Bank of North Dakota Commited to Serving Students

BISMARCK–March 4, 2008–Bank of North Dakota (BND) recently emphasized its continued commitment to students and their families in the wake of news stories that suggest an impending student loan crisis in the financial aid industry. In addition to the lack of funding sources, the stories warn of higher student loan costs, increased fees and stricter borrowing standards for those in need of financial assistance to attend college.

“BND will continue to remain a leader in the student loan industry,” said Eric Hardmeyer, BND president. “Unfortunately, these types of stories can create anxiety among students and their families who require loans to pursue their educational goals.”

Bank of North Dakota made the first federally insured student loan in the nation in 1967. Since then, thousands of families have depended on loans as part of their financial aid package. BND offers federal student loans through the Federal Family Education Loan Program (FFELP). It also created the Dakota Education Alternative Loan (DEAL), an alternative funding source for students who need additional money to pay for college. BND remains committed to offering a zero fee, fixed or variable rate option loan to students who need to supplement their higher education expenses.

“We’ve been assisting families with their higher education needs for a long time and will continue to do so,” says Julie Kubisiak, director of Student Loans. “We place emphasis in offering competitive, low fee loans with great customer service.”

BND also provides educational services to the public including information about attending college, the financial aid process, and applying for scholarships. In addition, partnerships have been established with North Dakota Dollars for Scholars, the Jump$tart Coalition, College Goal Sunday and CollegeSAVE - North Dakota’s 529 Higher Education Plan.

The nation’s only state-owned bank, BND was established in 1919 to encourage and promote agriculture, commerce and industry in North Dakota. BND is overseen by the Industrial Commission of North Dakota, consisting of Gov. John Hoeven as chairman, Attorney General Wayne Stenehjem, and Agriculture Commissioner Roger Johnson.

###