Agency / Department: Bank of North Dakota
Resource: Student Loan relief plans
Details: Bank of North Dakota (BND) shared its student loan relief plans to assist borrowers impacted by COVID-19 with the Industrial Commission today. Effective immediately, borrowers may request to defer payments for six months. The interest rate for variable rate borrowers decreases April 1, 2020, so BND will reduce payments to reflect the new interest rate. In addition, all borrowers with a fixed interest rate will receive a decrease in their interest rates by at least 1 percent when the Bank is able to work through technical issues.