Going to College in North Dakota?

Find a Student Loan that Gives You Financial Muscle

Let’s get to the point: you need student loans to go to college. Nearly everyone does. If you are a resident of North Dakota or an out-of-state student looking to study in ND, then to what sources do you turn when you need timely and reliable information on student loans available for your education?

The Bank of North Dakota (BND) is unique as banks go—it’s state-owned. This state affiliation lets the lender “partner” with various state agencies and organizations all with the goal to make programs more available, including student loans. The Student Loans of North Dakota (SLND) is the college lending arm of BND. The SLND program offers North Dakota student customers easy access to both federal student loans as well as alternative loans.

Types of student loans you may consider:

  • Federal Family Education Loans
  • Alternative Loans
  • Loans for Service

BND/SLND provides all of the above.

Borrow Federal Student Loans in North Dakota

First step when faced with multiple student loan opportunities is to apply for federal student loans first. The Federal Family Education Loan Program (FFELP) is almost a no-brainer for its affordability and its wide availability. These are not exclusive loans and they are not designed solely for the financially needy. Most students qualify for federal aid. The FFELP includes:

  • Stafford Loans, subsidized and unsubsidized
  • Parent PLUS Loan
  • PLUS Loans for Graduate and Professionals
  • Federal Consolidation Loan

Apply for the FFELP when you complete the FAFSA, the Free Application for Federal Student Aid. Or explore the federal loans programs more fully.

Supplement Your Federal Loans with Alternative Student Loans in North Dakota

Since most federal student loan funds are insufficient to cover many students’ college costs, the SLND offers the Dakota Education Alternative Loan (DEAL), an alternative education loan, sometimes called private or supplemental. This loan also comes in a version for students pursuing a medical field—the Medical DEAL. A couple of innovative features of the DEAL Loans include:

  • Open to students attending school in or residents of North Dakota, South Dakota, Minnesota, Wisconsin, Wyoming and Montana.
  • Option to choose a variable or fixed interest rate.
  • No minimum to borrow.

Like many other high-quality and responsible alternative loan programs, you are required to have filed for your federal loans first. The DEAL programs are a final resort, an affordable means to supplement your federal aid when that falls short.

Need to know more? Find much more information on the SLND website.