Financial Aid - Undergraduate

Overview

Overview

The following information is intended to be a brief overview of the financial aid process and programs at South Dakota Mines. More up-to-date and detailed information is available on our website at: www.sdsmt.edu/FinAid.

Students at South Dakota Mines benefit from various forms of financial assistance from both within and outside the university. It is clear that many college students find it necessary to supplement their personal and family financial resources in order to attend college. South Dakota Mines administers a comprehensive financial aid program to enable capable, qualified, and needy students to finance their college education with both need-based aid (grants, subsidized loans, and work-study) and non-need based aid (scholarships, outside agency assistance, unsubsidized loans, private alternative loans, Parent PLUS loans, etc.). However, the student should still be prepared to pay for a portion of college costs through savings from employment, and parents of dependent students are expected to assist with the student’s cost of education to the extent to which they are able.

South Dakota Mines gives priority on a first come, first served basis in the awarding of the Federal Supplemental Educational Opportunity Grant (FSEOG) and Federal Work-Study (FWS) to students whose Free Application for Federal Student Aid (FAFSA) has been received by the FAFSA processor on October 1 and thereafter until funds are exhausted. Students who are eligible for the Federal Pell Grant, Federal Direct Loan, Federal Direct Grad PLUS Loan and/or the Federal Direct Parent PLUS Loan are awarded without regard to when the FAFSA is received for the school year. The Financial Aid Office generally begins the Federal Student Aid awarding process for new incoming freshman by late February.

General eligibility requirements for awarding Federal Student Aid
1. Must have applied and been fully admitted to South Dakota Mines as a degree-seeking student.
2. Complete a new FAFSA each year to determine eligibility for Federal Student Aid Programs.
3. Be a U.S. citizen or eligible non-citizen.
4. Not be in default on a federal student loan or owe a federal student grant overpayment.
5. Follow the steps for reviewing your aid award at: www.sdsmt.edu/FinAid/FA-Award-Notification and for finalizing the aid awarded to you at www.sdsmt.edu/FinAid/FinalizeAid/
6. Complete the online South Dakota Mines Additional Information Form contained within the links in item E in which you should report any aid assistance received that is not listed on the aid award, which includes, but is not limited to scholarships, Voc-Rehab, BIA/Tribal Assistance, etc.
7. Be enrolled as a full-time student to receive the full amount of aid awarded (indicate enrollment status on the Additional Information Form noted above) and notify the Financial Aid Office if the planned and/or actual enrollment changes at any time.
8. Must maintain Satisfactory Academic Progress toward the completion of a South Dakota Mines degree. Students who meet or exceed the standards as stated at: www.sdsmt.edu/FinAid/T4/SAP can be assured of continued eligibility until the completion of their degree or until maximum loan/Pell limits have been reached, whichever comes first.
Financial aid programs
South Dakota Mines is a full participant in the Federal Student Aid Programs. Specific information about each program is available at: www.sdsmt.edu/FinAid/. The student’s South Dakota Mines aid offer on Self-Service Banner identifies the aid he or she is being offered and provides information for finalizing the processing of the offer.
1. Grants are gift aid based on financial need.
  1. The Federal Pell Grant is awarded to students who have not yet completed their first bachelor’s degree and is based on a federal formula used to analyze the information provided on the FAFSA.
  2. Federal Supplemental Educational Opportunity Grant (FSEOG) is awarded to Pell Grant eligible students based on the availability of funds.
2. Student loans provide an opportunity for students to borrow money for educationally related expenses. However, like any loan, they must be repaid according to the provisions of the promissory note. First time loan recipients are required to complete Loan Entrance Counseling as shown at: www.sdsmt.edu/LoanEntrance.
  1. The Federal Direct Subsidized and Unsubsidized Loan programs are obtained from the Federal Government as the lender. For the Subsidized Direct Loan, the Federal Government pays accrued interest on behalf of the student during periods of at least half-time enrollment or other eligible deferment periods. However, with the Unsubsidized Direct Loan, the Federal Government does not pay the accrued interest on behalf of the student while enrolled in school or during available deferment periods, with interest accrual beginning at disbursement. For both the Sub and Unsub Direct Loans, payment on the principal balance is required to begin six months after the student graduates or is no longer enrolled at least half-time. Current interest information is available at studentaid.ed.gov/sa/
  2. The Federal Direct Grad PLUS Loan is available to graduate students (masters and PhD) who have exhausted their eligibility for the Unsubsidized and Direct Loan programs.
  3. The Federal Direct Parent PLUS Loan is borrowed by the parent on behalf of the parent’s dependent student.
3. Work opportunities for part-time employment.
  1. Federal Work-Study awards are based on financial need as determined by the results of the FAFSA and the awarding policy of South Dakota Mines. Employment opportunities are available both on and off campus with off campus positions focused on community service. Eligible students will be sent an email notification with further information. A link for the Federal Work Study Job Descriptions can be found here: https://sdmines.sdsmt.edu/cgi-bin/global/fa_view_wss.cgi
  2. Other employment opportunities are available for students who were not awarded Federal Work-Study. Some positions are on-campus and others are submitted by local employers or the Rapid City Job Service Office and are regularly posted in the Surbeck Student Center: www.sdsmt.edu/Campus-Life/Student-Resources/Student-Employment/.
4. Scholarships from South Dakota Mines
  In order to be considered for incoming freshman scholarships at South Dakota Mines, prospective students must apply and be accepted for admission by January 15. Students are awarded a “scholarship” without regard for specific donor funding. In July, the Financial Aid Office then assigns the scholarship recipients to the various donors based on the donor-specific criteria.
  1. Freshman Scholarships
    South Dakota Mines strives to offer scholarships to as many academically talented incoming freshmen as possible with renewable support for three additional years provided the recipient maintains full-time status, completes at least 24 South Dakota Mines credit hours per academic year, maintains at least a 3.0 South Dakota Mines cumulative grade point average (ICGPA), and continues progress toward completion of their degree.
  2. Annual Scholarships
    One-year scholarships are awarded to current students that are based on academic performance at South Dakota Mines and donor specific scholarship criteria. Scholarship recipients must maintain full-time enrollment (must enroll in a minimum of 12 South Dakota Mines credit hours) for each semester of the award and maintain the ICGPA as required by the scholarship. If the scholarship is major specific, the recipient must maintain enrollment in the appropriate coursework needed for that major.
5. Graduate Student Support
  Graduate students should contact the Graduate Education Office at South Dakota Mines regarding available fellowships.
Review Billing Statement
The Student Accounts Office will send an e-mail notification to the student’s Mines e-mail account informing him or her of availability to access their billing statement before each semester and whenever there is a change to the student’s account. Please review the statement and pay attention to the amount owed and the payment guidelines set by the Business Office. Be advised that work-study awards will not appear on the billing statement.
Disbursement of Aid
With the exception of Federal Work-Study, which is paid monthly based on hours worked, financial aid is credited to the student’s account. If the aid applied to the student’s account exceeds institutional costs applied to their account, he or she will either receive a cash disbursement (refund check) in the mail or the funds will be deposited directly to the student’s bank account via Direct Deposit. Students should contact the Student Accounts Office for further information on the Direct Deposit option. In the event there are delays in disbursing the aid, students should always have enough money available to meet immediate expenses they might incur at the beginning of each semester, such as the purchase of books and supplies or security deposits for off-campus housing.
Multi-Institution Students
At times it may be necessary to take classes at one of the other SDBOR universities in order to complete the student’s degree requirements. Other than to sign up for classes through their South Dakota Mines Self-Service Banner account, no special arrangements need to be made in order to include those classes in their enrollment status for financial aid purposes at South Dakota Mines. Please note the South Dakota Mines credit hour requirement in Section D.1. listed above. Students who would like to take classes at a non-SDBOR institution and use South Dakota Mines’ financial aid should contact the Financial Aid Office with regards to a potential consortium agreement.
Correspondence Studies
South Dakota Mines does not offer courses via correspondence. However, students are advised to discuss possible options with the Financial Aid Director for receiving assistance to help pay for this type of coursework taken at another eligible institution.
Summer Financial Aid
Students who are interested in receiving federal financial aid for the summer term must submit a South Dakota Mines Summer Aid Application (available after March 31) to the Financial Aid Office and complete the FAFSA for the coming school year. Their aid award will be based on a summer, fall, and spring academic year. As a result, receiving aid for the summer will directly impact the amount of aid available for the fall and spring semesters. Per SDBOR policy, the number of credit hours taken during the summer term in order to maintain a particular enrollment status (full, 3/4, 1/2 or less than half-time) is the same as the fall and spring semesters. Generally, students must carry at least a half-time course load of 6 credits for undergraduate and 4.5 credits for graduate students to be eligible for summer financial aid. Specific exceptions are available to graduate students enrolled in 2 research or dissertation credit hours.
Withdrawal and Refunds
Due to circumstances that may or may not be beyond the student’s control, it may become necessary to withdraw from all classes prior to the end of a particular semester. Depending on the withdrawal date, the student may be entitled to a full or partial refund of tuition and fees, tablet PC rental, and if contracting with the university, for room and board.

