Compare Before You Sign

If savings, scholarships and grants are not enough to cover the costs of college, you may be considering student loans. Bank of North Dakota recommends taking federal Direct loans as your first option. If that still doesn’t cover your costs, private student loans may be an option to help cover the gap.

It is important to compare the benefits and terms, including rates, fees and APR, of these loans. Some lenders offer a range of rates which may be based on meeting credit criteria and other factors. BND Student Loans and Federal Direct Parent PLUS Loans rates do not vary based on credit.

Compare interest rates, annual percentage rates (APR) and fees

Information was gathered from lenders’ websites in July 2025.

• BND
  • Fixed 6.26% APR* / Variable 5.52% APR*
  • No origination fee
• Federal Direct Parent PLUS
  • Fixed interest rate 8.942%
  • 4.228% origination fee
• SoFi
  • Fixed 3.29% – 15.99% APR** / Variable 4.39% – 15.99% APR**
  • No origination fee
• Sallie Mae
  • Fixed 3.19% – 16.99% APR** / Variable 4.37% – 16.49% APR**
  • No origination fee
• College Ave
  • Fixed 3.19% – 17.99% APR** / Variable 4.24% – 17.99% APR**
  • No origination fee
• Earnest
  • Fixed with cosigner starts at 3.24% APR** / Fixed without cosigner starts at 4.94% APR**
  • No origination fee

Everyone’s situation is different. Carefully review all of the terms and benefits of a loan before applying. In addition to interest rates, APR and fees, compare items such as:

• Loan term, or how much time you have to repay the loan
• Prepayment penalty if you repay the loan early
• Repayment plan options and potential benefits, like loan forgiveness
• Options for special circumstances, like deferment and forbearance while in school or times of hardship

* The Annual Percentage Rate (APR) is different from the actual interest rate if there are loan fees. The APR includes the loan fee and reflects the cost of your loan as a yearly rate. The APR calculation assumes a loan of $10,000, two disbursements 120 days apart, a fixed interest rate of 6.65% or a variable interest rate of 5.82%, a loan fee BND pays for you and a 10-year repayment term. The APR calculation also assumes that no payments are made by the consumer until 4.5 years (estimated in-school/grace period) after the first disbursement is made. Interest that accrues during in-school and grace periods (if not paid) is added to the balance when the loan enters repayment. Variable APR is subject to increase after loan consummation.
** Rates reflect automatic payment discount and are subject to change. Some borrowers may receive higher rates based on their credit.

Concerned about taking on too much student loan debt?

Use BND’s Salary-to-Debt Calculator to estimate the maximum amount of student loan debt you may be able to reasonably repay based on your anticipated salary.

Have questions? Let’s chat!

Connect with us Monday – Friday from 8 a.m. – 5 p.m. CT.