Loans
Learn more about student loans:
In order to be considered for Federal Student Loan Programs, 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 enrolled at least half-time at South Dakota Mines in order to borrow Federal Student Loans. Loan borrowers may request loan cancellation by contacting the Financial Aid Office.
Detailed information about Federal Student Loan programs is available on the Federal Student Aid website.
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. Read more.
Federal Direct Parent PLUS Loan – This loan is available only to the parents of dependent students pursuing an undergraduate degree. Read more.
Federal Direct Grad PLUS Loan – This loan is available to graduate students who have exhausted certain other sources of funding. Read more.
In addition to federal student loan programs, at times it becomes necessary for a student to borrow a private alternative loan to help cover educational expenses. Students are advised to exhaust all possible Federal Student Aid options (including grants, loans, and work-study) before pursuing a private alternative loan. Please see Applying for Financial Aid for further information regarding the application process for Federal Student Aid.
Private alternative loans are borrowed from a lender, such as a bank, credit union, or financial institution. Interest rates, loan limits, eligibility criteria, and repayment terms of private alternative loans will vary among different lenders. These types of loans also typically require the borrower to obtain a credit-worthy co-signer. Private alternative loans do not offer the same benefits and provisions as federal student loans.
You are free to choose any lender you would like. South Dakota Mines’ lender list is available at FASTChoice, which provides assistance in comparing different lenders and loan programs. In selecting lenders for this list, South Dakota Mines considered factors such as: past loan volume, a proven record of customer service, range of availability, and lenders who are well-established within the industry. Again, you may select any lender you choose, even if they are not on this list.
South Dakota Mines FASTChoise Lender List
On February 14, 2010, the Private Student Loan Transparency and Improvement Act went into effect which requires that lenders obtain disclosure information and self-certification from borrowers prior to disbursement of loan funds. As a result, you should plan on 2 to 4 weeks of processing time for a private alternative loan.