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Gate City Bank Saves Customers $10 Million in Student Loan Interest

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Fargo, ND – Since launching their BetterLife Student Loan Program in 2015, Gate City Bank has helped save customers over ten million dollars in student loan interest. Over the past four years, they have refinanced student loan debt for over 1,700 customers. With a low fixed interest rate and shorter pay-off time period, customers save an average of $5,800 in student loan interest per person, over the lifetime of the loan. That’s a total of over $10 million!

The only program of its kind, the BetterLife Student Loan program allows customers to consolidate student loan debt at a low fixed rate when they finance or refinance their home with Gate City Bank. The current interest rate is 2.00% APR*, which provides significant cost savings compared to the national average of 5.10%**.  The program began as a way to help young graduates overcome the barriers of student loan debt in their journey of purchasing or building a home. Through this innovative program, Gate City Bank is making a difference by providing financial freedom and encouraging college graduates to stay in our communities and build a future.

The BetterLife Student Loan Program is more than just lowering student loan payments; it’s about making it easier to get into a home. Whether customers are looking to buy their first home or upgrade to a larger home, Gate City Bank is here to help. The program is a direct reflection of Gate City Bank’s mission, to create a better way of life for its customers, community and team members.

John and Jeana Marshall saved over $7,000 in interest and eliminated 14 years of payments by refinancing their student loans at Gate City Bank. “We always wanted to be able to help our two kids pay for college, but with the time left to pay on our student loans we were not sure we would be able to do this,” said Jeana Marshall. “The BetterLife Student Loan program helped make this a reality and not a dream as we will have our student loans paid off well before our kids go to college.”

Another customer, Amanda Sayre and her family, were able to upgrade from their starter home. “We always knew we wanted a big family. Our starter home was great, but we need more space and a lot of yard. The BetterLife program helped us afford a bigger home for our family to create lasting memories in. The experience has been great!”

The BetterLife Student Loan program launched in November 2015 and through July 2019, Gate City Bank has closed 1,700 loans, representing $45 million funded. The average BetterLife Student Loan is $26,950 with a term of 125 months, at a payment of $237.34 per month, this program has resulted in a monthly payment of $46 per month less than the national average student loan payment.

Click here to read more about the BetterLife Student Loan Program.

 

 

Gate City Bank

A $2.3 billion mutual community bank, Gate City Bank has 38 locations across 19 communities in North Dakota and west central Minnesota. Employing 695 team members, Gate City Bank is committed to providing a better way of life for customers, communities, and team members. In addition to being North Dakota’s number one mortgage lender, Gate City Bank has also been named one of the “50 Best Places to Work” since 2014 by Prairie Business. Additional information is available at gatecity.bank.


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