Loan Counseling - Entrance

Whether you borrow a Federal Direct Subsidized/Unsubsidized or Grad PLUS Loan, 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 South Dakota 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 South Dakota Mines, borrowed federal student loans (Direct, Perkins and/or Stafford) while attending and graduated from South Dakota Mines with a Bachelors Degree during the 2019-2020 academic year, had an average federal student loan indebtedness of $24,881. If taking the full 10 years to repay at the maximum rate 8.25% for undergraduate students (check your loan disclosures for your exact rate if you have borrowed before), the monthly payments on this average indebtedness would be approximately $305 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.

Subsidized/Unsubsidized Loan Entrance Counseling: If you are a first time Direct Loan borrower, you must complete Loan Entrance Counseling before your loan funds can be applied to your account.

GRAD PLUS Entrance Loan Counseling: The U.S. Department of Education now requires that Graduate students applying for a Grad PLUS loan complete Entrance Loan Counseling specific to the Grad PLUS loan program. If you are accepting a Grad PLUS loan and have not previously completed the PLUS Entrance Counseling, you will need to complete the counseling before loan funds can be disbursed to you.

By indicating that you will or have attended South Dakota Mines, 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 Federal Student Aid website provides you access to information about how much you have borrowed, at what college or university and with which loan servicer(s). You will need to have your FSA ID in order to access this site.

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Always Here to Help

Financial aid is new territory for many students and their parents, and can some times be complex.

Please feel free to contact the South Dakota Mines Financial Aid Office if you have questions or need assistance on financial aid matters.