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The DEAL Student Loan can help you cover the cost of attending college if federal loans, grants, scholarships and savings don’t meet funding needs. It can be used for undergraduate and graduate classes. If you are a North Dakota resident, it may be used for approved in-state and out-of-state schools. If you are an out-of-state resident attending a North Dakota school, you do not pay fees and may choose a fixed or variable interest rate.
Borrower:
- You must be a resident of North Dakota attending an eligible in-state or out-of-state school or an out-of-state resident attending an eligible North Dakota school.
- You must be at least 16 years of age.
- You must be a U.S. citizen.
- You must not be delinquent or in default on a student loan.
- You must be attending an eligible school.
- The school must certify that you are meeting satisfactory academic progress and certify your enrollment eligibility and status.
- You must complete the Free Application for Federal Student Aid (FAFSA) process if you will be attending school at least half-time.
- You are a North Dakota high school student participating in a dual credit program.
- Your credit will be evaluated to determine if the application can be approved. A creditworthy cosigner is required if you do not meet BND’s credit criteria.
Cosigner:
- You must be at least 18 years of age.
- You must be a U.S. citizen.
- You must not be delinquent or in default on a student loan.
- Your credit will be evaluated to determine if the application can be approved.
Generally, there is a $60,000 maximum loan limit for undergraduate students and a $60,000 maximum loan limit for graduate students. The minimum student loan amount is $500. You may not borrow more than your school certifies you will need. If you apply for a loan that will exceed these limits, you will be asked for additional information so we can determine if we can make an exception.
| DEAL Student Loan These interest rates are effective October 1 through December 31, 2024. |
||||
| Loan Fee | Fixed Interest Rate | Fixed APR* | Variable Interest Rate** | Variable APR* |
|---|---|---|---|---|
| 0% | 6.05% | 5.72% | 6.44% | 6.07% |
| DEAL Student Loan These interest rates are effective October 1 through December 31, 2024. |
|
| Loan Fee | 0% |
|---|---|
| Fixed Interest Rate | 6.05% |
| Fixed APR* | 5.72% |
| Variable Interest Rate** | 6.44% |
| Variable APR* | 6.07% |
The fixed interest rate is set on the day the Loan Approval Disclosure is generated and remains the same until the loan is paid in full. The current interest rate is effective October 1, 2024 through December 31, 2024 and was calculated using the Federal Home Loan Bank (FHLB) 10-Year Advanced Rate of 4.05% as posted by FHLB-Des Moines on September 13, 2024 at 9:07 a.m. CT plus 2%.
The variable interest rate will increase and decrease throughout the life of the loan. Changes in the interest rate may impact your monthly payment amount. The variable rate will never be greater than 10%. The current interest rate is effective October 1, 2024 through December 31, 2024 and was calculated using the three-month CME Term Secured Overnight Financing Rate (Term SOFR) of 4.94% as posted by CME Group on September 13, 2024 at 9:07 a.m. CT plus 1.5%. For more information, click here.
You do not pay any fees for a DEAL Student Loan. BND pays the fee for you.
After submitting the FAFSA, you will receive an offer of financial aid that details if you qualify for any federal or state grants and your federal student loan options. BND offers another student loan option, and it also requires the FAFSA be completed each school year. While some people feel they don’t need to fill out the FAFSA because they make too much money and won’t qualify for financial aid or free money (grants), almost everyone will qualify for some type of federal student loan. Start your FAFSA application now!
Most schools will provide you with an offer of financial aid that will outline what financial aid options you qualify for based on your completion of the FAFSA. If you listed more than one school on your FAFSA, you may receive an offer from more than one school. This is a great tool to help you understand the funding you will need for your education.
Follow the instructions on your offer of financial aid to take advantage of the funding options you have been offered. BND encourages you to use federal Direct Subsidized and Unsubsidized Student Loans first, if needed, because of the unique federal benefits not found in other student loan options. If you need additional funds after using federal student loan programs, grants, scholarships and savings, a BND DEAL Student Loan can help you fill the gap. Before taking federal PLUS loans, compare the interest rate and fees to BND’s Student Loan. You may save money.
You can complete BND’s simple online DEAL Student Loan application. If you are a new customer, you will create an account during the application process. Make the application process faster by having the following student information ready: Loan amount you are requesting, school you are attending, Social Security Number and two personal references (must have different addresses).
Why would I need a cosigner?
The DEAL Loan is a credit-based loan. You can choose to apply with or without a cosigner, but if you do not meet BND’s credit criteria, you can re-apply with a cosigner. Click here to learn about cosigning student loans.
How does a cosigner apply?
You will need to select Applying with a Cosigner on page 1 of your application, then on page 5 you will enter the cosigner’s name and email address. They will receive an email with a cosigner PIN and instructions on how to complete the application.
If they are a new customer, the application will take them through the process of creating an account. The cosigner can make the application process faster by having the following information ready: PIN (this is emailed to them), student’s last name and date of birth, their Social Security Number and two personal references for them (must have different addresses).
