Biden’s student loan forgiveness doesn’t go towards Bank of ND loans

BISMARCK, N.D. (KVRR) – Those who received student loans from the Bank of North Dakota aren’t eligible for President Biden’s loan forgiveness plan.

It eliminates $10,000 for those who got loans issued by the U.S. Department of Education or $20,000 to people getting pell grants. It applies to those who make $125,000 a year or less or couples who make $250,000.

The Bank of North Dakota guarantees loans from the state.

More than 45,000 people have loans through the Bank of North Dakota which gives out $100 million per year.

“Any forgiveness for student loan debt would actually require policy that would be passed by the North Dakota Legislature,” Bank of North Dakota Vice President of Business Development Kelvin Hullet said.

Governor Doug Burgum says he strongly opposes any legislation on loan forgiveness at the state level.

“North Dakotans, like the majority of Americans, believe shifting college student loan debt onto the backs of their fellow citizens is fundamentally wrong,” Burgum said in a statement.