$4,446

Avg. Federal Grant

$5,343

Avg. Federal Loan

$7,914,425

Total Aid Awarded

South Dakota School of Mines and Technology (SDSMT) Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

58%

Total Aid Amount Average Total Aid Awarded per year.

$7.914M

Financial Aid Official Website

www.sdsmt.edu

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.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

24%

State Grant Aid

31%

Institution Grant Aid

71%

Pell Grant

22%

Average Aid Awarded

Federal Grant Aid

$4,446

State Grant Aid

$1,247

Institution Grant Aid

$3,104

Pell Grant

$3,977

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$8,023

$30,001 - $48,000

$7,887

$48,001 - $75,000

$4,009

$75,001 - $110,000

$2,649

Over $110,000

$2,898

Student Loans for South Dakota School of Mines and Technology (SDSMT)

Average Loan Amount Average Loan Amount received per year.

$6,770/Year

Students Taking Out Loans

62%

Loan Default Rate

3.5%

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