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Student Loans of North Dakota (SLND), administered by Bank of North Dakota (BND), participates in the Federal Family Education Loan Program (FFELP) to help finance higher education.
Our code is #100131
The FFELP includes a variety of loan programs:
Subsidized Stafford Loan
- The school determines your need for this type of loan.
- The Federal government pays the interest on this loan while the borrower is:
- in school at least half-time
- in a six-month grace period, or
- in an authorized period of deferment.
- The loan proceeds are sent to the school and are delivered according to the school's schedule.
Unsubsidized Stafford Loan
- The school determines your need for this type of loan.
- The borrower pays the interest during the entire life of the loan (the Federal government does not pay any interest on this type of loan).
- The loan proceeds are sent to the school and are delivered according to the school's schedule.
Federal Parent Loan for Undergraduate Students (PLUS)
- Available to parents of dependent students.
- The school determines the need for the loan.
- A parent may borrow up to the cost of the education after other financial aid is subtracted.
- A parent pays the interest during the entire life of the loan (the Federal government does not pay any interest on this type of loan).
- Loan proceeds are sent to the school and are delivered according to the school's schedule.
- Payment begins within 60 days of final disbursement.
If the cost of education exceeds the amount a student or parent is able to borrow under the FFELP, contact SLND about alternative loan programs.
SLND works with over 170 lenders and all eligible schools to process student loans. Together, we can help finance your education.
How do I get a student loan?
Complete the Free Application for Federal Student Aid (FAFSA). The FAFSA is available through your high school counselor, financial aid office at the school you plan to attend, or online at www.fafsa.ed/gov. For assistance in completing the FAFSA, call College Information Service (CIS) at 1-800-554-2717. After you have completed the FAFSA, your school will determine your loan eligibility and notify you of the type and amount of aid available.Contact Med Park Credit Union. Med Park Credit Union is a participating lender. Our code is #100131.
Your school may be able to process your student loan application electronically. If necessary, you can complete a student loan application form. Follow the directions carefully. Submit the loan application to your school for processing. If you need help with the application, contact your school, Med Park Credit Union, SLND, or CIS for assistance.
SLND will process the guarantee on the loan and notify you of: 1) the loan amount approved; 2) the scheduled disbursement dates; and, 3) the amount of each disbursement.
Your lender will send the loan funds to the school in more than one payment. Funds may be disbursed electronically or by check depending on the number of semesters or quarters in your school year.
Your school will provide the loan funds to you. If you are a first-time borrower, you will be required to attend an onsite entrance loan counseling session or complete the session online at www.mapping-your-future.org before your funds will be released by the school.
| Federal
Subsized Stafford Loan |
Federal
Unsubsidized Stafford Loan |
Federal
PLUS Loan
(for dependent students only) |
||
| Borrower | Student |
Dependent
Student* |
Independent
Student |
Parent |
| Credit Evaluation Required | No |
No |
No |
Yes |
| Origination Fee | 3% |
3% |
3% |
3% |
| Guarantee Fee (for loans guaranteed by SLND) | 0% |
0% |
0% |
0% |
| Guarantee Fee (for loans guaranteed by some other guarantors) | 1% |
1% |
1% |
1% |
| Interest Rate (determined every July 1) | Variable** 8.25% cap |
Variable** 8.25% cap |
Variable** 8.25% cap |
Variable** 9% cap |
| Annual Loan Limit First Year Undergraduate |
$2,625*** |
$4,000 |
Parents
may borrow up
to the difference between the cost of attendance and other financial assistance. |
|
| Annual Loan Limit Second Year Undergraduate |
$3,500***
|
$4,000 |
||
| Annual Loan Limit Other Undergraduate |
$5,500***
|
$5,000 |
||
| Annual Loan Limit Graduate |
$8,600***
|
$10,000 |
||
| Total
Loan Limit Undergraduate |
$23,000
|
$23,000 |
||
| Total
Loan Limit Graduate |
$65,500
|
$73,000 |
||
| Repayment
Period Begin Date |
Six
months after ceasing to be enrolled at least half-time. |
Interest
begins to accrue immediately, but payments
can be postponed until the end of your Stafford grace period. You must contact Med Park Credit Union. |
Within
60 days of final disbursement. |
|
| Minimum Monthly Payment | $50**** |
$50****
|
$50**** |
|
| Maximum Repayment Period | 10
years***** |
10
years*****
|
10
years***** |
|
*) A Dependent Student is a student who is dependent upon their parent(s) for support and does not qualify as an Independent Student. Completing the FAFSA will determine dependency status.
**) The interest rate is variable and can change every July 1. The variable rate may be different depending on the status of the borrower.
***) Subsidized and Unsubsidized Stafford loans have combined annual loan limits for dependent students. For example, a dependent first-year student may borrow only up to $2,625 between the two loan programs. Independent students (for dependent undergraduate students who parents are unable to borrow a Fedearl PLUS loan) can borrow an additional Unsubsidized amount. For example, an Independent first-year student may borrow up to $6,625 between the two loan programs.
****) When you enter repayment, through eligibility and your request, the lender must provide you with a graduated, income sensitive or extended repayment schedule. Be aware that this could increase overall what you pay for the loan.
*****) If you are a new borrower whose loans were received on or after October 7, 1998 and your balance is $30,000 or more, you may be eligible for an extended repayment option which gives you up to 25 years to repay your loans.
Student Loans of North Dakota
715 E. Broadway Ave
PO Box 5524
Bismarck, ND 58506-5524
800-472-2166 ex 85763
800-643-3916 TDD
701-328-5716 FAXInformation on this page is based upon rules and regulations in effect November 2000. This program is subject to changes in legislation and funding availability.
SLND, a division of Bank of North Dakota, does not discriminate on the basis of race, color, national origin, sex, religion, age or disability in the admission to, access to or operation of programs, services, or activities. Individuals who need accommodations, alternative formats or information on internal grievance procedures may contact BND's Support Services Manager at 701-328-5620, M-F, 8 am - 5 pm.
