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.
Payments are a fixed amount which is paid monthly for up to 10 years.
Combine multiple student loans into one payment.
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.
Payments may be the same every month or increase over time; may take up to 25 years.
Federal loan forgiveness
Loan forgiveness programs are available for teachers and public service workers.
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.
Payments start lower and increase over ten years. Increases usually kick in every two years.
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.
Monthly payments change as your income changes and are set for up to 25 years.
You can match your payment with your current income; it is adjusted annually.
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.
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.