Finance USA

Oct 4 2017

BND – Student Loan Services: Loan Types – DEAL Loan #debt #consolidation #loans

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DEAL Student Loan

If you add up all of your sources of aid and still fall short of meeting the cost of attendance at your school, a DEAL Student Loan is a good option to help you make up the difference. The DEAL Student Loan provides students with an outstanding alternative loan option when they are unable to obtain adequate funds through federal student aid programs. The DEAL Student Loan is funded by BND and guaranteed by Student Loans of North Dakota (SLND).

How do I know if I qualify for a DEAL Student Loan? (Qualifications are subject to change without notice.)

  • Your state of legal residence OR the school that you are attending must be located in one of the following states: North Dakota, South Dakota, Minnesota, Montana, Wyoming or Wisconsin.
  • You must be a U.S. citizen attending an eligible school, be making satisfactory academic progress in an eligible program and must not have any other loans in default.
  • You must complete the Free Application for Federal Student Aid (FAFSA) process if you plan to attend school at least half-time.
  • The school certifies your current enrollment or acceptance for enrollment, academic progress and eligibility.
  • Whether you take one class or are a full-time student, you may qualify for a DEAL Student Loan.
  • High school students participating in dual credit programs may qualify for a DEAL Student Loan.
  • You, or a creditworthy cosigner, must meet specific credit criteria.

Are there loan limits?

Yes. For any student that does not have a DEAL Student Loan balance as of July 1, 2012, the maximum DEAL Student Loan limit for Undergraduate students is $50,000. The maximum DEAL Student Loan limit for graduate students is $50,000. (Some schools with high cost programs such as medical, dental, law or aviation may be approved for higher loan limits.) Students who have a DEAL Student Loan balance as of July 1, 2012 are not subject to maximum loan limits. The minimum DEAL Student Loan amount is $500 per loan. As a borrower, you may not borrow more than the cost of attendance at your school minus all other financial aid received for the loan period.

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