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Medical Dakota Education Alternative Loan
A Medical Dakota Education Alternative Loan (DEAL) provides additional financial support to students who are enrolled in a medical school and are unable to obtain adequate funds through other student aid programs. The Medical DEAL loan is funded by Student Loans of North Dakota (SLND) - Bank of North Dakota (BND) and guaranteed through SLND-Guarantor.
A student may borrow a minimum of $500.00.
The Medical DEAL loan has no hidden costs or back-end fees. You may choose
a fixed or variable interest rate loan.
If you choose a fixed rate, the interest rate will be set on the day your loan is first disbursed and remains the same until the loan
is paid in full. If you choose a variable rate, the interest rate decreases or increases throughout the life of the loan. The interest rate
has no minimum or maximum limit.
The current fixed interest rate of 6.58% is effective through June 30, 2008 and was calculated using the Federal
Home Loan Bank (FHLB) 10 Year Advanced Rate of 4.58% plus 2% as posted
by Federal Home Loan Bank - Des Moines on March 26, 2008 at 9:00 a.m. CT.
The current variable interest rate of 4.17% is effective through June 30, 2008 and was calculated using the 3 Month
LIBOR of 2.67% plus 1.5% as posted by Bloomberg on March 26, 2008 at 9:00
a.m. CT. (A .25% interest rate reduction will be given if
the borrower or cosigner utilizes the ACH payment method.)
Deferments are available and are similar to the deferments offered through the current FFELP and FDSLP.
Who is eligible to borrow a Medical DEAL Loan?
The borrower must be a U.S. citizen attending an eligible medical school. Borrowers are required to make satisfactory academic progress and cannot be in default on any federal or state loans.
What is an eligible medical school?
An eligible medical school is any degree-granting medical institution declared eligible by the U.S. Department of Education which currently participates in the FFELP or FDSLP. The Medical DEAL loan is available only at those eligible institutions.
What are the criteria for a Medical DEAL Loan?
The borrower or cosigner must have satisfactory credit and meet specific
credit criteria. Third- and fourth-year medical students are exempt from
this requirement.
Will Medical DEAL loans be consolidated with other student loans?
Medical DEAL loans are a state program and are not part of the Federal student loan program. Medical DEAL loans are not eligible for the Federal Student Loan Consolidation Program. However, all DEAL loans can be combined for one monthly payment.
Where can a borrower get a Medical DEAL application?
Get your loan processed faster! "Apply Online" now for a Medical DEAL loan!
If you prefer to complete a paper application, the Medical DEAL loans use the DEAL applications and may be downloaded below.
(These forms require Adobe Acrobat Reader to view and print. If you do not have Adobe Acrobat Reader installed or
experience problems in downloading the forms, please visit the PDF Help Page.)
Download the Borrower Deal Application and Promissory Note
Download the Cosigner DEAL Credit Application and Promissory Note
What is required to complete a DEAL application request?
- A completed Borrower Application and Promissory Note;
- A completed Cosigner Credit Application and Promissory Note;
- A copy of the credit applicant's most recently completed Federal Income Tax Return.
Follow the instructions for the DEAL and Medical DEAL Loan Application Process.
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