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Federal Family Education Loan Program
The Federal Family Education Loan Program includes the Federal Stafford Loan and the Federal Parent Loan for Undergraduate Students. The loans are provided through banks, savings and loan associations, and credit unions. These loans are secured by a guarantee agency against default, bankruptcy, death or disability. THE DESIGNATED GUARANTEE AGENCY IN NORTH DAKOTA IS STUDENT LOANS OF NORTH DAKOTA (SLND) - GUARANTOR. The guarantee replaces the collateral lenders normally required for other consumer loans. Therefore, there are a couple fees attached to them: an Origination Fee and a Guarantee Fee.
Banks, credit unions, savings and loan organizations choose to participate in the student loan programs, decide which guarantee agency will guarantee their loans and lend their own money. You can get an application for student loans either through the financial aid office, a participating lender or Student Loans of North Dakota.
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