Depending on when the student graduated, the interest for a Bank of North Dakota DEAL loan ranges from 6 percent to 8 percent. This at a time when you can finance a house for 2.75 percent or buy a car, motor home, motorcycle or boat for 1.9 percent in special promotions.
The state-owned Bank of North Dakota set a record last year with $70.3 million in profits. The bank's annual report says it's the eighth straight year the state-owned bank has set an income record. The report was made public Thursday. The Bank of North Dakota had almost $62 million in profits in 2010.
The bank is the only state-owned bank in the country. The Standard & Poor's agency upgraded its rating of the bank's business this month. Bank President Eric Hardmeyer says the higher rating improves the bank's ability to provide letters of credit.
Bye bye, Cornhusker Kickback. Hello, special treatment for Tennessee and possibly North Dakota.
Democrats unveiling revisions Thursday to their health care overhaul bill decided to kill the extra $100 million in Medicaid funds for Nebraska that has become a symbol of backdoor deal-making.
It has no automatic tellers or drive-up windows, doesn’t issue credit cards and tends only a few thousand checking and savings accounts. Its only location is a glass, steamboat-shaped headquarters near the Missouri River, where the business moved from its original 1919 home in a former auto assembly plant.
The Bank of North Dakota has been in the business of making federally guaranteed student loans since the program began more than 40 years ago. Today, officials at the state-owned bank wonder if that legacy could vanish.
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