The links in this section are meant to give you a brief overview of the on the Federal Student Loan Programs available at the South Dakota School of Mines and Technology. Links to detailed information are provided for each program.
To be considered for the Federal Student Loan Programs, students must file a new Free Application for Federal Student Aid (FAFSA) each year. You must be a degree-seeking student at the School of Mines in order to be awarded aid of any type. Unless otherwise noted, these programs are available to both graduate and undergraduate students who are enrolled at least half time.
Whether you borrow a Direct or Perkins loan, you must carefully consider your Responsibilities and Rights as a student loan borrower. Borrowing a student loan can open windows of opportunities for pursuing a post-secondary education that would not otherwise be possible. However, borrowing more than you really need to finance your college education can also have the effect of dictating your career choices after graduation. Without a doubt, School of Mines students have the potential to make above average incomes once they have graduated. However, students should always carefully consider the amount of loan funds they borrow throughout the course of their college education.
Students who borrowed student loans at some time during the course of their academic career (not just at the School of Mines) and graduated from the School of Mines with a Bachelors Degree during the 2010-11 academic year had an average federal student loan indebtedness of $26,408. If taking the full 10 years to repay and using the current maximum federal student loan interest rate of 6.8%, the monthly payments on this average indebtedness could be approximately $304 per month. You could borrow more or less, but how much you borrow depends on your situation and your committment to borrow as little as possible. Consider your options carefully and make the right decision for you based on your career goals and future earning potential.