Student Loan Borrowers in Disaster Areas Offered Relief

BISMARCK-April 21, 2009–Student loan borrowers who have been affected by the flooding disasters in North Dakota may be finding it difficult to make their monthly payments at this time. Student Loans of North Dakota (SLND), North Dakota’s student loan guaranty agency for more than 25 years, wants students severely affected by the recent weather events to know that help is available.

“We urge those in student loan repayment who are in need of temporary relief from those obligations to speak with their lenders as soon as possible,” says Wally Erhardt, SLND associate director. “We understand the time commitments and financial restrictions that develop during natural disasters. We hope affected student loan borrowers will call now for this relief.”

Lenders are currently allowed to grant a forbearance, or suspension of payment, for up to three months without documentation. Should borrowers need longer than three months, supporting documentation and a written agreement is needed.

Students should call their student loan lenders now to discuss this relief opportunity. For further questions, borrowers may also call Char Feist, Compliance Officer at SLND, at (701) 328-5753.

Bank of North Dakota (BND) was established in 1919 and is the only state-owned bank in the United States. Student Loans of North Dakota is administered by BND and offers a variety of loan programs to help students and parents finance a college education.

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