Loan Counseling - Exit
Regardless of the type of Federal Student Loan you borrowed, you needed to keep in mind your career goals and objectives when borrowing. For you, borrowing a student loan may well have opened doors of opportunities for pursuing a post-secondary education that would not otherwise have been possible. Hopefully as you pursued your degree you borrowed carefully and did not borrow more than you really needed to finance your college education. Without a doubt, SDSM&T students have the potential to make above average incomes once they have graduated, but the ease of obtaining a Federal Student Loan could in the end still dictate your career choices.
Students who began their academic career at Mines, borrowed student loans (Direct Sub/Unsub, Perkins or Stafford) and graduated from the School of Mines with a Bachelors Degree during the 2012-2013 academic year, had an average federal student loan indebtedness of $26,062. If taking the full 10 years to repay at an assumed interest rate of 6.8%, the monthly payments on this average indebtedness would be approximately $299 per month. Your payments could be less depending on the interest rate(s) on the Federal Loans you have taken out to fund your education. How much you borrowed depends on your situation and your commitment to borrow as little as possible.
Exit Counseling for Direct and/or Stafford Loans: If you borrowed a Direct and/or Stafford Loan and will be graduating from SDSM&T, are attending less-than half-time or have decided not to return next semester, you will need to complete a Direct/Stafford Exit Loan Counseling session.
Exit Counseling for Perkins Loans: If you will be graduating from SDSM&T, are attending less-than half-time or have decided not to return next semester, you will need to complete a Perkins Exit Loan Counseling session.
Exit Counseling for GRAD PLUS Loans: If you will be graduating from SDSM&T, are attending less-than half-time or have decided not to return next semester, you will need to complete a GRAD PLUS Exit Loan Counseling session.
By indicating that you 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 end of session confirmation 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.