Student Loan Refinance at Bank of North Dakota

A recent study conducted by the Federal Reserve Bank of New York showed that 1 out of 10 college students has trouble paying back their student loans. In addition, nearly 2 million Americans currently hold $870 billion in student debt. But what if there was a way to refinance or consolidate these private loans into federal Stafford Loans? These types of loans carry lower interest rates than other private loans, making them a good option for many. To help those who are looking to take advantage of this program, there are two ways to do so. You can either apply online at ndsu.gov/bond or go directly to any local bank branch.

Interest Rate Comparisons

The comparison tool above will show you current interest rates compared to the rate that is being offered by the Bank of North Dakota. The goal here is to find the best deal possible. Keep in mind that the interest rate is not set in stone. Depending on how much credit risk there is associated with the borrower, the lender may offer a slightly different rate. However, these numbers should give you some idea of whether or not the Bank of North Dakota is offering competitive rates. If they seem reasonable, then you should definitely consider applying.

Student Loan Refinance at Bank of North Dakota

Bank of North Dakota Student Loan

The Bank of North Dakota offers students who have federal loan funds the opportunity to refinance their student loan debt at lower rates. BND’s Lender Services Department works directly with private lenders to offer competitive rates to help borrowers reduce monthly payments. Students borrow money at low interest rates and make smaller monthly payments. Often times, refinancing a loan can save hundreds of dollars off the original principal. To qualify, students should have a good credit history. They may need to show they are making regular payments and have no late payments or defaults on any loans. If approved, they receive a certificate of discharge after completing a course of treatment with the lender.

Refinancing Student Loans

To find out if you qualify for the program, log onto the website at www.banknorthdakota.com/studentloans/refinancing.aspx. Or call 800-922-8648.

Student Loan Refinance at Bank of North Dakota

North Dakota Bank Student Loan fi

The financing program at Bank of North Dakota offers students the opportunity to refinance their loans without having to pay any prepayment penalties. You can apply online or over the phone by calling 1-800-845-7466 between 8:30am and 5:00pm Monday through Friday, excluding holidays.

Educational Credit Management Corporation (ECMC),

Educational Credit Management Corporation (ECM) is a government-sponsored student loan guarantor and works directly with lenders around the country to offer refinancing options to borrowers who want to consolidate loan payments into one monthly payment. ECMC’s goal is to help manage the federal financial aid programs and make them easier to understand by helping borrowers improve their credit scores while saving money. Students may be eligible if they have public or private student loans held by either the U.S. Department of Education or a state or provincial agency.

The Federal Direct Loan Program

Direct loans are offered to undergraduate and graduate students through the U.S. Department of Education. Eligibility requirements vary depending on the type of loan. However, it is recommended that students complete at least 12 hours per semester toward graduation. Loans are issued by participating banks or credit unions and then serviced by the guaranteed lender. Unlike federal Perkins loans, direct loans do not require repayment until 10 years after leaving school. Repayments begin six months after graduating or withdrawing from school.

HEAP stands for Health Education Assistance Program.

The Health Education Assistance Program (HEAPS) is an education grant program run by the United States Department of Health and Human Services that provides grants to college students suffering from certain illnesses. HEAP was created under Section IV of the Higher Education Act of 1965 and expanded upon in the College Cost Reduction and Access Act. Students who meet eligibility requirements are awarded grants based on financial need. Grants range from $250-$1500 annually. If you are a first-time applicant, you will receive a full award of assistance equal to your cost of attendance minus an estimated amount of financial aid received. Subsequent awards will be prorated based on your remaining cost of attendance, excluding aid. To apply for HEAP funds, contact the campus cashier’s office and request information on applying for the program. All documents should be submitted before attending class each semester. Contact the University of North Dakota Cashiers Office for more information.

The National Resource Center on Homelessness Among Veterans (NRC)

The National Resource Center on Homelessness among Veterans (NRC), funded by the U.S. Veterans Administration, is dedicated to assisting veterans in reducing their risk of becoming homeless. The NRC serves as a central resource for housing information and access to permanent supportive housing for homeless veterans across the nation. Their website provides free information and services to those seeking to improve their quality of life and self-sufficiency.

Oregon Student Aid Commission (OSAC)

The Oregon Student Aid Commission (OSA) is a division of the Oregon Department of Administrative Services charged with administering Oregon’s student loan program. OSAC manages the Refund Anticipation Loan (RAL), the William D. Ford Direct Loan Program, and the Private Postsecondary Grant Program. Additionally, OSAC administers the federally subsidized Stafford Student Loan Program.

Perkinston Savings Bank

Perkinson Savings Bank offers several types of personal loans, including secured and unsecured lines of credit. Unsecured Personal Lines of Credit are designed for consumers who want to borrow money and use the equity in their home. A Perkinson Savings Bank representative will review your application and determine whether you are approved for an unsecured line of credit. Applying for an unsecured bank loan may take two business days, and you can expect to receive approval within three business days.

Student Loan Refinance at Bank of North Dakota

Bank of North Dakota Student Loan Repayment Program

The Bank of North Dakota (BND) offers several programs to help students manage their student loan debt. BND’s “Borrower Assistance Programs” allow eligible borrowers to restructure their loans at no cost. If you have federal education loans, you may qualify for a loan consolidation program. You could even refinance your qualifying federal student loans at low interest rates.

Bank of America’s Pay As You Earn Plan

If you use a Bank of America credit card, you may qualify for its “Pay As You Earn” plan. To qualify, you need to maintain a $0 balance in your accounts each month. Furthermore, you are not permitted to charge late fees or other finance charges on revolving balances.Your monthly payments would be determined based on your spending habits and are generally lower than what you would pay under other plans. Currently, the minimum payment is 6%. However, if you carried a balance each month, then you would only make the minimum amount owed. Your remaining balance may increase until you reach a goal set by the company or earn enough rewards points to clear the bill. You must keep making payments for 12 months before you can request a review. Once reviewed, a decision would be made on whether to continue offering the plan.

Citi Simplicity Refinancing

Citibank provides three different repayment options that could help you consolidate your student loans. These include the Citibank FlexPeriod Payment Option, the Citi Simplicity Loan Consolidation Option, and the Direct PLUS Option. Under the Flex Period Payment option, your monthly payments would range between 9% and 13%, depending on your credit history and type of loan you hold. Monthly payments would start accruing after two years, depending on your age upon graduation. This plan is recommended for those who do not anticipate graduating early.

Under the Citi Simplicity plan, your monthly payment would fall between 8%-10% starting six months before graduation. Payments would be fixed throughout the term of the loan. After five years, you would be able to begin paying off your total amount owed. For those looking for a longer term solution, the Direct PLUS plan comes with a fixed rate for 10-15 years. Interest begins to accrue immediately following enrollment. The Direct PLUS option does require some credit checks, but may be right for you if the higher APR seems daunting.

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