FINANCIAL AID AWARD LETTER
Based upon your meeting the appropriate program eligibility requirements, your Financial Aid Award Letter lists the financial aid (grants, loans, work-study, scholarships, outside assistance you have already informed us of, etc.) you have been awarded for attendance at the School of Mines. Please carefully review the information listed below to ensure that the Federal Student Aid you wish to receive is processed in a timely manner. If there is anything you do not understand or need to have clarified, just contact our office by any one of the means listed at the bottom of this page.
If you are receiving a source of educational funding that is not listed on the award letter, please inform us by writing the type and amount of assistance on the back of your award letter or by any of the means listed at the bottom of this page. Examples of additional funding that must be reported include, but are not limited to, State and Federal Vocational Rehabilitation, Tribal grants, all Non-SDSM&T scholarships, stipends, and grants, etc. If you learn about additional funding after you have returned your award letter, you are required to notify the Financial Aid Office by e-mail or in writing as soon as possible.
Based on the financial aid that you have accepted on your paper award letter (or the aid award Accept/Reject process via WebAdvisor once we make that process available), click on the item listed immediately below that you need further information on for finalizing your award.
To finalize your award
Applying for a Direct Subsidized/Unsubsidized Student Loan
Applying for a Federal Perkins Loan
Finalizing your Federal Work-Study Award
Applying for a Direct Parent PLUS Loan
Financial Aid Disbursement
To Finalize your award, please complete the following:
STEP 1: Circle "A" for Accept or "R" for Reject for each aid program listed.
STEP 2: If you are accepting a lesser amount than listed (such as for loans and work-study), please write in and initial the change, place a check mark on the line in front of the sentence that begins "I only want part of the aid offered" and include a brief explanation on the back of the award letter.
STEP 3: Please indicate the number of credit hours for which you plan to enroll. If you plan to be enrolled for a different enrollment status each semester, please check the apppropriate number of credit hours and write in above it which semester the status applies to.
STEP 4: If you have been awarded a Direct Loan and/or a Direct Parent PLUS Loan and wish to accept one or both of these loans, you do not need to select a lender. Direct Loans are disbursed directly from the Federal Goverment.
STEP 5: By indicating your acceptance of the aid listed on your award letter and signing it, you are acknowledging that you understand and accept the Policies Governing the Awarding of Federal Student Aid and the information contained on our Financial Aid home page relative to the type of aid you have been awarded.
STEP 6: Submit your signed award letter (even if you are rejecting all aid listed) to the School of Mines Financial Aid Office at the address listed at the bottom of the award letter within 3 weeks of the date on your award letter (for the 2011-2012 school year, you have until May 1, 2012 or within 3 weeks of the date of your award letter, whichever is earlier), with any requested changes or corrections. If corrections are necessary, whether initiated by our office or by information you provide, and there is a change to your Federal Student Aid eligibility, we will mail a Revised Award Letter to you which will indicate the reason for the revision.
STEP 7: If an Authorization to Apply Federal Student Aid form is attached to your award letter, fill out the form in its entirety and return it with your award letter. We will only be able to disburse Federal Student Aid to you if we have the completed form in your aid record.
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Applying for a Federal Direct Subsidized/Unsubsidized Student Loan
If a Direct Subsidized/Unsubsidized Student Loan is listed on your award letter and you want to accept all or part of it, the loan processing steps are as follows:
STEP 1: Accept the loan amount that is listed on your award letter.
STEP 2: Or, if you want to borrow less than the amount of your loan eligibility, write in and initial the change, place a check mark on the line in front of the sentence that begins "I only want part of the aid offered" and include a brief explanation on the back of the award letter. You are under no obligation to borrow as much as is listed on your award letter; in fact, you are encouraged to borrow less based on your future career and earning potential.
STEP 3: If you are in the final year of your undergraduate studies at the School of Mines and will be graduating in December, we are required by Federal Regulation to pro-rate your final semester of Direct Loan eligibility based on the number of credit hours you will enroll. If this applies to you, please note clearly on the award letter that you will be graduating in December and indicate the number of credit hours you will enroll for the fall semester.
STEP 4: All first-time Direct Loan borrowers must complete online Entrance Loan Counseling.
STEP 5: All first-time Direct Loan borrowers must complete a Direct Loan Master Promissory Note (MPN). Completing the Direct Loan MPN electronically requires using your FAFSA PIN to sign the MPN.
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Applying for a Federal PerkinsLoan
If a Perkins Loan is listed on your award letter and you want to accept all or part of it, the loan processing steps are as follows:
STEP 1: Accept the Perkins Loan amount that is listed on your award letter.
STEP 2: Or, if you want to borrow less than the amount of your loan eligibility, write in and initial the change, place a check mark on the line in front of the sentence that begins "I only want part of the aid offered" and include a brief explanation on the back of the award letter. You are under no obligation to borrow as much as is listed on your award letter; in fact, you are encouraged to borrow less based on your future career and earning potential.
