after Jan. 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 cosigner 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 residence with 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.

Some final thoughts on the Bank of North Dakota

Bank of North Dakota student loans and student loan refinancing loans offer competitive rates and other terms. Its repayment options could also be attractive to graduates.

Given the bank’s North Dakota residency criteria, its loan products are best suited to those students who are from or attend school in the state. Students looking for information can start their search on the bank’s college resources page, as well.

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

Maya Dollarhide contributed to this report.

Need a student loan?

Check out our top picks below or learn more about other ways to pay for college.
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. 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 to help you understand what you are buying. Be sure to consult with 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.

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. 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 to help you understand what you are buying. Be sure to consult with 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.

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