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Federal Family Education Loan Program including:
Subsidized Stafford
Unsubsidized Stafford
Nonsubsidized Stafford
PLUS (Parent Loans for
Undergraduate Students)
SLS (Supplemental Loans
for Students)
Consolidation Loan
Federal Direct Loan Program including:
Subsidized
Unsubsidized
PLUS
Consolidation
NSL (Federal Nursing Student
Loans)
HEAL (Health Education
Assistance Loans)
HPSL (Health Professionals
Student Loans)
Perkins Loans
ALAS (Auxiliary Loan to Assist
Students)
FISL (Federal Insured Student
Loans)
LDS (Loans for Disadvantaged
Students)
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| Less than $7,500: | 10 years |
| $7,500 to $9,999: | 12 years |
| $10,000 to $19,999: | 15 years |
| $20,000 to $39,999: | 20 years |
| $40,000 to $59,999: | 25 years |
| $60,000 and greater: | 30 years |
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| Standard, Graduated, Income-Sensitive, and Extended Repayment. |
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If a borrower has no other outstanding FFEL on the date a Consolidation Loan is made, deferments are available for the following situations:
- Full-time student
- Half-time student
- Graduate fellowship
- Rehabilitation training
- Economic Hardship
- Unemployment
If a borrower has other outstanding FFEL on the date a Consolidation Loan is made, deferment options available are based on the deferment provisions that are in effect for the oldest outstanding FFEL.
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The federal government will pay interest that accrues during deferment on subsidized portions of the FFELP and Federal Direct Loans that make up the Consolidation Loan.
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Weighted average of the interest rates on non-HEAL loans being consolidated, rounded up to the nearest one-eighth of one-percent, not to exceed 8.25%.
The HEAL portion of the loan is variable based on the 91-day T-Bill auctioned for the quarter ending June 30, plus 3.0%. This portion has no cap.
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| Borrowers who have loans with Bank of North Dakota; borrowers who have
multiple FFELP loan holders, or borrowers who have certified that their
sole holder is unable to offer acceptable terms and conditions. |
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