Loan Counseling - Exit
Regardless of the type of Federal Student Loan you borrowed, you needed to keep in mind your career goals and objectives when borrowing. For you, borrowing a student loan may well have opened doors of opportunities for pursuing a post-secondary education that would not otherwise have been possible. Hopefully as you pursued your degree you borrowed carefully and did not borrow more than you really needed to finance your college education. Without a doubt, South Dakota Mines students have the potential to make above average incomes once they have graduated, but the ease of obtaining a Federal Student Loan could in the end still dictate your career choices.
Students who began their academic career at South Dakota Mines, borrowed federal student loans (Direct, Perkins and/or Stafford) while attending and graduated from South Dakota Mines with a Bachelors Degree during the 2020-2021 academic year, had an average federal student loan indebtedness of $27,028. If taking the full 10 years to repay at an assumed maximum interest rate of 8.25% for undergraduate students (check your loan disclosures for your exact rate), the monthly payments on this average indebtedness would be approximately $332 per month. Your payments could be less depending on the interest rate(s) on the Federal Loans you have taken out to fund your education. How much you borrowed depends on your situation and your commitment to borrow as little as possible.
Exit Counseling for Subsidized/Unsubsidized Loans: If you borrowed a Subsidized and/or Unsubsidized Loan and will be graduating from South Dakota Mines, are attending less-than half-time or have decided not to return next semester, you will need to complete an Exit Loan Counseling session.
Exit Counseling for Perkins Loans: If you borrowed a Perkins Loan and will be graduating from South Dakota Mines, are attending less-than half-time or have decided not to return next semester, you will need to complete a
Perkins Exit Loan Counseling session. Contact Jackie Spreizer for more information.
Exit Counseling for GRAD PLUS Loans: If you will be graduating from South Dakota Mines, are attending less-than half-time or have decided not to return next semester, you will need to complete an Exit Loan Counseling session.
By indicating that you have attended South Dakota Mines, we will receive an electronic notification that you have completed these requirements. It is also a good idea to retain the end of session confirmation or make a printout of the confirmation page for future reference.
The
Federal Student Aid website allows you to log-in and access information about how much you have borrowed, at what college or university and with which loan servicer(s). You will need to have your FSA ID in order to access this site.
More Information: