BND - Student Loan Services: Loan Types - DEAL

Combine student loans from one or more lenders into one DEAL Consolidation Loan for a single monthly payment. You must have a DEAL Loan with Bank of North Dakota to qualify. Choose between a fixed or variable interest rate.

Types of loans

Combine your DEAL Loan, DEAL Consolidation Loan and private/alternative student loans from other lenders.

Interest rate

Choose between a fixed or variable interest rate

• If you choose a fixed rate, the interest rate will be set on the day the Loan Approval Disclosure is generated and remains the same until the loan is paid in full. The Loan Approval Disclosure will generate when credit is approved, all loan documents are received and payoff information is received from your lender(s).
• If you choose a variable rate, all of the loans being consolidated will use the variable rate in effect on the date the loan is booked. Every three months, the interest rate may increase, decrease or remain the same. The variable rate will never be greater than 10%. You can monitor your interest rate for changes by reviewing your billing statement. Your monthly payment amount may increase or decrease as interest rates change.

Fees

You will be charged a 3.75% fee. The fee will be calculated based on the total amount of loans being consolidated and will be added to the principal balance of your loan.

Fees and interest rates through June 30, 2014

Loan fee	Fixed interest rate	Fixed APR*	Variable interest rate	Variable APR*
3.75%	6.34%	7.18%**	2.73%	3.53%***

*The Annual Percentage Rate (APR) is typically different than the actual interest rate because the APR considers fees and reflects the cost of your loan as a yearly rate.

**The Annual Percentage Rate (APR) example provided assumes a loan balance of $10,000, the current interest rate of 6.34% and a repayment term of 10 years.

*** The Annual Percentage Rate (APR) example provided assumes a loan balance of $10,000, the current interest rate of 2.73% and a repayment term of 10 years.

Borrower requirements and eligibility

• You must be a U.S. citizen
• You can no longer be attending school
• You must have at least one DEAL or DEAL Consolidation Loan to qualify

• You must meet BND credit criteria or a creditworthy cosigner is required

Cosigner requirements and eligibility

A creditworthy cosigner is required if you do not meet BNDs credit criteria. Your cosigner must be a U.S. citizen and meet BND credit requirements. A cosigner release option is available after the borrower has made 48 consecutive on-time regular monthly payments and the borrower is able to meet credit requirements on their own. Download the DEAL Cosigner Release Form.

Repayment

Your first payment is due approximately 30 days after your DEAL Consolidation Loan is completed.

Apply online above, or download and print the following forms. To have these forms mailed to you, call us at 800.472.2166 ext. 328.5763.

Borrowers

DEAL Consolidation Borrower Application and Promissory Note (PDF 137KB)

Cosigners

DEAL Consolidation Cosigner Credit Application and Promissory Note (PDF 68KB)

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