Student Loans
Student Loans are an important economic development tool for our state. Student loans for apprenticeships, internships, during college and refinancing afterward are available. Preferable interest rates are given to North Dakota residents and out-of-state residents attending North Dakota schools.
Career Education & Alternative Learning (CEAL) Program
The Career Education & Alternative Learning (CEAL) Program provides funds for North Dakota residents and prospective North Dakota residents pursuing career education through alternative learning training programs and certifications. The school must be pre-approved by BND before students can apply for funding. As of June 1, 2022, the Emerging Digital Academy and University of Jamestown have received approval.
College SAVE 529 Plan
College SAVE, the state’s 529 plan, is administered by Bank of North Dakota. North Dakota residents benefit from tax-deferred earnings and tax-free withdrawals, and the plan just broke the $200 million mark in assets held by North Dakota residents!
Several match programs encourage saving starting with the New Baby Match of $200. The BND Match which is $300 and the new program to be announced in January, the Kindergarten Kickoff Match of $100.
Reduction in fees: In 2020 College SAVE had two price reductions for direct sold customers that resulted in a 9% decrease in fees. This is the third fee decrease in the past few years resulting in a total reduction of 58% in fees for those choosing to open their accounts directly through the plan. We have also reduced fees for customers working with Financial Advisors by .01 basis points and continue to see hundreds of people annually seek out expert advice offered through this avenue.
In January, 2021, College SAVE announced a new match program that encourages families with children entering kindergarten to save for college. The Kindergarten Kickoff Match will deposit $100 into a new or existing College SAVE account as an incentive to set aside a portion of the family’s daycare budget and start saving for education beyond high school at an early age. The Bank has partnered with the North Dakota Department of Public Instruction to notify kindergarten families of the program.
Outreach Activities
Career Compass: Bank of North Dakota went virtual this year with high school students attending college fairs online, participating in College Application Month and numerous webinars about career options beyond high school, including entering the workforce after high school graduation, entering the military, and 1-, 2- and 4-year education opportunities and beyond.
Financial literacy is a popular topic in our education offerings. Before the pandemic, presentations were made across the state to high school and college students. Those presentations have gone virtual and are well attended.
BND offers Dual Credit support by covering the cost of up to two college courses per school year for high school sophomores, juniors and seniors who participate in the Free or Reduced Price Lunch program.
Hundreds of residents take advantage of GED support offered by BND. BND covers the cost of the first and final GED exams.
North Dakota Dollars for Scholars is administered by BND and in addition to statewide scholarships, supported local Dollars for Scholars chapters with education and scholarship funds.