Consolidate all your student loans

September 16, 2015

The DEAL One Loan allows North Dakota residents to consolidate all of their student loans: DEAL, federal and private/alternative loans, into one loan with a fixed or variable interest rate. There are no loan fees.

Borrowers do not need to have an existing student loan with BND to take advantage of the program; they must be a current North Dakota resident for a minimum of six months. Borrowers must meet BND’s credit criteria or a creditworthy cosigner is required.

Rates are set quarterly. Variable rates will not increase more than 1% annually and have a lifetime cap of 10%. Selecting automatic payments allows the borrower to decrease the interest rate by another .25%. Through September 30, 2015, the variable interest rate is 1.79% APR* and the fixed interest rate is 5.08% APR*.

Careful consideration should be given when including federal student loans since certain benefits are lost including interest benefits on subsidized loans, Public Service Loan Forgiveness and Income-Based Repayment. You may direct your customers to bnd.nd.gov for more information.

*Annual Percentage Rate. Variable rates can change quarterly and may increase.

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