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Standard Repayment
You will receive the Standard Repayment Plan unless you request one of the
other plans listed below. Payments will be a fixed amount for the life
of the loan.
You can use the Estimate Standard Repayment Calculator to get your estimated monthly payment.
Income Sensitive Repayment
Payments are adjusted annually based on your current income. Payments must cover at least the interest that accrues
between scheduled payments. Estimate your monthly payment and monthly interest payment by using the
Income Sensitive Repayment Calculator.
If you want to request this option, please print the Income Sensitive Repayment Plan form, sign, and return it along with documentation of your monthly income to Student Loan Services at Bank of North Dakota or call 1-800-472-2166 ext. 5660.
Graduated Repayment
Payments start low and gradually increase during your repayment period.
This plan may be good for you if you anticipate your income will increase in the future.
Extended Repayment
This plan is available if your loans total $30,000 or more and your loans
were made on or after October 7, 1998. The payment term is extended up
to 25 years.
Income Based Repayment (IBR)
Effective July 1, 2009, this plan is available for all Federal Family Education
Loan Program (FFELP) loans with the exception of Parent Loans for Undergraduate
Students (PLUS) made to parent borrowers and federal Consolidation loans
that include PLUS loans. All private/alternative loans are not eligible.
Under this plan, the required monthly payment amount will be based on a
borrower's household adjusted gross income (AGI) and family size. A borrower
must qualify for a partial financial hardship. Partial financial hardship
occurs when the annual amount due on all of the borrower's eligible loans
(as calculated under a standard 10-year repayment plan) exceeds 15% of
the difference between the borrower's AGI and 150% of the poverty guideline
for the borrower's family size. A borrower must recertify their AGI and
family size annually and the monthly payment amount may change each year.
Please contact Bank of North Dakota to see if you qualify for this repayment
option. Note: Please make sure that you have your household AGI information when
calling. This information is required in determining your eligibility.
If you repay under this plan and meet other requirements over a specified
period of time, you may qualify for cancellation of any outstanding balance
of your loan.
Authorization for Automatic Account Transfers
This is a process that allows your monthly student loan payment to automatically come out of your checking or savings account. (Your loans may be eligible for a .25% interest rate reduction.) Click here for the ACH (Automated Clearinghouse Payment Method) application.
Automatic Payment-by-Phone
This option allows for you to phone our office and authorize a payment made from your account that day. (Request prior to 3:00 p.m. CST.)
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