We welcome your questions because we want you to have a complete understanding of your student loans. We’ve listed the most frequently asked questions from our customers below, but if you have a different question or need more information, please contact us or call us at 833.397.0311
How can I access my online account information?
Go here and click on “Log In” in the upper right corner.
- Your username is the email address we have on file.
- If you forgot your Password, select “Forgot Password.” Once you provide the requested information, a temporary password will be emailed to the email address we have on file.
If you have changed your email address or cannot answer your security questions, please contact us.
How can I sign up to receive my bills and documents online?
If you’d like all correspondence to be sent electronically, log in to your online account, click My Account in top right corner, and then Account Settings. This page will allow you to update your communication preferences, how to apply overpayments, and much more.
How do I update my contact information online?
Log in to your account, click My Account in the top right corner and select Contact Information to provide us the updated information.
What if I don’t get an email notifying me my billing statement is available online?
You are still responsible for making your payment by the due date and failing to make your monthly payment(s) may result in fees and potentially require us to turn your account over for collection. Check your “spam” or “junk email” folder for the email or verify your information to make sure the email address on file is correct.
When are online payments processed?
Payments submitted online by 3 p.m. CT will be processed that day. Payments submitted after 3 p.m. will be processed the following business day. The withdrawal may not be reflected immediately on your bank account.
Who can sign up for automatic payments?
Any borrower or cosigner may sign up for automatic payments. Whether the loan(s) is in repayment status with a payment due each month or the payments are temporarily postponed such as when you are in school, you can choose to sign up for automatic payments.
Are there any benefits to signing up for automatic payments with BND?
Yes, there are benefits. Automatic payments help simplify your life. You can choose your payment due date from the 1st through the 31st of the month, and by making payments on time, you could build a positive credit history on your loan(s).
If you are in school, grace or a period when no payments are required, you can choose to have payments withdrawn monthly or quarterly. You are not required to make payments during these periods; however, making payments may help reduce your balance and payment amount when you enter repayment status.
Signing up for automatic payments also decreases your interest rate by 0.25% and helps you avoid late fees.
How do I sign up to have my loan payment automatically made each month?
- Access your online account. After logging in, Click My Account in the upper right hand corner of the screen and select Payment Methods. Add your bank account information and click “Save”. Once this information is added, use this information to set up automatic payments for any of your loans by using the “Manage Recurring Payment” option in the QuickLinks section of your loan. Select “Create Recurring Payment”. Here you can manage the frequency, date, and amount of all your loan payments.
- Complete and return the Authorization for Automatic Payments form to BND.
Where do I find my routing number and account number to make a payment?
Click here to see an example.
Once I submit my request for automatic payments, how long does it take before it can begin?
Your request must be received by BND at least five business days prior to your payment due date.
When will the funds for my automatic payment be withdrawn?
Your payment will be applied to your student loan on the date you selected for the recurring payment or the following business day if the selected date lands on a weekend or holiday.
Can my automatic payment withdraw more than once a month? Can I split my payments?
Yes, you have the ability to customize your repayment schedule to fit what works best for you. You can do this when you set up a Recurring Payment on your account.
What if I need to change my bank account information?
You may access your account online and update the bank information saved under your Payment Methods. You may also complete a new Authorization for Automatic Payments form.
Can I make additional payments while enrolled in automatic payments?
Yes, you can pay an additional amount. However, the payment will always apply to the current billing cycle. If your recurring payment is set to draw the minimum amount due, the system will recognize the extra payment was made to satisfy all or part of the current billing cycle and will adjust the amount drawn accordingly.
How do I cancel my automatic payment?
You may cancel your automatic payment by logging into your online account and clicking Manage Recurring Payments and deleting the automatic payment. You may also contact BND. In either case, please complete the request at least 5 days prior to the due date.
How does making payments during college affect my balance?
Bank of North Dakota student loans start accruing interest as soon as the loan funds are disbursed to the school. You will receive quarterly interest notifications letting you know how much interest is owed. You may make payments at any time toward your interest and principal balance. At the end of your in-school deferment and grace period, any unpaid interest is capitalized (added to your principal balance). The more interest that is capitalized, the higher your loan payment may be when you finish school. If you can afford it, make a smart move by making payments while you are in college.
Can I change the date my student loan payment is due?
As long as your account is not past due, you may change your payment due date from the 1st through the 31st of the month by contacting BND. If your loans are past due, contact us for assistance.
Can I make my payment using my debit or credit card?
No, we do not accept debit or credit cards. We can debit your account using your bank routing number and your checking or savings account number.
How are my payments applied?
If you are paying extra, in addition to the required monthly payments, the payment will always apply to the current billing cycle. It will cover any outstanding interest first, then the remaining is applied to the principal of the loan. We do not have an option for principal only payments.
Where do I mail payments?
Bank of North Dakota
PO Box 5536
Bismarck, ND 58506-5536
Watch a short video about cosigning a student loan.
What is a cosigner?
A cosigner is a person who pledges to pay back the loan if you do not. If you do not make payments when required, your cosigner will be liable for repayment of the loan.
How does cosigning a loan affect the cosigner’s credit?
Cosigning for a loan is an action that should never be taken lightly, as it can have very serious implications for the cosigner’s credit history. As the cosigner, the cosigned loan will appear on their credit report and can directly affect their credit as a debt owed.
What happens if the borrower does not make payments?
The cosigner is responsible for paying back the debt. If a loan becomes 31 or more days delinquent it will be reported as late and will appear on the cosigner’s credit report, possibly damaging their credit and perhaps their ability to qualify for new credit. If left unpaid, it could lead to collection accounts and further damage their creditworthiness.
Can a cosigner be released?
To be released as the cosigner of a loan, each of the following requirements must be met:
- The borrower must meet BND’s current credit and eligibility criteria.
- The borrower must reside in the United States.
- The appropriate number of consecutive, regular on-time payments must have been made to BND.
- For DEAL Student Loans, 24 consecutive, regular on-time payments are required.
- For DEAL Consolidation or DEAL One Loans disbursed on/after January 1, 2013, 48 consecutive, regular on-time payments are required.
- For DEAL Consolidation Loans disbursed prior to January 1, 2013, 24 consecutive, regular on-time payments are required.
- A regular on-time payment is a payment received within 15 days of the due date while in repayment status. This does not include payments made during forbearance or deferment periods.
- The payment counter restarts if there is a period of reduced payments, deferment, forbearance or a payment is received more than 15 days past the due date.
- The borrower must submit the DEAL Program Loan Request for Release of Cosigner form.
I am attending school, but I am still receiving monthly billing statements. Why?
We have not received an enrollment status update from your school. There may be several weeks between the date you begin classes and the date we receive the update. Once we receive the update, your loan will go into deferment effective the day you started classes and you will be notified. If we do not automatically receive the update from your school, you may complete and return the In-School Deferment form to our office.
What is a grace period and how does it work?
DEAL Student Loans have a six-month grace period. During a grace period, payments are not required on the loan; however, interest continues to accumulate.
Grace periods are meant to help students while they transition from college into their career and toward successfully repaying their student loans. Typically, students will have a six-month grace period right before they enter repayment. A loan enters a grace period after one of the following occurs:
- The student graduates.
- The student falls below half-time enrollment when they were previously enrolled in school full-time.
- The student withdraws from school.
A loan obtained while enrolled less than half time will enter the grace period at the end of the academic period.
If a student begins at least half-time enrollment while they are still within the grace period, the grace period will not be considered used.
What is repayment status?
Repayment status means payments are required, typically each month. A loan enters repayment immediately after one of the following:
- The student’s six-month grace period ends.
- The student ceases to be enrolled at least half time and has previously used the six-month grace period.
- The student refinances student loans with BND.
Can I combine all of my student loans into one loan so I only have one payment?
If you are a North Dakota resident and you or a cosigner meet credit criteria, the DEAL One Loan allows you to refinance all of your student loans, including federal student loans, and combine them into one loan.
If you are not a North Dakota resident, but have a current DEAL Student Loan and you or a cosigner meet credit criteria, the DEAL Consolidation Loan allows you to refinance all of your private student loans into one payment.
If I did not receive my statement, am I still responsible for making my monthly payment?
Yes. If, for some reason, your statement doesn’t arrive as planned, you are still responsible for making your payment by the due date, and failing to make your monthly payment(s) may result in fees. If you would like a copy of your statement, please contact us or access your online account to obtain a copy.
Am I eligible for military benefits?
BND proudly supports our servicemembers and offers the following military benefits.
- Deferment – As a servicemember, you have the opportunity to postpone payments on your student loans while you are deployed.
- Interest rate limits – The Servicemembers Civil Relief Act (SCRA) ensures the interest rate on your student loan does not exceed 6%.
- Late fee limits – BND does not assess late fees on your student loans during your period of military service.
I am not the borrower, but I make payments on a student loan. Can I claim the student loan interest I paid when I file my tax return?
Contact a tax professional or the IRS at 800.829.1040 or IRS.gov. We cannot advise you on tax matters. BND is required to report only to the primary borrower and to the IRS the amount of interest that was paid in the name of the primary borrower.
What happens if I miss a payment?
If your loan(s) become 15 days delinquent, you will be assessed a late fee not to exceed six percent of the unpaid portion of the installment or a maximum of $15.
Why do I continue to receive phone calls and letters about my payment being overdue when I have made the payment or other arrangements with BND?
At the time you received a phone call or letter, our records indicated your account was past due. Please contact us to verify the current status of your account. If your loan(s) becomes 30 days past due, this will be reported as late to all four major credit bureaus.
What if I default?
Default occurs if your loan payment is 270 days late. It is never a good idea to default on a student loan. Your credit may be harmed. You may have difficulty renting an apartment or purchasing a car. Some employers check your credit before hiring. You can be sued in civil court for non-payment. Depending on the type of loan, up to 25% of your wages can be garnished and federal or state tax refunds may be intercepted for payment. There are a number of options available to prevent default. Contact us to determine which would work best for you.