Low Interest Student Loans

BND Private Student Loan (ND Rates)
These interest rates are available July 1, 2021 through September 30, 2021

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BND Private Student Loan (Non-ND Rates)
These interest rates are available July 1, 2021 through September 30, 2021

Explaining Fixed and Variable Interest Rates for BND Student Loan (North Dakota Rates)

*The APR calculation assumes a loan of $10,000, two disbursements 120 days apart, a fixed interest rate of 3.90% or a variable interest rate of 1.62%, a loan fee BND pays for you and a 10-year repayment term. The APR calculation also assumes that no payments are made by the consumer until 4.5 years (estimated in-school/grace period) after the first disbursement is made. Interest that accrues during in-school and grace periods (if not paid) is added to the balance when the loan enters repayment. 

The fixed interest rate is set on the day the Loan Approval Disclosure is generated and remains the same until the loan is paid in full. The current interest rate is effective July 1, 2021 through September 30, 2021 and was calculated using the Federal Home Loan Bank (FHLB) 10-Year Advanced Rate of 1.90% as posted by FHLB-Des Moines on June 15, 2021 at 9:00 a.m. CT plus 2%.

The variable interest rate will increase and decrease throughout the life of the loan. Changes in the interest rate may impact your monthly payment amount. The variable rate will never be greater than 10%. The current interest rate is effective July 1, 2021 through September 30, 2021 and was calculated using the 3-month London Interbank Offered Rate (LIBOR) of .12% as posted on Bloomberg L.P. page BTMM USD on June 15, 2021 at 9:00 a.m. CT plus 1.5%. In response to concerns about the reliability of LIBOR as a market index, the Financial Stability Oversight Council and Financial Stability Board (FSB) called for the development of alternative interest rate benchmarks to replace LIBOR. These talks lead to the creation of the Alternative Reference Rates Committee (ARRC) to identify an alternative reference rate for LIBOR. It is BND’s understanding that the resulting benchmark rate and spread will replicate the current rate of your existing note. We anticipate that the new reference rate will become effective after December 2021.

Explaining Fixed and Variable Interest Rates for BND Student Loan (Non-North Dakota Rates)

* The Annual Percentage Rate (APR) is different from the actual interest rate if there are loan fees. The APR includes the loan fee and reflects the cost of your loan as a yearly rate. The APR calculation assumes a loan of $10,000, two disbursements 120 days apart, a fixed interest rate of 4.90% or a variable interest rate of 2.62%, a loan fee of 3.75% and a 10-year repayment term. The APR calculation also assumes that no payments are made by the consumer until 4.5 years (estimated in-school/grace period) after the first disbursement is made. Interest that accrues during in-school and grace periods (if not paid) is added to the balance when the loan enters repayment.

The fixed interest rate is set on the day the Loan Approval Disclosure is generated and remains the same until the loan is paid in full. The current interest rate is effective July 1, 2021 through September 30, 2021 and was calculated using the Federal Home Loan Bank (FHLB) 10-Year Advanced Rate of 1.90% as posted by FHLB-Des Moines on June 15, 2021 at 9:00 a.m. CT plus 3%.

The variable interest rate will increase and decrease throughout the life of the loan. Changes in the interest rate may impact your monthly payment amount. The variable rate will never be greater than 10%. The current interest rate is effective July 1, 2021 through September 30, 2021 and was calculated using the 3-month London Interbank Offered Rate (LIBOR) of .12% as posted on Bloomberg L.P. page BTMM USD on June 15, 2021 at 9:00 a.m. CT plus 2.5%. In response to concerns about the reliability of LIBOR as a market index, the Financial Stability Oversight Council and Financial Stability Board (FSB) called for the development of alternative interest rate benchmarks to replace LIBOR. These talks lead to the creation of the Alternative Reference Rates Committee (ARRC) to identify an alternative reference rate for LIBOR. It is BND’s understanding that the resulting benchmark rate and spread will replicate the current rate of your existing note. We anticipate that the new reference rate will become effective after December 2021.

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