If you’ve got student loan debt and you’re struggling because of the COVID-19 pandemic, there is some help out there for you.
The Bank of North Dakota says they are offering borrowers the option to defer payments on their student loans for six months.
One to two days later, you’ll be contacted about the status of you loan.
Across the county, the average student loan debt is over $30,000, and with more than 20 million people unemployed, making a payment can be pretty tough right now.
The bank says since the program started in late March, thousands of people have taken advantage of it.
“We’ve had over 8,000 people, borrowers already take advantage of this, who’ve been impacted. We’ve had some call back and enter a payment again because maybe they weren’t as impacted as they once were, so we’re trying to be as flexible as we can to understand that everyone’s situation is different during this time,” said Bank Of North Dakota Education Market Manager Tom Ternes.
The six month postponement plan is a one time option and borrowers can still make interest payments during the break if they choose to.