The Critical Financial Need Program provides loans to political subdivisions requiring immediate financing of public facilities due to a fast-growing population. See ‘Eligibility’ for all requirements.
Local political subdivisions receiving local gross production tax revenues may contact BND for more information on how to apply at (701) 328-5795 or (800) 472-2166 ext. 328-5795.
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The Critical Financial Need Loan Program is only available to political subdivisions that are receiving local gross production taxes from oil exploration and production.
The political subdivision will be encouraged to pursue all other available State financing alternatives prior to approaching the Bank.
Proceeds may finance needed new construction or renovation projects for public infrastructure such as law enforcement; courthouses; schools or other infrastructure to serve a fast-growing population.
The loan amount will be determined by the Bank and the local political subdivision.
The maximum loan amount will not exceed the available political subdivision’s revenue sources that can be pledged over a 10-year period minus the estimated interest costs.
Interest rate:
The interest rate established for this program is 1.40% over the 1-month FHLB advance rate adjusted monthly with a floor of 1.75%. Rate not to increase by more than 1.00% per year.
Fees:
The borrower will be responsible for all closing costs associated with the loan.
BND may take all steps necessary and appropriate to preserve security.
Monthly amortized payments not to exceed ten years.
To calculate your financial need, colleges subtract your SAI from the their cost of attendance or COA. A college's COA is an estimate of how much it costs to attend that college for one year, and it should be posted on the college's website.
The Critical Financial Need Program provides loans to political subdivisions requiring immediate financing of public facilities due to a fast-growing population.
Be as clear as you can about your plans. Example 1: “A scholarship would help me close the financial gap and take less in student loans. This is particularly important for me because I plan to study social work and eventually work in a role to support my community.
This scholarship money would be life-changing by helping me pay for my everyday needs with school and casual living. I will not be getting financial assistance by any family members or peers. This money will really help me stop being a burden on my foster family and will help me feel more comfortable living on my own.
Make sure you describe your parents' occupation, any savings (like a 529 College Savings Account), and any student jobs. You might also discuss any sudden changes in fortune (e.g. parent fell ill or lost their job) that have ruined your original financial plans.
A school that meets 100% of demonstrated financial need means that whatever amount is left after you subtract your student aid index number from the cost of attendance will be covered in full.
They subtract your SAI/EFC from your COA to determine the amount of your financial need and therefore how much need-based aid you can get. To determine how much non-need-based aid you can get, the school takes your cost of attendance and subtracts any financial aid you've already been awarded.
It is a tool that schools use to evaluate students' financial strength on a consistent set of metrics by calculating a Student Aid Index (SAI). It's also the application for federal student aid programs including student loans. It is based on the parents' and student's income and assets.
The term “need-based” is a designation that is based on a student's financial need. For example, a need-based grant might be awarded based on a student's low income.
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