STEP 3: All first time Perkins Loan borrowers at the School of Mines must complete on-line Entrance Loan Counseling. After fulfilling this requirement, an e-mail confirmation will be sent to the Financial Aid Office.
STEP 4: Each year students must complete the Federal Perkins Loan Personal Information and the Federal Perkins Loan Statement of Rights and Responsibilities forms. You can click here for the link to each of these forms on our web site. Print off the forms, read them over carefully, complete, sign, date and submit both forms to our office along with your award letter. Be advised that completing these forms is not the same as completing and signing your Perkins Promissory Note. That is part of Step 5 below.
STEP 5: After you have completed and returned to our office the Federal Perkins Loan Personal Information and the Federal Perkins Loan Statement of Rights and Responsibilities forms, you will receive an e-mail message at the address you provided on the Federal Perkins Loan Personal Information form to go to the Sign My Loan web site in order to finalize your Perkins Master Promissory Note. You will use your U.S. Department of Education PIN that you used to sign your FAFSA as your electronic signature on the Perkins MPN. At https://www.signmyloan.com/ you will need to click on the link to Review and Sign Your Loan and follow the instructions provided. No funds will be advanced until you have completed all required processing. Please contact our Perkins Loan Department at 605-394-1209 if you have any questions regarding this process or you can visit their office in the lower level of the OHarra Administration Building.
STEP 6: Payment for Summer Enrollment If you have been awarded a Perkins Loan for summer enrollment as a continuation of your current year fall/spring awarding (for example, funding for summer 2011 being paid out of the 2010-2011 school year), and provided you have processed the necessary paperwork with the Perkins Loan Department, your loan funds will be applied to your account at the beginning of your first summer session of attendance prior to June 30th. If your Perkins Loan award for summer enrollment is being disbursed from the upcoming academic year (for example, funding for summer 2011 being paid out of the 2011-2012 school year), funds will not be disbursed until on or after July 1st.
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Finalizing your Federal Work-Study Award
If Federal Work-Study is listed on your award letter and you have accepted all or part of it, the work-study processing steps are as follows:
STEP 1: Accept the amount that is listed on your award letter.
STEP 2: Or, if you want to request a lesser amount, write in and initial the change, place a check mark on the line in front of the sentence that begins "I only want part of the aid offered" and include a brief explanation on the back of the award letter.
STEP 3: Whether this is your first time with a Federal Work-Study assignment at the School of Mines or it is your forth, each year all Work-Study students must attend one of the informational sessions offered through the Financial Aid Office. Depending upon which semester you begin a Work-Study assignment, you must attend an information session to go over in more detail your FWS responsibilities and available on and off-campus positions. The dates, time and locations are as follows:
SPRING 2012
The spring FWS meeting is only for students starting their FWS award in the spring semester. The meeting will be held in the Classroom Building, Room 204E, on Wednesday, January 11 at 10:00AM or 2:00PM. You will be contacted via your Mines e-mail account, by Monica Darrow, if you need to attend this meeting. Otherwise, if you are already set up with an FWS position from the Fall 2011 semester and plan on continuing with your employer, you do not have to attend this meeting.
FALL 2012
In the Classroom Building, Room 204E on Monday, August 27 at 10:00AM for incoming freshman or those new to the Federal Work-Study program and at 2:00PM for students who have already been employed at the School of Mines under the Federal Work-Study program.
SPRING 2013
The spring FWS meeting is only for students starting their FWS award in the spring semester. The meeting will be held in the Classroom Building, Room 204E, on Wednesday, January 9 at 10:00AM or 2:00PM. You will be contacted via your Mines e-mail account, by Monica Darrow, if you need to attend this meeting. Otherwise, if you are already set up with an FWS position from the Fall 2012 semester and plan on continuing with your employer, you do not have to attend this meeting.
STEP 4: You must bring to the meeting an original photo ID (driver's license or SDSM&T ID card) OR U.S. Passport AND an original of one of the following: your Social Security Card or Birth Certificate. Please note: original documents are required; copies will not be accepted.
STEP 5: You will be required to complete paperwork relative to your Work-Study position that must be completed BEFORE you are allowed to begin working.
STEP 6: You will be provided information on positions that are available both on and off-campus.
If your award letter did not list a Federal Work-Study award, you are encouraged to contact our office to see if you would be eligible to be placed on a waiting list.
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Applying for a Direct Parent PLUS Loan
If a Direct Parent PLUS Loan is listed on your award letter and the parent who will borrow the loan wants to accept all or part of it, the loan processing steps are as follows (if a Direct Parent PLUS loan is not listed on your award letter and one of your parents wants to borrow a Direct Parent PLUS loan on your behalf, then skip steps 1 and 2 and complete steps 3 and 4 only):
STEP 1: Accept the Direct Parent PLUS Loan amount that is listed on your award letter.
