Getting BND Student Loans take proactive steps and this guide is designed to assist students who seek educational funding through this means. The second guide in this series is for international students who seek loans in the United States, and you can find the loan answers from this previous page.
The Bank of North Dakota (BND) is unique as it is the only state-owned bank in the United States. It provides various financial services, including student loans, specifically aimed at supporting North Dakota residents and students attending North Dakota institutions.
Types of Loans Offered by BND
1. Deal One Loan
- Target Audience: North Dakota residents attending eligible institutions, including both in-state and out-of-state schools.
- Interest Rates: Offers both fixed and variable interest rate options. Fixed rates provide stability, while variable rates might be lower initially but can fluctuate.
- Enrollment Requirements: Must be enrolled at least half-time in a degree or certificate program.
- Benefits:
- Competitive interest rates.
- No origination fees.
- Flexible repayment options, including deferment while the student is in school.
- Various term lengths available for repayment post-graduation.
2. Deal Consolidation Loan
- Target Audience: Borrowers looking to consolidate multiple student loans into one single loan for easier management.
- Eligibility: Available to North Dakota residents and non-residents who attended schools in North Dakota.
- Interest Rates: Typically fixed rates that offer predictability in repayment.
- Benefits:
- Simplifies repayment by combining multiple loans into one.
- Potentially lower interest rate compared to the original loans.
- Extended repayment terms which can lower monthly payments.
Who is Qualified for BND Student Loans?
Here are the various factors that qualify students who apply for the BND student loans:
General Requirements
- Residency: The primary borrower or the co-signer must be a resident of North Dakota. Some loans may be available to non-residents attending North Dakota institutions.
- Creditworthiness: A good credit history or a creditworthy co-signer is required. BND will assess the creditworthiness of applicants to determine eligibility and interest rates.
Application Process
- Determine Eligibility: Check if you or your co-signer meet the residency and enrollment requirements.
- Complete Application: Applications can be completed online through the BND website.
- Provide Documentation: Necessary documentation typically includes proof of enrollment, financial information, identification, and possibly the co-signer’s details.
- Credit Check: BND will perform a credit check on the applicant and co-signer (if applicable) to assess eligibility and set interest rates.
Considerations for International Students
Challenges:
- Residency Requirement: International students typically do not qualify for BND loans unless they have a U.S. citizen or permanent resident co-signer who meets the North Dakota residency requirements.
- Credit History: Many international students do not have an established U.S. credit history, which can complicate loan approval processes.
Alternative Options for International Students:
- Prodigy Finance: Offers loans specifically for international students studying abroad. They do not require a co-signer or U.S. credit history. Interest rates are based on the student’s future earning potential.
- MPower Financing: Provides loans to international students without requiring a co-signer. Loans are based on the student’s academic performance and career potential.
- CommonBond: Offers loans to international students but typically requires a co-signer.
- Sallie Mae: Offers private student loans with a co-signer option. International students would need a creditworthy U.S. citizen or permanent resident co-signer.
Scholarships and Grants
- University Scholarships: Many universities offer scholarships specifically for international students. Check the financial aid office at your institution.
- Private Scholarships: Websites like Fastweb, InternationalScholarships.com, and others list various scholarships available to international students.
While BND provides excellent student loan options for North Dakota residents, international students face additional challenges due to residency and credit requirements.
However, there are lenders like Prodigy Finance and MPower Financing that cater specifically to international students, offering loans without the need for a U.S. co-signer or credit history.
Additionally, international students should actively seek scholarships and grants to help fund their education.
Read Also:
- How to Access Student Loan as an International Student USA
- 5 Simples Ways to Get Instant Loan ($500 to $100,000)
How Much Does BND Student Loans Offer?
The amount that the Bank of North Dakota (BND) offers for student loans varies depending on the specific loan program. Below is a detailed breakdown of the typical loan amounts and limits for BND student loans, as well as an overview of loan amounts from alternative lenders like Prodigy Finance and MPower Financing for international students.
Bank of North Dakota (BND) Loan Amounts
Deal One Loan
- Annual Loan Limits:
- The annual limit typically aligns with the cost of attendance minus other financial aid received.
- Specific amounts can vary based on the institution and the student’s financial need.
- Aggregate Loan Limits:
- For undergraduate students: The total loan limit over the course of undergraduate studies is generally capped, but specific caps are not universally stated and depend on individual financial situations and institutional policies.
- For graduate students: Similar aggregate limits apply, often higher than undergraduate limits due to the increased cost of graduate education.
Deal Consolidation Loan
- Loan Amount:
- The amount is determined by the total outstanding balance of the student loans being consolidated.
- Typically, there is no set minimum or maximum as it depends on the existing loans.
