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Yes, We Can Do That!

BND continues to offer an important and essential student loan program

We know you likely have customers with questions about paying for college and concerns about student loan debt. Many people are under the impression Bank of North Dakota (BND) stopped providing student loans when the federal government took over the program several years ago. We want you, and your customers to know, BND continues to offer an important and essential student loan program known as the Dakota Education Alternative Loan (DEAL).

BND started providing the DEAL in 1997 in response to increased funding needs for aviation, medical, and law students at the University of North Dakota. Quickly, it was realized other students were in need of the program, and today, the DEAL Student Loan portfolio is more than $423.8 million.

Students can choose between a low fixed or variable interest rate and there are no origination fees for ND residents or those students attending college in ND. No payments are required on DEAL loans while the student is attending school and once they leave school they have an additional six months before payments will begin. The payment term is set up for 10 years but can be extended to 25 years if the borrower has more than $30,000 in student loan debt.

Should you recommend DEAL Student Loans or Federal Loans?
The Federal Direct Loan program provides subsidized and unsubsidized Stafford loans. There are advantages Federal loan programs offer that are not provided by BND, so we recommend taking out the federal loan first. If there are still funding needs federal loans and savings don’t cover, BND’s DEAL loan can often help with the balance.
The main advantages the federal loan program provides are the interest subsidy some students receive while they are attending school, an Income-Based Repayment (IBR) option and federal loan forgiveness programs.

Next steps for your customers
Please send them to dealstudentloan.nd.gov. Both students and cosigners can apply online.

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