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ALTERNATIVE LOANS
With the rising cost of education today, more and more students are finding they are still in need of additional money for college. Lenders are offering private education loans to students to provide that additional financial support they need. Private education loans are separate from the Federal Student Loan program and must be approved by their lender. The following are lenders that have provided private loans to our students within the last 3-5 years that are currently doing business.
New Requirements
Private education loans have new federal requirements that can take up to 45 days or more to process. Regulations require documentation that must be completed through the lender before funds are released to school. For more information contact the lender.
DEAL Loan (Dakota Education Alternative Loan) - Bank of North DakotaFor further information on the DEAL loan you may refer to the Bank of North Dakota website
Wells Fargo Collegiate LoanFor further information on the Collegiate Loan you may refer to the Wells Fargo website.
For Minnesota Residents OnlyFor additional funds for college expenses, contact the Minnesota Higher Education Services Office for information on the SELF-Loan. For more information, visit their web site at: http://www.mheso.state.mn.us/mPg.cfm?pageID=353.
The following steps must be completed for your loan to be disbursed to your school:
- Borrower completes the Application process. (if over the age of 24; may qualify on their own credit-worthiness)
a. If you are applying for the DEAL Loan, please make sure to complete the DEAL request form online at the Bismarck State College website. This form needs to be completed and submitted to the school for the school to certify. - A credit-worthy cosigner must complete the cosigner process online or the paper Cosigner Credit Application and Promissory Note.
- Review the Application Disclosure for the interest rates prior to selecting the rate type.
- The Private Education Applicant Self-Certification form (Self-Certification) is to be completed, signed, and returned to the lender.
- Acknowledge and accept the terms of the Approval Disclosure, by signing and dating the cover letter and returning it the lender within the time frame noted on the disclosure.
- The Final Disclosure, which will provide you with the option to cancel your loan by a specific date, will be sent to you prior to the disbursement of funds to your school.
*NOTE: A prefilled Self-Certification form along with an Approval Disclosure will be provided to you by lender once you have completed the application process. The Approval Disclosure will identify the terms in effect at that time and will be available for 45 days (terms will not change during this period, except as permitted by law). If the Approval Disclosure and Self Certification forms are not acknowledged, signed, and returned to lender within the time frame noted on the Approval Disclosure; this loan request will be cancelled.
The Gabriel J. Brown Trust
The Gabriel J. Brown Trust has lowered their borrowing rate to 5%. The trust has funds available and will accept applications until the funds have been depleted. For more information on eligibility, visit the Gabriel J. Brown Trust Website, your financial aid office, or write to:
Susan Lundberg, Trustee
Gabriel J. Brown Trust
112 Avenue E West
Bismarck, ND 58501
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