LOAN COUNSELING (Entrance & Exit)
Whether you borrow a Perkins, Stafford or the new 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 2006-2007 academic year, had an average federal student loan indebtedness of $16,871. If taking the full 10 years to repay at the current fixed interest rate of 6.8%, the monthly payments on this average indebtedness would be approximately $200 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.
Stafford Entrance Loan Counseling: If you are a first time Stafford Student Loan borrower, you must complete a Stafford Entrance Loan Counseling session before your Stafford Loan funds can be disbursed to you. Due to possible changes the Department of Education has made to meet regulatory requirements for Entrance Loan Counseling, if you are a transfer student, you are asked to complete Stafford Loan Entrance Counseling again if you are not currently in repayment on your loans, or if you are not in repayment, but it has been more than 5 years since you first borrowed a Stafford Loan.
Perkins Entrance Loan Counseling: If you are a first time Perkins Student Loan borrower or you have not borrowed a Perkins Loan since prior to the 2001-2002 academic year, you must complete a Perkins Entrance Loan Counseling session before your Perkins Loan will be applied to your account.
GRAD PLUS Entrance Loan Counseling: The U.S. Department of Education now requires that Graduate students applying for a Grad PLUS loan must now complete Entrance Loan Counseling specific to the Grad PLUS loan program. If you are a accepting a Grad PLUS loan and have not previously completed the Grad PLUS Entrance Counseling, you will need to click here and complete the counseling before any further loan funds can be disbursed to you.
Combined Perkins/Stafford Entrance Loan Counseling: If you have accepted both a Perkins and a Stafford Loan, you can click here for a combined Perkins/Stafford Entrance Counseling session and complete the requirement for both loans at the same time.
Exit Counseling for Perkins & Stafford: 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 an Stafford Exit Loan Counseling session and/or Perkins Exit Loan Counseling session.
Exit Counseling for GRAD PLUS: 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 an 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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| http://sdmines.sdsmt.edu/finaid/loancounseling |
Last Modified: 06/13/2008 |
