Repayment Plans

What are my repayment options?

Bank of North Dakota offers a variety of flexible repayment options. Contact BND at 800-472-2166 ext. 5660 to help you determine which of these payment options best suits your needs. 

Below is a list of repayment options that may be available to you on your Federal Family Education Loan Program (FFELP) loans and/or Dakota Education Alternative Loan (DEAL) loans.

Repayment Plan Details

Type of Repayment Plan	Details of Plan
Standard	BND will automatically establish this repayment plan for you unless you request another repayment plan. Monthly payments will be a fixed amount for the life of the loan. The minimum monthly payment is $50.00; however, your monthly payment may be higher depending on your loan balance. You can use the Student Loan Repayment Calculator to get monthly repayment estimates. The maximum amount of time allowed for standard repayment is 10 years.
Graduated	Payments start low and periodically increase during your repayment period. This plan may be good if you anticipate your income will increase in the future. Payments must cover at least the interest that accrues between scheduled payments. The maximum payment may never exceed three times the amount of any previously scheduled payment amount.
Income- Sensitive	This plan offers you the opportunity to match your payment obligations with your current income level. The repayment amount is adjusted annually based on your current income. BND is required to gather evidence of your income from employment or other sources during this repayment period. To apply for this repayment schedule for the next 12 months: Download and complete an Income-Sensitive Repayment Payment form.  Submit documentation of your most recent total monthly gross income from all sources, i.e. pay stub. Please do not submit original copies for documentation as information is not returned.
Extended	If all of your loans were made on or after October 7, 1998, and the loan balance is $30,000 or more, your payment term may be extended up to 25 years. Payments may be a fixed monthly payment or a graduated amount (starting low and periodically increasing).
Income-Based	Effective July 1, 2009, an Income-Based Repayment Plan is available for all FFELP loans with the exception of Parent Loan for Undergraduate Students (PLUS) loans made to parent borrowers and federal Consolidation loans that include PLUS loans. The required monthly payment amount will be based on a borrower’s household income and family size during any period when the borrower has a partial financial hardship. The maximum repayment period under this plan may exceed 10 years. This is not available for DEAL loans. Use the Income-Based Repayment Calculator to estimate your monthly payment amount under the income-based repayment plan (for Federal Stafford (subsidized and unsubsidized), Grad PLUS, and Consolidation Loans which do not include any Parent PLUS loans).

To estimate your future student loan payments, access the Student Loan Repayment Calculator.