It is interesting to note that, every year, around 92% of students at SDSMT receive some kind of financial aid, while the total amount of assistance/loans provided is $7,337,035. For additional information about financial assistance schemes, one can head over to SDSMT’s financial aid page at http://www.sdsmt.edu. Notably, a total of 21% of the applicants to South Dakota School of Mines and Technology receive the Federal Grant every year. In comparison, 78% of the students are awarded the Student Grant, 66% get the Institution Grant, and 20% of the applicants receive the Pell Grant. While the Federal Grant awardees receive an average aid of $4,684, the State Grant receivers and Institution Grant beneficiaries get $1,275 and $3,644, respectively. As far as the Pell Grant beneficiaries are concerned, the average aid received stands at $4,239. Among other things, the annual family income of the applicant plays a major role in determining the total financial aid they are actually eligible to receive. Apart from financial grants and scholarships, candidates can also avail of monetary benefits like student loans to fund their education. In contrast to grants and scholarships, student loans are taken by the candidates at a certain rate of interest. Candidates are also required to repay these loans within a given period. Every year, around 58% of the applicants to South Dakota School of Mines and Technology opt for student loans.