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The DEAL One Loan allows North Dakota residents to refinance all eligible student loans, including federal student loans, into one new loan with one monthly payment. Take advantage of either a variable rate of 6.44% APR* or a fixed rate of 6.05% APR*.
Borrower:
- North Dakota resident must have lived at a physical address in North Dakota for the past six months to refinance all eligible education loans, including federal student loans, into a new DEAL One Loan.
- Loans must be in a status of grace or repayment (repayment includes loans in deferment and forbearance).
- 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.
- 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.
Loans accepted into the DEAL One Loan program include:
- Federal student loans including Stafford, Perkins, Direct, PLUS (Parent Loans for Undergraduate Students), Grad PLUS Loans and SLS (Supplemental Loans for Students). If you choose to consolidate federal loans, you will lose benefits associated with them. Visit the Federal Student Aid website for information regarding specific benefits.
- DEAL and DEAL Consolidation Loans.
- Private/alternative student loans from other lenders.
The minimum amount is $1,000 with no loan limits. Some loan requests may require additional information to complete the loan application process. Please contact us for more information.
| DEAL One 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% | 6.05% | 6.44% | 6.44% |
| DEAL One Loan These interest rates are effective October 1 through December 31, 2024. |
|
| Loan Fee | 0% |
|---|---|
| Fixed Interest Rate | 6.05% |
| Fixed APR* | 6.05% |
| Variable Interest Rate** | 6.44% |
| Variable APR* | 6.44% |
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 One Loan. BND pays the fee for you.
You can start our simple online application by clicking here. If you are a new customer, you will create an account during the application process.
Continue making payments on your student loans until you confirm your original loans have been paid in full with the DEAL One Loan to avoid negative effects to your credit score.
Why would I need a cosigner?
The DEAL One Loan is a credit-based loan meaning that if you do not meet BND’s credit criteria, you will need to find a creditworthy cosigner. Click here for information about cosigning a student loan.
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.
BND will verify the payoff information for the loans you have listed on the application. You will need to upload a payoff verification document for each loan listed on the application. This document must list the name of the servicer, your full name, your account number, the current interest rate for each loan, the type of each loan, the status of each loan, the current balance on each loan and the payoff amount as of a specific date for each loan. This information can be found within your online servicer account or it can be requested by contacting the servicer directly.
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 log in and configure your loan, you will also be asked to eSign the Loan Approval Disclosure and Promissory Note. 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 as well.
These documents are time sensitive and need to be signed and returned before the last date listed on the disclosure.
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 for 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. You can check your BND online account. It will list the date the loan will be finalized.
Payoffs made to most lenders/servicers typically take up to 10 business days to reflect on your account with them. Payoffs to your BND loans will take approximately three business days to reflect on your account.
Repayment of the loan begins approximately 30 days after the loan is made.
- 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 $15.00.
- 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 (PDF) form 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 are having difficulty repaying the loan, contact us. We can help review your current situation and discuss the options available.
- Information on any loans to be included in the consolidation loan such as: current lender’s name, account number, loan balance, loan type, interest rate (You will be asked during the application process if you would like to include all loans from credit report, or you can manually enter the loans.)
- Social Security Number
- Two personal references (living at two different addresses)
The terms consolidation and refinancing are often used interchangeably. Refinancing with the DEAL One Loan allows you to combine multiple student loans from different lenders into one loan. This means one payment to one lender. You may be able to lower your interest rate, extend your repayment term or change your interest rate type from variable to fixed, or vice versa. You could be eligible for a 1.000% annual variable interest rate cap starting on the date your loan is made. The annual maximum rate is reset each year on the anniversary of the date your loan was made based on the rate in effect on the last day of the current 12-month period.
This may decrease your monthly payment or you can choose to make higher monthly payments and save money by repaying the loan more quickly.
No. The program is available to anyone who has been a resident of North Dakota for at least six months, has eligible student loans and is not attending school. The borrower or cosigner must meet credit criteria.
Yes, but you should know that you will lose the remainder of your grace period and will not receive another one if you decide to return to school. Before you apply to consolidate or refinance your existing loans into a new loan, consult with your lender or servicer to discuss other benefits you may lose if you choose to consolidate. To learn more about a grace period and how it works, click here.
A fixed interest rate is set on a specific date and remains the same until the loan is paid in full. A variable interest rate can change based on changes to an “index.”
Special variable rate parameters have been established for the DEAL One Loan. If you select the variable interest rate, your interest will not increase by more than 1% per year and will never increase beyond 10% APR. If the interest rate decreases below your current rate, you will be given the lower interest rate.
Learn about BND’s fixed and variable interest rate options in the Interest rates tab above.
The interest rate is the rate of interest you will pay on the loan for borrowing the funds. The 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 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 (833) 397-0311, or chat with us using the link in the lower right corner.
No. However, your spouse may be eligible to be a cosigner on your loan.
The process length varies generally from three to four weeks, 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.
Loan payoffs will be made directly to your servicer(s) after BND has sent you the Final Loan Disclosure and the required time has passed. The loan payoffs are sent by BND directly to your servicer(s) by check and are typically received and processed within 10 business days.
For additional information, see the “Steps for getting a loan” above.
Click here for information about cosigning a student loan.
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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.