BND Provides DEAL Loan Alternative for Students
State Bank Remains Committed to Area Students and Families

BISMARCK–June 23, 2010–Bank of North Dakota (BND), North Dakota’s leading student loan source and loan information provider, remains committed to assisting North Dakota students in pursuing their higher educational goals. Recent federal legislation requires students to borrow from the Federal Direct Loan Program through the U.S. Government, effective July 1, 2010.

While these changes impact the Bank’s participation in the federal student loan program, BND continues to serve the needs of students by providing the Dakota Education Alternative Loan (DEAL) for those students who require additional financing to pursue their higher education.

“We have been committed to North Dakota’s students for more than 40 years through our student loan programs and services,” stated Eric Hardmeyer, BND president. “Unfortunately, college costs have risen disproportionately to the availability of federal funding sources, resulting in the need for an affordable financing alternative.”

“North Dakota’s DEAL loan is one of the most competitive alternative loans in the nation,” said Shirley Glass, student loan manager. “Students from our state or who attend school here pay zero fees, have the option of low fixed or variable interest rates, and can count on quality local customer service.”

Other benefits of the loan include a 0.25 % interest rate deduction for auto payment, a six-month grace period, deferment & forbearance options and much more.

BND also provides College Information Service (CIS), a free and trusted educational resource administered by Student Loans of North Dakota (SLND) since 1992. CIS provides students and their families with unbiased information about the financial aid process, loans, scholarships, college access, financial literacy and other topics.
“It is important that we continue to assist families who have financial aid related questions to help ease the transition from high school to college,” said Wally Erhardt, director of SLND. “We are in a unique position to help meet that need.”

To learn more about BND’s Student Loan Services, go to mystudentloanonline.nd.gov. To find college related resources go to starthere4loans.nd.gov.

The nation’s only state-owned bank, BND was established in 1919 to encourage and promote agriculture, commerce and industry in North Dakota. BND is overseen by the Industrial Commission of North Dakota, consisting of Gov. John Hoeven as Chairman, Attorney General Wayne Stenehjem, and Agriculture Commissioner Doug Goehring.

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