Refinancing with Earnest
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Going to school in North Dakota can form fond memories — maybe watching the Fighting Hawks hockey team in action or reveling in the local farmland scenery. But what college students and alumni from the Peace Garden State would probably rather forget are the student loans needed to pay for their education.
The good news is, there are plenty of options for North Dakota student loans, whether you’re in school and looking to borrow or you’re interested in refinancing your debt after graduation. By understanding the different ways you can finance your education, you can keep your student loan payments affordable.
To help you with the process, we’ve got a complete guide to student loans in North Dakota with the information you’ll need to find the best option for you.
How to get North Dakota student loans
Whether you attend the University of North Dakota, North Dakota State University, Minot State University, Dickinson State University or one of the many other two-year and four-year institutions throughout North Dakota, you can take advantage of federal student loans or private student loans to help fund your education. (Though, of course, don’t borrow anything until you’ve first tried to get as many scholarships, grants and other free aid as possible.)
Federal student loans
Students in North Dakota should exhaust their options for federal student loans before pursuing other types of borrowing, such as private loans. Federal loans provide many important borrower protections not available form private lenders, such as the opportunity to have the debt forgiven by doing work in public service.
Federal loans also offer flexible options for repayment, including plans that cap payment at a percentage of income. And some federal student loans even have subsidized interest.
Different types of federal student loan options include direct subsidized loans, direct unsubsidized loans and PLUS loans. The table below shows some of the different choices to consider. To be eligible for any of these student loans, you’ll need to complete your Free Application for Federal Student Aid, commonly known as the FAFSA.
|Loan type||Eligible borrowers||Interest rate||Loan fees||Is interest subsidized?|
|Direct subsidized loans||Undergrads who demonstrate financial need, regardless of credit history||5.05%||
|Direct unsubsidized loans||Undergrad and grad students, regardless of credit history or financial need||5.05% for undergrads; 6.60% for grad students||1.062%||No|
|PLUS loans||Graduate students and parents of undergrads who aren’t disqualified by adverse credit||7.60%||4.248%||No|
|All info is current for the 2018-19 school year; fees are for loans disbursed on or after Oct. 1, 2018|
While the state of North Dakota doesn’t administer its own student loan program, it does provide help for students in certain circumstances who require assistance in repaying their loans. Student Loans of North Dakota aids borrowers unable to make payments by working with them to understand all their options for repayment programs, deferment, forbearance and other financial assistance.
Private student loans
When you’ve used up all your federal student loan eligibility and you still need more money to pay for school in North Dakota, you’ll likely need to explore options for private student loans. Private student loans can come from local or national banks, credit unions or online lenders.
With private student loan lenders, there’s much more variation, with no standardized interest rates or loan origination fees. Repayment terms also differ, so be sure to compare what each lender is offering to find the best financing. Some of your borrowing options include:
- Bank of North Dakota — Offers both variable- and fixed-rate loans. Check its website for the latest rates.
- CollegeAve Student Loans — Has loans with annual rates from 3.69% to 12.07%.
- Ascent Student Loans — APRs range from 3.97% to 14.75%.
Another great option for North Dakota students is to borrow through the Gabriel J. Brown Trust. This trust was created by a Bismark resident to provide low-interest financing for North Dakota students. Loans taken out through the Gabriel J. Brown Trust charge 5.00% interest, which is better than the rate for federal loans.
How to refinance North Dakota student loans
The federal government doesn’t provide refinancing options, although it does allow you to consolidate your existing federal loans.
Student loan consolidation doesn’t reduce your interest rate, as the interest on the new loan will be the approximate weighted average of the existing loans. But consolidating your loans does provide you with more repayment options, including longer repayment terms, so you can reduce your monthly payment. If you stretch out your payment timeline, however, you’ll pay more in total interest over time.
But refinancing can reduce the total amount of interest you pay if you can qualify for a new loan that charges a lower rate. Many different private lenders offer student loan refinancing options. Some good refinancing options include:
- Bank of North Dakota — Available for both residents and nonresidents of North Dakota. As with private student loans, check its website for available rates.
- SoFi — This online lender has rates from 2.47% to 7.80%.
- LendKey — Rates run from 2.47% to 8.72%.
Both federal and state student loans can be refinanced, but remember that you’ll give up significant borrower protections, including Public Service Loan Forgiveness options and income-based repayment options, if you refinance federal loans.
Be sure to carefully weigh the advantages and disadvantages of refinancing before you move forward. And because loan terms for refinancing vary just as much as for private loans, it’s imperative you shop around to find the lender that’s right for you.
The bottom line: Student loans in North Dakota
The above information should be a good starting point to explore the different ways to borrow or refinance student loans in North Dakota.
Remember, make sure you first run through any opportunities for non-loan aid, such as scholarships, grants and work-study.
And if — after using all available federal student loans — you decide to borrow from a private lender, look into your options carefully to find the best student loan or refinancing choice. This should help keep the costs of going to a North Dakota school affordable, from the Badlands to the Red River Valley.
Note: Student Loan Hero has independently collected the above information related to student loan interest rates and terms. The financial institutions mentioned have neither provided nor reviewed the information shared in this article.
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
|Lender||Variable APR||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 5.87% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 5.87% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of Month/Day/Year, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 08/21/18. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at firstname.lastname@example.org, or call 888-601-2801 for more information on ourstudent loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
Savings example: average savings calculated based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were disclosed. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.
Application detail: 5 minutes indicates typical time it takes to complete application with applicant information readily available. It does not include time taken to provide underwriting decision or funding of the loan.
Instant rates mean a delivery of personalized rates for those individuals who provide sufficient information to return a rate. For instant rates a soft credit pull will be conducted, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.
Total savings calculated by aggregating individual average savings across total borrower population from 9/2013 to 12/2017. Individual average savings calculation based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were provided. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.
3 Important Disclosures for SoFi.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.47% – 6.99%3||Undergrad & Graduate||Visit SoFi|
|2.47% – 5.87%1||Undergrad & Graduate||Visit Earnest|
|2.47% – 8.03%4||Undergrad & Graduate||Visit Lendkey|
|2.95% – 6.37%2||Undergrad & Graduate||Visit Laurel Road|
|2.48% – 6.25%5||Undergrad & Graduate||Visit CommonBond|
|2.72% – 8.32%6||Undergrad & Graduate||Visit Citizens|