After your application has been approved, BND will send you an email asking you to configure your loan. This is where you will select between the variable and fixed interest rate options. To do this, you will log in to your online account to make your selection.
Once you configure your loan, you will be asked to eSign the Loan Approval Disclosure, Promissory Note and Borrower Self-Certification. If you have a cosigner, they will receive an email requesting they log in to their online account to eSign the Loan Approval Disclosure and Promissory Note.
These documents are time sensitive and need to be signed and returned before the last date of acceptance listed on the documents. Click here to see an example of the Borrower Self-Certification (PDF). If you have questions call BND at (833) 397-0311; otherwise, return the documents right away. Your loan is on hold until BND receives both signed documents.
After you complete this step, the application will be sent to the school for certification.
BND will request that your school verify your information in the application and approve your eligibility for your loan request.
The Loan Final Disclosure is the last step, and your final opportunity to cancel your application before it becomes a loan. If you want the loan, no further action is required on your part; however, you do have the option to review your final disclosure and waive two of the three business days of your final disclosure receipt period. You can do this by logging in to your online account to view the disclosure. After the final disclosure receipt period lapses, your loan will begin the three business day waiting period for your legal right of refusal of the loan. Your loan will automatically be distributed after the required waiting period has passed. Your online account will list the date your loan funds will be sent to your school.
Loan funds are sent directly to your school. The school will schedule the disbursement dates during the school certification request process.
If you don’t need all of the loan funds, return any extra money to BND and keep your student loan debt as low as possible.
You must begin repaying your loan six months after you graduate, leave college or start attending less than half-time. Consider signing up for monthly or quarterly automatic payments while you are in college. Even if the payments are small, this can reduce the total amount you will need to pay over the life of the loan.
- Loans are placed on a 10-year repayment plan (view sample loan payment plan (PDF)) unless you choose another option. If you apply for a consolidation loan or have a total student loan balance of $30,000 or more, you may qualify for an extended repayment plan. Click here to view repayment plan options.
- Loans that become 15 days delinquent will be assessed a late fee not to exceed 6% of the unpaid portion of the installment or a maximum of $5.00.
- All loans are reported to consumer reporting agencies monthly. Loans that are 30 days delinquent or greater will be reported as late.
- Automatic payments can be set up through the BND online portal. This can be updated by selecting Manage Recurring Payments under the Useful Links to the right of each loan. Alternatively, you can complete the Authorization for Automatic Payments form (PDF) or call our office to have one of our representatives assist you. By signing up for automatic payments, you can:
- Decrease your interest rate by 0.25%
- Choose a payment due date from the 1st through the 28th of the month
- Avoid late fees
- Build a positive credit history on your loan
If you have difficulty repaying your loan, contact us immediately. We can help review your current situation and discuss the options available.
Students
- Requested loan amount
- School you are attending
- Social Security Number
- Two personal references (must have different addresses and cannot be your cosigner, if applicable)
Cosigners
- Cosigner PIN (emailed to the cosigner after the borrower completes page 5 of the application)
- Student’s last name and date of birth
- Cosigner’s Social Security Number
- Two personal references for cosigner (cannot be the same references as the borrower listed; cannot be the borrower)
A fixed interest rate is set on a specific date and remains the same until your loan is paid in full. A variable interest rate can change based on changes to an “index.” See BND’s fixed and variable interest rate options here.
The interest rate is the rate of interest you will pay on the loan for borrowing the funds. The Annual Percentage Rate (APR) reflects not only the interest rate but also the fees or other charges that you have to pay to get the loan. Looking at the APR is the most accurate way to compare different loan offers.
Log in to your online account and view your application status. When your loan is approved, you will also receive an email from BND letting you know the next steps you need to take.
If you are still unsure about the status of your loan, we would be happy to assist you. You can email us, call us at (833) 397-0311 or chat with us using the link in the lower right corner.
The process length varies. We recommend you apply at least four to six weeks prior to the tuition deadline, although the loan may be processed quicker than that. Here are some items you can do to help speed up the process:
- Upload and return documents promptly when requested by BND.
- Stay up to date on your application process using your portal account and take the associated steps when contacted by BND to ensure your loan application is processed as quickly as possible.
- Log in to your account when your loan final disclosure is available. View it and waive two of the three business days of your final disclosure receipt period.
Credit scores are numbers used by lenders to help them determine how likely it is that you will repay your debt. BND uses TransUnion scores as one of the factors in our credit criteria for obtaining a DEAL Loan. If you do not meet BND’s credit criteria, you will need to find a creditworthy cosigner.
The range of a credit score is 300 to 850. Most people’s credit scores fall between 600 and 750.
Loan funds are sent directly to your school on the date(s) selected during the certification process. In the case that the selected date has already passed by the time your application reaches disbursement stage, the funds will be sent to your school as soon as the required waiting period has passed. For exact disbursement dates, please refer to your online account.
Click here for information about cosigning a student loan.
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(833) 397-0311
Email Us
studentloans@nd.gov
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How to apply
Apply online by clicking “Apply Now” below. If you have any questions, call (701) 328-5660 or (833) 397-0311, or start a live chat using the link in the lower right corner.