Bank of north dakota consolidating student loans

By 2011, the average student loan debt had risen to a whopping ,425 (the last year reported) – a staggering 33% increase.83% of North Dakota graduates come out of school with debt, which makes them one of the highest ranking states for educational debt.Variable rates may change every three months but will never increase more than 1% in a single year and will cap at 10%.

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Lawmakers in Vermont are urging congress to amend the federal bankruptcy code to include student loan debt forgiveness. While this may be a raw deal for some, Bank of North Dakota President Eric Hardmeyer says that allowing student ...

BISMARCK – The Bank of North Dakota has a new DEAL for state residents struggling with student ...

Bank of North Dakota offers DEAL One loans that refinance into one loan any combination of federal, private, and alternative student loans from other lenders. Fixed interest rates are currently 5.34% and variable rates are currently set at 1.73%.

Fixed rates remain the same throughout the life of the loan.

So, it's a great deal."Hardmeyer noted the program may not be right for everyone, as federal loans still offer some features the state program doesn't, including income-based repayment plans and loan forgiveness options.

The Bank of North Dakota will publicize the program through newspaper ads, college alumni foundations and the Department of Commerce, as well as through local banks and social media, spokeswoman Janel Schmitz said."We're going to hit it hard," Hardmeyer said.As authorized by state lawmakers last year, the bank offered the program to physicians and others in the medical community in cities of 4,500 people or less as a way to make sure it could accommodate the potential increase in loans, Hardmeyer said, adding he's confident the bank will be able to handle the load. Jack Dalrymple, chairman of the three-member Industrial Commission that oversees the Bank of North Dakota, called it "the missing piece" in the student aid program.He said the state's needs-based and merit-based scholarship programs have grown, "but we still have the problem of old loans, many of them at difficult interest rates.You can track your progress to payoff and see how changing repayment plans or making additional payments will affect your interest paid and payoff date.For more information on refinance and consolidation, check out our Student Loan Help Center.More information about the program is available at gov.

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