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Student Loan Lender Alliance Program
The Bank of North Dakota (BND) administers the Student Loan Lender Alliance (SLLA) program to help you better serve your customers. SLLA makes it possible for lenders to offer all of the student loans that are available through the Federal Family Education Loan programs (FFELP) and have none of the complexities. Student Loan Lender Alliance is over
200 lenders strong. These lenders participate in a program that has many benefits for their customers by allowing accessibility to student loans, without the various complications. SLLA allows lenders the opportunity to participate in the student loan program without originating loans. This participation also satisfies a part of the Community Reinvestment Act requirements.
Any financial institution, including banks, credit unions, and savings and loan associations, may participate in the program. You become a partner with BND in offering the student loan programs to your customers. A student loan lender code will be assigned to market to your customers for all of their student loan transactions. You are paid a percentage of the loan volume that is guaranteed each year to help you offset administrative costs, and BND does the work.
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BND will:
Provide your customers with the highest quality of service in the student loan industry;
Supply you with marketing material on which space is provided for you to imprint your Bank name and address;
Supply you with applications on which you can put your student loan lender identification number;
Train your staff with a broad overview of the financial aid process;
Train your staff on your role as an SLLA member;
Provide you with the toll-free number of College Information Service (CIS) which is administered by the North Dakota Guarantor. CIS has personnel ready to answer any college related or financial aid question for you or your customers;
Supply your staff with SLND's toll-free number for you and your customers to use for questions relating to a loan;
Pay you an administrative cost reimbursement on the guaranteed loan volume; and,
Market your financial institution as a participant in the SLLA program to all post-secondary institutions and graduating high school seniors in your area. |
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All you need to do is:
Complete the Lender Participation Agreement for Insurance with the SLND Guarantor;
Complete an Addendum to the Lender Participation agreement for the Referral of Federal Family Education Loan Program (FFELP);
Stock a supply of BND's marketing materials on which you have added your institution's name and address; and,
Stock a supply of applications on which you have added your lender identification number on for your customers to pick up.
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