STEP 2: Or, if the parent borrower wants to borrow less than the amount of the loan eligibility, write in and initial the change, place a check mark on the line in front of the sentence that begins "I only want part of the aid offered" and include a brief explanation on the back of the award letter. The parent borrower is under no obligation to borrow as much as is listed on the award letter; in fact, they are encouraged to borrow only what is absolutely necessary
STEP 3: The parent borrower of a Direct PLUS Loan will need to complete the Direct Parent PLUS Loan Information Form.
You can click here for the link to this form on our web site. Print off the form, read it over carefully, complete, sign, date and submit along with your award letter.
STEP 4: For Direct Parent PLUS Loans, first-time parent borrowers must complete a Direct Parent PLUS Loan Master Promissory Note (MPN). The parent borrowers FAFSA PIN will be needed to electronically sign the MPN. Direct Parent PLUS Loan funds are disbursed directly to the School of Mines from the Federal Government.
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Financial Aid Disbursement
With the exception of Federal Work-Study, which is paid monthly, and some scholarships, which are paid according to the wishes of the donor, financial aid is either credited to your account or disbursed by check at the beginning of each semester, or after aid eligibility is determined, whichever is later.
If your financial aid exceeds your institutional charges, you will be provided a cash disbursement via mail to the address provided during the Registration Confirmation process through WebAdvisor or via Direct Deposit which can be set up through WebAdvisor. Paper checks that require a student's endorsement are available in the Student Accounts Office beginning the first day of classes each semester. However, you must have with you a photo ID to pick up a paper check that is not needed to pay your bill. Due to unforeseen delays in processing or disbursing your aid, it is always a good idea for students to have enough money on hand to meet immediate expenses they might incur at the beginning of each semester, such as the purchase of books and supplies.
Prior to disbursement of any type of financial aid awarded for attendance at the School of Mines, it will be determined if you are degree seeking at the School of Mines, meet the appropriate enrollment status for disbursement (for example, at least half time for student loans and generally full time for scholarships and fellowships), completed Entrance Loan Counseling for student loans and that you are maintaining Satisfactory Academic Progress toward the completion of your degree at the School of Mines. If you meet the disbursement requirements, your financial aid will be released to be applied to your account.
Although you may receive a disbursement of your Federal Pell Grant Program during fee payment, your final payment will be based on your enrollment as of the final add/drop date each semester or what we refer to as the census date, which is at the end of the first 10%, or approximately the first 10 calendar days, of each semester. If your census date enrollment is for fewer credits than you were enrolled when the initial payment was processed, your Pell Grant award will be reduced accordingly. As a result, this action may result in you owing money back to the school. If that occurs, you will need to make immediate repayment arrangements with the Student Accounts Office. However, if your census date enrollment is for more credit hours than your payment was initially based on, then the additional funds will be applied to your account and if the change results in a credit balance, a refund or overage will be disbursed as discussed above.
Students (and/or Parent PLUS borrowers) who wish to cancel the disbursement of their student loans must request this change in writing. A form is available through our office. Students who wish to have a paper loan check returned to the lender for cancellation may bring a brief letter of explanation to the Financial Aid Office. We will then arrange to have the check returned to the lender.
Loan funds that arrive after the semester ends and you are no longer enrolled at the School of Mines cannot be released until it is detemined if you meet the requirements for a late disbursement. We will also determine if you continued to meet the Satisfactory Academic Progress requirements. This same rule applies to other forms of financial aid that are paid retroactively during the award year.
All institutional charges are due each semester by the final day of fee payment. If not paid when due, a late charge may be applied or your registration may be canceled. Even if you expect to receive financial aid at a later date, you are responsible to pay all University charges when due. For students who are expecting financial aid to cover their school charges, if you turn your award letter into our office within 3 weeks of the first day of classes for any given semester, your aid funds may not be available during fee payment. You can request a deferment until your funds arrive and if your aid exceeds your school charges, you may qualify to receive an authorization to charge your books & supplies at the campus bookstore (see Student Accounts Office personnel for more information). However, a deferment will be approved during and after fee payment only if you have a copy of your signed award letter that you can present to the Student Accounts Office. Otherwise, payment in full is required or you can apply to participate in the monthly payment program through the Student Accounts Office.
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For more information contact...
Financial Aid Office
SDSM&T
501 E Saint Joseph St
Rapid City, SD 57701-3995
Work Phone 605-394-2274
FAX 605-394-1979
Toll Free 877-877-6044
FinancialAid@sdsmt.edu
Contact: SDSM&T Financial Aid
This page has been visited 775 times since 11/10/2011
| http://sdmines.sdsmt.edu/finaid/award.letter |
Last Modified: 11/10/2011 |
