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Ways to Repay Your Student Loan

Having difficulty repaying your student loans? You have a number of payment options, depending on the type of loan.

If you don’t repay a student loan, you will be considered “in default.” There are serious consequences if you default, so you should avoid it. Keep the communication lines open with your lender. They want to help you! If your contact information changes or you have difficulty making payments, call them immediately.

This table lists the repayment options available to you. Work with your loan servicer to implement any of these options other than the DEAL One or DEAL Consolidation Loan. Bank of North Dakota is your contact for DEAL Loans.

Repayment options

Standard repayment

Payments are a fixed amount which is paid monthly for up to 10 years.

Federal loans include Perkins Loans, Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans, Direct Consolidation Loans, Subsidized Federal Stafford Loans, Unsubsidized Federal Stafford Loans, FFEL PLUS Loans, and FFEL Consolidation Loans. Learn more

DEAL Student Loans are funded by BND and guaranteed by Student Loans of North Dakota. Learn more

Check with your loan servicer.

Consolidation

Combine multiple student loans into one payment.

ND residents can combine all of their student loans, including federal student loans, into one payment. Learn more

Non-ND residents can consolidate DEAL and private student loans if they have a DEAL Student Loan. Learn more

Deferment

Deferment is when repayment of your loan is temporarily delayed; you do not make payments on subsidized loans during this time. However, interest will accrue on the unsubsidized portion of your federal loans.

Federal loans include Perkins Loans, Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans, Direct Consolidation Loans, Subsidized Federal Stafford Loans, Unsubsidized Federal Stafford Loans, FFEL PLUS Loans, and FFEL Consolidation Loans. Learn more

Check with your loan servicer.

Extended repayment

Payments may be the same every month or increase over time; may take up to 25 years.

Federal loans include Perkins Loans, Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans, Direct Consolidation Loans, Subsidized Federal Stafford Loans, Unsubsidized Federal Stafford Loans, FFEL PLUS Loans, and FFEL Consolidation Loans. Learn more

DEAL Student Loans are funded by BND and guaranteed by Student Loans of North Dakota. Learn more

Check with your loan servicer.

Federal loan forgiveness

Loan forgiveness programs are available for teachers and public service workers.

The Teacher Loan Forgiveness Program is intended to encourage individuals to enter and continue in the teaching profession. Learn more

The Public Service Loan Forgiveness Program is intended to encourage individuals to enter and continue to work full-time in public service jobs. Learn more

Forbearance

Forbearance allows you to stop making payments or reduce your monthly payment for a period of time. Interest accrues on your loans when they are in forbearance.

Federal loans include Perkins Loans, Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans, Direct Consolidation Loans, Subsidized Federal Stafford Loans, Unsubsidized Federal Stafford Loans, FFEL PLUS Loans, and FFEL Consolidation Loans. Learn more

Check with your loan servicer.

Graduated repayment

Payments start lower and increase over ten years. Increases usually kick in every two years.

Federal loans include Perkins Loans, Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans, Direct Consolidation Loans, Subsidized Federal Stafford Loans, Unsubsidized Federal Stafford Loans, FFEL PLUS Loans, and FFEL Consolidation Loans. Learn more

DEAL Student Loans are funded by BND and guaranteed by Student Loans of North Dakota. Learn more

Check with your loan servicer.

Income-based repayment (IBR)

Monthly payments for up to 25 years are based on your household income and family size if you are experiencing financial hardship.

Federal loans include Perkins Loans, Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans, Direct Consolidation Loans, Subsidized Federal Stafford Loans, Unsubsidized Federal Stafford Loans, FFEL PLUS Loans, and FFEL Consolidation Loans. Learn more

DEAL Student Loans are funded by BND and guaranteed by Student Loans of North Dakota. Learn more

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Check with your loan servicer.

Income-contingent repayment

Monthly payments change as your income changes and are set for up to 25 years.

Federal loans include Perkins Loans, Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans, Direct Consolidation Loans, Subsidized Federal Stafford Loans, Unsubsidized Federal Stafford Loans, FFEL PLUS Loans, and FFEL Consolidation Loans. Learn more

Income-sensitive repayment

You can match your payment with your current income; it is adjusted annually.

Federal loans include Perkins Loans, Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans, Direct Consolidation Loans, Subsidized Federal Stafford Loans, Unsubsidized Federal Stafford Loans, FFEL PLUS Loans, and FFEL Consolidation Loans. Learn more

DEAL Student Loans are funded by BND and guaranteed by Student Loans of North Dakota. Learn more

Check with your loan servicer.

North Dakota Loan Forgiveness programs

If you are a graduate in Science, Technology, Engineering, Mathematics (STEM) or education and working in North Dakota, you may be able to reduce your debt.

The intent of this program is to reduce loan indebtedness for individuals who have graduated in a Science, Technology, Engineering, and Mathematics (STEM) related field and have been employed in a STEM occupation in North Dakota for one year following college graduation. Learn more

The intent of this program is to reduce loan indebtedness for individuals teaching full-time in North Dakota at grade levels or in content areas identified by the Department of Public Instruction as having a teacher shortage. Learn more

Pay as you earn

Monthly payments for up to 20 years are set as a percentage between your adjusted gross income and 150 percent of the poverty guideline based on family size and where you live.

Federal loans include Perkins Loans, Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans, Direct Consolidation Loans, Subsidized Federal Stafford Loans, Unsubsidized Federal Stafford Loans, FFEL PLUS Loans, and FFEL Consolidation Loans. Learn more