LOAN COUNSELING (Entrance & Exit)
Whether you borrow a Perkins, Direct Sub/Unsub or Grad PLUS loan, you must carefully consider your responsibilities and rights as a student loan borrower. Borrowing a student loan can open doors of opportunities for pursuing a post-secondary education that would not otherwise be possible. However, borrowing more than you really need to finance your college education can also have the effect of dictating your career choices after graduation. Without a doubt, SDSM&T students have the potential to make above average incomes once they have graduated. However, students should always carefully consider the amount of loan funds they borrow throughout the course of their college education. Students who borrowed student loans at some time during the course of their academic career (not just at SDSM&T) and graduated from SDSM&T with a Bachelors Degree during the 2008-2009 academic year, had an average federal student loan indebtedness of $14,854. If taking the full 10 years to repay at the rate of 6.8%, the monthly payments on this average indebtedness would be approximately $171 per month. One student only borrowed $1000 and another as much as $50,000 over the course of their degree program. It all depends on your situation and your 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: If you are a first time Perkins Student Loan borrower at the School of Mines or you have not borrowed a Perkins Loan within the past 4 years, you must complete a Perkins Entrance Loan Counseling session before your Perkins Loan will be applied to your account.
Direct GRAD PLUS Entrance Loan Counseling: The U.S. Department of Education now requires that Graduate students applying for a Direct Grad PLUS loan must now 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 any further loan funds can be disbursed to you.
Exit Counseling for Perkins & Stafford 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 Stafford Exit Loan Counseling session and/or Perkins Exit Loan Counseling session.
Exit Counseling for Direct Loans: If you borrowed a Direct 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 Loan 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 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.
For more information contact...
Financial Aid Office
SDSM&T
501 East Saint Joseph Street
Rapid City, SD 57701-3995
Work Phone 1-605-394-2274
FAX 1-605-394-1979
Toll Free 1-877-877-6044
financialaid@sdsmt.edu
Contact: SDSM&T Financial Aid
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Last Modified: 03/02/2010 |
