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 BND or call us at 701.328.5660 or 800.472.2166 ext. 328.5660.
How can I access my online account information?
Go here and click on “Login/Create account” in the upper left corner.
- If you forgot your User Name, select “Forgot User Name.” Once you provide the requested information, your User Name will be emailed to the email address we have on file.
- If you forgot your Password, select “Forgot Password/Unlock Account.” Once you provide the requested information, a temporary password will be emailed to the email address we have on file.
- If your account is locked, click on “Forgot Password/Unlock Account” and follow the steps to unlock your account.
If you have changed your email address or cannot answer your security questions, you must contact us.
How can I sign up to receive my bills and documents online?
When you log in your account, a pop-up window will appear asking if you would like to “opt-in.” See example
How do I update my contact information online?
Log in to your account and click on “Update Address/Phone/Email/Password/Security” located on your summary page or contact us to provide 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 (typically referred to as a deferment or forbearance period), you can choose to sign up for automatic payments.
Why would I sign up for automatic payments if my payments are postponed (typically referred to as a deferment or forbearance period)?
Most student loans start accruing, or growing, interest as soon as they are disbursed. If you are in a deferment or forbearance period where your payments are temporarily postponed, you may be able to reduce your balance and payment amount by making payments each month. Signing up for automatic payments is an easy way to submit monthly or quarterly 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 28th 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, forbearance or deferment status in which your payments are postponed, 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 when your loan(s) is in repayment status 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?
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 your due date or the following business day if your due date is on a weekend or holiday.
Can my automatic payment withdraw more than once a month? Can I split my payments?
Not at this time. Automatic payment withdraws money only on your payment due date.
What if I need to change my bank account information?
You will need to complete a new Authorization for Automatic Payments form. BND will need at least five business days in order to set up the new withdrawal.
Can I make additional payments while enrolled in automatic payments?
Yes, you can pay an additional amount by scheduling a payment by phone, online or by check. However, your automatic payment will still be withdrawn every month. Another option is to increase your reoccurring automatic payment amount.
How do I cancel my automatic payment?
You may cancel your automatic payment by contacting BND at least five business days prior to your payment due date.
How does making payments during college affect my balance?
Most student loans start accruing interest as soon as the loan is disbursed. 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 repayment term and/or 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 choose your payment due date from the 1st through the 28th 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?
Payments are applied first to late fees, outstanding interest and then principal. If you are paying an additional amount and would like it applied toward the principal only, you must provide specific instructions when making your payment.
If you are on Income-Based Repayment (IBR), your payments will be applied first to outstanding interest, late fees and then principal.
Where do I mail payments?
Bank of North Dakota
Student Loan Services
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 release a cosigner from a loan, each of the following requirements must be met:
- The borrower must be found creditworthy based on the credit criteria in effect at the time the request is made.
- The appropriate number of consecutive, regular on-time payments must have been made to BND.
- For DEAL Student Loans, 24 regular on-time payments are required.
- For DEAL Consolidation or DEAL One Loans disbursed on/after January 1, 2013, 48 regular on-time payments are required.
- For DEAL Consolidation Loans disbursed prior to January 1, 2013, 24 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, deferment or income sensitive repayment periods.
- The payment counter restarts if there is a period of reduced payments, income sensitive, deferment or 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.
Can a cosigner be replaced?
Yes you can replace a cosigner at any time with a different creditworthy cosigner. Contact us for more information.
I am attending school, but I am still receiving monthly billing statements. Why?
We have not have 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 and most federal student loans have a six-month grace period. During a grace period, payments are not required on the loan, however, interest continues to accumulate for most loan types.
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.
For information about consolidating your federal student loans through the Department of Education, contact the Federal Direct Loan Consolidation Program.
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 to request one.
Am I eligible for military benefits?
BND follows the military service guidelines established by the federal government; however, loans held by BND may not be eligible for all benefits listed. Review the Military Service document for more information.
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 from BND about my payments being overdue when I have made the payment or applied for a deferment/forbearance to bring my account current?
Some regulations require us to contact you by phone and through mail until your account is current. If you have brought your account current and are still receiving reminders from us indicating your payments are behind, this is likely because the payment, deferment or forbearance is still being processed.
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.