To the editor,
I recently read that the Bank of North Dakota had its 14th straight year of record profits in 2017 and gave the state of North Dakota a 17 percent return on investment. There are not many businesses in our state that have that high of a return on investment and to have record profits for that many years in a row is quite an accomplishment.
Imagine my surprise when my son received notice from the Bank of North Dakota last month that the interest rate on his student loan was going up so his payments would increase by almost 10 percent. I didn't see any press release from the Bank of North Dakota touting this interest rate increase and I'm sure the reason for that is because it would look pretty bad to the general public. One day they brag about record profits and the next day they increase interest rates on recently graduated students who can least afford it.
Maybe a moratorium on interest rate increases on student loans would be in order after record profits. I don't think propping up the Bank of North Dakota and, in essence, the state of North Dakota on the backs of college students is the way to go.