Innovative Program Saves $25M in Student Loan Interest
Gate City Bank to Surprise Charities with Celebratory Donations Totaling $25,000
FARGO, ND – Five years ago, Gate City Bank had an innovative idea – break down financial barriers for college tuition-paying customers who dream of purchasing a home. Thus, the BetterLife™ Student Loan was born.
The first and only program of its kind, the BetterLife Student Loan features no fees and an incredibly low fixed interest rate of 1.50% APR. It’s helped nearly 3,000 customers save $25 million in student loan interest.
Whether participants are looking to refinance their existing home loan or buy a new home, they can easily consolidate their student loans, and over the program’s lifetime, save an average of $8,550 in interest.
The BetterLife Student Loan is available to anyone who meets the following requirements:*
• Primary residential home is in North Dakota or central Minnesota.
• Participants have 12 months of repayment history on existing student loans.
• A college degree, advanced degree or trade certificate can be presented.
*Other terms and conditions may apply.
“The BetterLife Student Loan is just one of the many ways Gate City Bank is giving back to the communities where we live and work,” says Kevin Hanson, President & CEO. “We care about helping customers reduce the burden of student loan debt. We want to make it easier for them to pay off student loans faster, and ultimately discover their dream home.”
Over the last year alone, the BetterLife Student Loan has saved customers $15 million in interest over the life of the loan. It continues to gain momentum, creating a better way of life for those who use it.
“As a Gate City Bank team member, I’ve experienced the benefits of the BetterLife Student Loan Program firsthand,” says Jeana Marshall, VP of Personal Lending Operations. “The interest savings have made it one of the easiest and smartest decisions I’ve ever made. All the money I’ve saved in interest has been extremely helpful in other areas of life.” $25,000 in Charitable Donations to Be Announced on Social Media
For 97 years, Gate City Bank has created a better way of life for customers, communities and team members. When it comes to community giveback, team members have provided $27.7 million in philanthropic giving and 237,000 hours of team volunteerism to over 1,000 charities since 2003.
Throughout the month of November, Gate City Bank will give back again, this time surprising five charities with $5,000 each to celebrate the BetterLife Student Loan’s five-year anniversary. The nonprofits will be announced on the Bank’s social media pages, and a total of $25,000 will be donated to commemorate the $25 million in student loan interest that has been saved since the launch of this program in 2015.
“Gate City Bank is passionate about giving back to organizations that keep our communities strong,” says Amanda Torok, Senior Vice President of Culture. “We’re so excited to announce who these charities are, and we’re incredibly thankful for the amazing work they do each and every day.”
Learn more at GateCity.Bank/BetterLife. About Gate City Bank
A $2.6 billion mutual bank founded in 1923, Gate City Bank is the region’s leading financial institution, as well as the #1 mortgage lender in North Dakota. The Bank employs 735 team members at 43 locations in 22 communities across North Dakota and central Minnesota. We believe in creating a better way of life for customers, communities and team members. Additionally, Gate City Bank has been named one of the “50 Best Places to Work” seven years in a row by Prairie Business magazine.