Bank of North Dakota: Federal student loan relief will not benefit state loan recipients

(Bismarck, ND) -- An official within the Bank of North Dakota is clarifying some confusion regarding who will be able to receive federal student loan relief.

Kelvin Hullet is a Chief Business Development Officer with the Bank of North Dakota. He says those who have taken student loans through the state owned bank will likely be unable to benefit from President Biden's plan to relieve $10,000 of federal student debt to individual borrowers.

"Student loans that we have at the Bank of North Dakota are actually loans that issued and held by the state of North Dakota, "said Hullet, "Those loans will not be eligible for the loan forgiveness program."

Hullet elaborated the purpose of the state bank, which he described as more of a "fill in the gaps" plan. The Development Officer says their main goal is to find available federal aid for prospective borrowers, and supplementing the that with state bank loans.