Love your student loans??

Probably not so much, but you can make them a little more bearable by refinancing into the DEAL One Loan, the student loan refinancing option for North Dakota residents.

The DEAL One Loan allows you to refinance all of your student loans, including federal student loans, into one convenient monthly payment. Through March 31, 2016, you can take advantage of either a variable rate of 2.01% APR* or a fixed rate of 5.02% APR*. The variable rate will not increase by more than 1% per year. There are no fees to refinance and you can decrease your interest rate another 0.25% when paying through ACH while in repayment. By taking out the DEAL One Loan, most people decrease their interest rates or loan payments, allowing them to put more money in their pockets. Others choose to keep their payments the same and then repay the loan more quickly.

You’ll love the difference refinancing into the DEAL One Loan can make for you!

If you are a North Dakota resident, Bank of North Dakota (BND) has the DEAL One Loan for qualified borrowers. You can refinance ALL of your student loans, including federal student loans, DEAL Student Loans and private student loans, into one easy monthly payment. One monthly payment with one lender also means you only have to make one call when you have questions.

Here is an example to demonstrate the difference a DEAL One Loan can make. The average student loan debt is approximately $30,000. Assuming a current fixed interest rate of 7.25% APR* with a $30,000 loan, the table below demonstrates the savings when a borrower refinances based on the current DEAL One Loan interest rates using a 25-year repayment term.

The variable interest rate includes a special guarantee: the rate will not increase by more than 1% per year and is capped at 10%.

Is the DEAL One Loan too good to be true?

While it may appear too good to be true, you can be assured that as a state agency, BND is offering this program to help North Dakota residents. We want you to be aware that it’s important to carefully review the advantages and disadvantages of including federal student loans in the DEAL One Loan. Federal student loan benefits are lost when they are included. Student loan staff members are available to answer questions and help you determine if loan consolidation is a smart move for you.

Below are a few of our frequently asked questions. If you have more questions, please call or email us. We will provide information specific to your situation that will help you determine if refinancing with the DEAL One Loan is a good idea.


Frequently Asked Questions

Do I pay fees?

There are no fees for the DEAL One Loan.

Do I need a cosigner?

If you do not qualify based on credit criteria, you will need a creditworthy cosigner. After you make 48 eligible payments, the cosigner may be released.

Is this program limited to recent graduates?

No. The program is available to anyone who has been a resident of North Dakota for at least six months, has student loans and is not attending school. Either the borrower or cosigner must meet credit criteria.

What will I need to complete a DEAL One Loan application?

  • Current lender’s name, account number, loan balance, loan type and interest rate
  • Social security number
  • Driver’s license number
  • Three personal references (living at different addresses)

*APR: Annual Percentage Rate. The variable interest rate may increase or decrease over the life of the loan so the monthly payment, total interest paid and the total amount repaid may change. These rates are available through March 31, 2016.

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