Looking for Additional Payment or Financing Options?

Your financial aid award notification lists any South Dakota Mines Scholarships and Federal Student Aid for which you qualify. If you are looking for additional options to help make your college education more affordable, here are some possibilities to consider that have been utilized by South Dakota Mines students. Of course individual students’ circumstances are different, so each student and family will make a financial decision that works best for them.

• Federal Parent PLUS Loan – This is a federal loan borrowed by a parent. The parent must not have adverse credit, as determined by a credit check. South Dakota Mines utilizes the online Parent PLUS Loan application at https://studentaid.gov (for 2020-21, available beginning May 1, 2020). If the credit check determines that the parent is denied a PLUS Loan due to adverse credit, the student may borrow an additional Federal Unsubsidized Loan (additional $4,000 per year for freshmen and sophomores; additional $5,000 per year for juniors and seniors). The Federal Student Aid website has more detailed information about the Parent PLUS Loan program. A student must meet federal financial aid eligibility criteria in order to receive PLUS Loan funds.
• Private Student Loans – A student may choose to apply for a private student loan through a lender. Typically, a student must obtain a credit-worthy co-signer in order to qualify for a private student loan. A student may choose to first talk to his or her own bank to see if they offer a private student loan program. South Dakota Mines also provides a lender list to provide assistance in comparing lenders and loan programs. Students are free to choose any lender they wish.
• Payment Plan – South Dakota Mines offers a semester-based payment plan, which allows students to divide their remaining balance into 3 or 4 monthly payments throughout the semester. The payment plan has a participation cost of $40 per semester.
• Scholarships – The South Dakota Mines Scholarships webpage has information regarding Mines and non-Mines scholarship opportunities, including a list of STEM outside scholarships for which you may be eligible to apply.
• Personal Savings/Earnings From Employment
• College Savings/529 Funds
• Military or Veterans’ Education Benefits
• Home Equity Loans/Lines of Credit
• Other Personal Bank Financing

South Dakota Mines Freshman Estimated Direct Costs 2020-2021 Academic Year

• Includes estimated amounts for tuition (15 credits per semester), fees, average cost of freshman on-campus housing, meal plan, tablet PC rental, and allowance for books.
• Payable on a per semester basis; student bills are due by approximately the 10th calendar day of both the fall and spring semesters.  Students are notified of the exact due date with the billing statement for each semester. 

*Beginning with fall 2019, new or new transfer students from the following states are eligible for the SD Resident tuition rate: Colorado, Iowa, Nebraska, North Dakota, Montana and Wyoming.  Students from states other than South Dakota, Minnesota (if the MN Reciprocity rate is the same as SD Resident rate) and those listed earlier who have at least one parent or legal guardian who is a graduate of South Dakota Mines is also eligible for the SD Resident tuition rate; this is commonly referred to as the Hardrocker Heritage Award.