Federal Student Loans
Federal Student Loan Programs
The following information is meant to give you an overview of programs available at the School of Mines.
In order to be considered for the Federal Student Loan Programs listed below (other than the Federal Consolidation Loan), students must file a new Free Application for Federal Student Aid (FAFSA) each year. Find FAFSA application information here. You must be a fully admitted, degree-seeking student at the School of Mines in order to receive Federal Student Aid of any type. Unless otherwise noted, these programs are available to both graduate
and undergraduate students who are enrolled at least half-time.
From the following list, click on the "Read more" link at the end of each type of loan you wish to review for further information as well as links to relevant loan information on the federal government’s
Federal Student Aid website. Before pursuing any federal loan, review the information on our
Loan Counseling (Entrance) webpage. Some loans require counseling beforehand, and for any loan commitment you need a clear idea of how much you need and the specifics of repayment.
Federal Perkins Student Loan – The Federal Perkins Student Loan program is administered through the South Dakota School of Mines and Technology. A desirable loan because of its somewhat lower interest rate, the School of Mines determines the maximum
award generally available on a per-student basis in order to give as many students as possible access to the program. Beginning with the 2015-16 academic year, there are significant restrictions on who will be offered a Perkins Loan at the School of Mines. Further information is available at the following link.
Federal Direct Subsidized/Unsubsidized Student Loan – With the Federal Direct Loan Program, the student borrows loan funds directly from the federal government, on a subsidized or unsubsidized basis.
Federal Direct Parent PLUS Loan – This loan is available only to the parents (biological or adoptive) of dependent students pursuing an undergraduate degree.
Federal Direct Grad PLUS Loan – This loan is available to graduate students who have who have exhausted certain other sources of funding.
Federal Consolidation Loan – Options to consolidate loans to lower monthly payments, but be sure you understand the financial ramifications.