Nov 24, 2024  
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2023-2024 Academic Catalog [ARCHIVED CATALOG]

Financial Aid - Undergraduate

 



 

Overview

The following information is intended to be an overview of the financial aid process and programs at South Dakota Mines. More 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 Subsidized or Unsubsidized 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 offer process for new incoming freshman by January each year.

  1. 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 offer at: www.sdsmt.edu/FinAid/FA-Award-Notification and for finalizing the aid awarded to you at www.sdsmt.edu/FinAid/FinalizeAid/
    6. Be enrolled as a full-time student to receive the full amount of aid offered; and notify the Financial Aid Office if the planned and/or actual enrollment changes at any time.
    7. 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 will maintain continued eligibility until the completion of their degree or until maximum loan/Pell Grant limits have been reached, whichever comes first.
  2. 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 they are being offered and provides information for finalizing the processing of the offer.
    1. Federal 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 with exceptional financial need based on the availability of funds.
    2. Federal loans provide an opportunity for students or parents to borrow money for educationally-related expenses. Like any loan, they must be repaid according to the terms of the promissory note. First time loan borrowers are required to complete a Master Promissory Note and loan entrance counseling as shown at: www.sdsmt.edu/FinAid/FederalDirectStudentLoans.
      1. Federal Direct Subsidized and Unsubsidized Loans are offered by the U.S. Department of Education (ED). For Subsidized Loans, the Federal Government pays accrued interest on behalf of the student during periods of at least half-time enrollment or other eligible deferment periods. For Unsubsidized Loans, the student is responsible for paying interest during all periods, with interest accrual beginning at disbursement. For both Subsidized and Unsubsidized 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. Interest information is available at studentaid.gov.
      2. Federal Direct Grad PLUS Loan is available to graduate students who have exhausted their eligibility for the Unsubsidized Direct Loan program.
      3. Federal Direct Parent PLUS Loan is borrowed by the parent of a dependent student.
    3. Work opportunities for part-time employment.
      1. Federal Work-Study offers 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 may be available for students who are not eligible for Federal Work-Study. More information can be found here: www.sdsmt.edu/Campus-Life/Student-Resources/Student-Employment/.
    4. Scholarships from South Dakota Mines
      In order to be considered for incoming freshmen scholarships at South Dakota Mines, prospective students must apply and be accepted for admission by January 15.
      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 may be 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.

      Graduate Student Support
      Graduate students should contact the Graduate Education Office at South Dakota Mines regarding available fellowships.

  3. Disbursement of Aid
    Financial aid will be disbursed approximately 10 days prior to the start of each term. You may contact the Financial Aid Office to request a deferment if your financial aid will be delayed.

  4. 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. No 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 may need to enroll in classes at a non-SDBOR institution and use South Dakota  Mines’ financial aid should contact the Financial Aid Office regarding a potential consortium agreement.

  5. 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 2:29, the number of credit hours taken during the summer term in order to maintain a particular enrollment status (full, 3/4, half, 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.

  6. Withdrawal and Refunds

    Due to circumstances that may or may not be within a student’s control, it may become necessary to withdraw from all classes prior to the end of a semester of attendance. Students must initiate the withdrawal process with the Office of the Registrar. Refer to the Withdrawal from the University section of this catalog. Students who withdraw may be entitled to a refund of tuition, fees, and other institutional charges calculated through 60 percent of the enrollment period, based on the percentage of the semester remaining after the withdrawal date. The Financial Aid Office will calculate the unearned portion(s) of financial aid funds that a withdrawn student has received for the semester and return these unearned funds to the appropriate source.
    Students who receive federal financial aid are considered to be unofficially withdrawn if they fail to begin attendance or cease attendance prior to the end of the semester. The Financial Aid Office will calculate the unearned portion of an unofficially withdrawn student’s federal aid funds. The unearned funds will be returned to the appropriate source and the university will bill the student for the outstanding charges resulting from this action.  

    Further information is available on our website at: https://www.sdsmt.edu/Admissions/Financial-Aid-and-Scholarships/Financial-Aid/Withdrawing-from-SD-Mines.

    Withdrawing from the university may impact a student’s financial aid eligibility based on the Satisfactory Academic Progress policy. Students are encouraged to review the policy here: https://www.sdsmt.edu/FinAid/T4/SAP.

  7. 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 (605) 394-2274 or via e-mail at FinancialAid@sdsmt.edu. When contacting the Financial Aid Office, please include your student ID number.