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This loan provides funds for North Dakota residents and prospective North Dakota residents pursuing career education through alternative learning training programs and certifications.
Borrower:
- 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 approved and eligible school.
- The school must certify that you are meeting satisfactory academic progress and certify your enrollment eligibility and status.
- 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.
At this time, two North Dakota schools have been approved to access CEAL Funding:
- Emerging Digital Academy: A software training institute
- University of Jamestown
The loan may cover the following expenses while attending school:
- Cost of attendance
- Fees
- Supplies
- Room and board
- Transportation
- Other educational expenses authorized by the school or by BND’s Investment Committee. The authorized expenses must be for a current enrollment term that has not expired.
The minimum loan amount is $500; the maximum loan amount is $25,000.
| Career Education & Alternative Learning (CEAL) Loan These interest rates are effective October 1 through December 31, 2024. |
||||
| Loan Fee | Fixed Interest Rate | Fixed APR* | Variable Interest Rate** | Variable APR* |
|---|---|---|---|---|
| 2.00% | 6.05% | 5.95% | 6.44% | 6.30% |
| Career Education & Alternative Learning (CEAL) Loan These interest rates are effective October 1 through December 31, 2024. |
|
| Loan Fee | 2.00% |
|---|---|
| Fixed Interest Rate | 6.05% |
| Fixed APR* | 5.95% |
| Variable Interest Rate** | 6.44% |
| Variable APR* | 6.30% |
You can complete BND’s simple online CEAL 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 CEAL 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, their driver’s license 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.
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.
BND will request that your school verify your information in the application and approve your eligibility for your loan request.
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 the program or decrease your enrollment to less than half-time. Consider signing up for monthly or quarterly automatic payments while you are enrolled. 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 another option is chosen. 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. See other repayment plans here.
- 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 your payment 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.
The institution must be an approved licensed institution operating in North Dakota. Approval will come from BND Investment Committee. Interested institutions should contact BND to get more information about the approval process.
Apply online by clicking “Apply Now” below. If you have any questions, contact us or call (701) 328-5660 or (833) 397-0311.
Click here for information about cosigning a student loan.
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studentloans@nd.gov
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