To initiate the official withdrawal process, the student needs to notify the Office of the Registrar via email at registrar@sdsmt.edu. In the event that the student ceases attendance without notifying the Office of the Registrar, or simply never attends classes and receives a 0.00 GPA for the semester, the university has the option of considering the withdrawal date to be 1) the midpoint of the period of enrollment; 2) the last documented date of academically related activity; or 3) if he or she did not notify the Office of the Registrar due to circumstances beyond his or her control, the date relative to that circumstance, whichever is later. It is important that a student clearly state that he or she is withdrawing from all classes. Dropping a class and withdrawing from all classes have a different impact on a student’s status with the university. If enrolled at more than one campus within the SDBOR university system, the student must inform the Office of the Registrar staff whether the intent is to withdraw from all campuses or just South Dakota Mines.

Students are only allowed to drop a total of six classes (not a total withdrawal) while pursuing their undergraduate academic degree. The seventh class in which a student drops will be recorded as an “WFL” rather than a “WD”. Please refer to the Withdrawal Grades Policy and Deadline .

Students who have requested a Financial Aid Consortium Agreement between South Dakota Mines and a non-SDBOR institution and are using those credit hours to determine their enrollment status for financial aid, must be withdrawing from both institutions in order for their withdrawal from South Dakota Mines to result in a refund calculation. Please review the withdrawal procedures outlined elsewhere in the college catalog. Information is also available on our website at: www.sdsmt.edu/FinAid/T4-WD. Examples are provided regarding what refund a student could expect to receive based on when he or she withdraws.
Additional Information
Requests for additional information should be directed to the Financial Aid Office, South Dakota School of Mines and Technology, 501 E Saint Joseph St., Rapid City, SD 57701-3995, or call locally (605) 394-2274, or toll free (877) 877-6044 or via e-mail at FinancialAid@sdsmt.edu. When contacting the Financial Aid Office, please include your student ID number.