A North Dakota agriculture commissioner candidate proposed a plan that could save college graduates $10 million or $3,100 per graduate in student debt burden.
Candidate Ryan Taylor’s proposal would lower DEAL One Loan interest rates to a flat 1 percent, a campaign release said.
The DEAL One Loan offers North Dakota residents an option to consolidate loans from more than one lender into one combined loan with one monthly payment.
“Under the current program, North Dakota residents have the option of consolidating at either a fixed rate of 5.29 percent or a variable rate of 1.73 percent, which can increase by up to one percent per year,” Taylor said in a prepared statement. “If we can offer BND PACE loans to businesses as low as one percent, we ought to go ahead and give North Dakota residents a flat one percent rate on their student loans as they educate themselves to staff those businesses.”
If Taylor wins the seat, he will have a spot on the state’s Industrial Commission which oversees the Bank of North Dakota. The BND oversees the DEAL One student loan program and boasted $94 million in profits last year, the release said.