 |
Driver Education Student Loan (DESL)
The Driver Education Student Loan (DESL) is specially designed to provide
financial support to students who are interested in attending the the six-week
Truck Driving Program at the Skills & Technology Training Center in
Fargo, North Dakota. The DESL loan is funded by Student Loans of North
Dakota (SLND)/Bank of North Dakota (BND).
DESL loans are a North Dakota state program separate from the Federal Family
Education Loan Program (FFELP) or the Federal Direct Student Loan Program
(FDSLP). DESL loans are not eligible for the Federal Student Loan Consolidation
Program.
Credit Criteria
In order to be eligible to receive a loan, the prospective borrower or
cosigner upon whose creditworthiness the loan is sought must have a satisfactory
credit record and must currently meet specific credit criteria to qualify.
Eligible Uses
Cost of attendance, fees, supplies, room and board.
Funding Limit
The maximum loan amount is $7,500, minus any amount received by the student in the form of employer matching grants,
financial aid, third party training program dollars, income, unemployment insurance benefits, and workers compensation benefits during the
period of the truckdriver training program.
Administrative Fee
The administrative fee is 4%.
Interest
The interest rate is fixed and based on date of first disbursement. The current interest rate is
8.25%, based on the current BND Prime plus 0.00%. Loans made
prior to July 26, 2006 are variable rate loans. A .25% deduction in the interest rate will be given if the borrower or cosigner utilizes the ACH payment method.
Disbursement of Loan
If the loan amount is greater than $3,750, the loan will be disbursed in two disbursements. The second disbursement
will be made halfway into the loan period. Disbursements will be sent to the school and made copayable to the borrower and the school.
Repayment
Repayment will begin no later than 60 days after completion of or withdrawal from the truckdriver training program. The
minimum monthly payment is $50. There is no deferment or forbearance available. Accounts 15 days delinquent will be accessed a late charge of
$15 or 15% of the monthly payment, whichever is less.
Availability
August 1, 2003 through June 30, 2007.
Contact
Call the Skills & Technology Training Center in Fargo, North Dakota at 1-701-231-6900 or SLND at 1-800-472-2166 ext. 85763
for a DESL loan application. |
