Loan Counseling - Entrance
Whether you borrow a Perkins, Direct Sub/Unsub or Grad PLUS loan,
click here to review information you should consider before borrowing a student loan.. Obtaining a student loan can open up opportunities for a post-secondary education that would not otherwise be possible. However, borrowing more than you need to can limit your career choices after graduation. Though SD Mines students have the potential to make above average incomes after graduating, but they should still carefully consider the actual amount they need to finance their education.
Students who began their academic career at Mines, borrowed federal student loans (Direct, Perkins and/or Stafford) while attending and graduated from SD Mines with a Bachelors Degree during the 2013-2014 academic year, had an average federal student loan indebtedness of $26,561. If taking the full 10 years to repay at the rate of 6.8% (your actual rate should be less), the monthly payments on this average indebtedness would be approximately $306 per month. How much you borrow depends on your situation and your degree of commitment 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.
Direct Loan Entrance Counseling: If you are a first time Direct Loan borrower, you must complete
Direct Loan Entrance Counseling before your Direct Loan can be applied to your account.
Perkins Entrance Loan Counseling: Entrance Counseling is completed as part of the process for reviewing and electronically signing the Perkins Master Promissory Note through a web site called SignMyLoan.com. Do not attempt to complete this process until after you receive an e-mail from SignMyLoan.
Direct GRAD PLUS Entrance Loan Counseling: The U.S. Department of Education now requires that Graduate students applying for a Direct Grad PLUS loan complete Entrance Loan Counseling specific to the Direct Grad PLUS loan program. If you are accepting a Direct Grad PLUS loan and have not previously completed the Direct Grad PLUS Entrance Counseling, you will need to
click here and complete the counseling before loan funds can be disbursed to you.
By indicating that you will or have attended SDSM&T, we will receive an electronic notification that you have completed these requirements. It is also a good idea to retain the confirmation number or make a printout of the confirmation page for future reference.
The National Student Loan Data System (NSLDS) is a U.S. Department of Education web site that you can access to find out how much you have borrowed, at what college or university and with which lender(s). You will need to have your FAFSA PIN available in order to access this site.