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Press Releases
Student Loans of North Dakota (SLND), a division of Bank of North Dakota
(BND), will celebrate its 20th anniversary as North Dakota's designated
guaranty agency for federal student loans on July 1. In 1982, the Federal
government asked states to take over the guarantee process for the federal
student loan program. At that time, SLND became North Dakota's designated
guaranty agency for federal student loans.
"SLND is very proud to be North Dakota's guaranty agency for the federal
student loan program for the past 20 years," indicated Eric Hardmeyer,
President of BND. "During these two decades, SLND has guaranteed student
loans totaling more than $1.25 billion. This demonstrates the importance
North Dakotans place on education. It is rewarding to know that we are
helping students achieve their goal of a higher education."
"Currently, SLND guarantees $140 million in loans per year for all
participating lenders, which shows our commitment to the furthering of
education of North Dakota's youth," continued Hardmeyer. "To
achieve this success, SLND works in partnership with many lenders in the
upper Midwest and nationwide."
Processing of student loans has become more efficient throughout the 20
years. "Today, SLND offers an instant guarantee process in which student
loans are guaranteed in a real-time environment, with the loan being disbursed
shortly thereafter," stated Julie Kubisiak, Director of SLND. "Twenty
years ago, it took approximately six to nine weeks to process one loan."
Other significant accomplishments during SLND's existence include having
the lowest default rate in the nation for six out of the last seven years.
In addition, in 1997, SLND and BND began offering the Dakota Education
Alternative Loan (DEAL) program, a state funded and state guaranteed supplemental
student loan.
SLND is administered by BND and offers a variety of loan programs to help
students and parents finance a college education. BND, the nation's only
state-owned bank, was established in 1919 to encourage and promote agriculture,
commerce and industry in North Dakota.
"Celebrating 20 years...creating opportunities, we guarantee it!"
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