by our College Data Analytics TeamThe majority of students are not billed the full, advertised sticker price of a school. Instead, they will be given a financial aid offer that will include a combination of scholarships, grants, loans, and work-study. The total price of attendance at South Dakota School of Mines and Technology can feel overwhelming, but bear in mind that many students receive some sort of financial aid.
Just what financial aid solutions can SD Mines provide, and just what are you going to be eligible for? Keep reading for answers. Keep going to discover just how much financial aid could be open to you.
Eligibility for aid and scholarships is driven mostly by your household’s income and need. Read on to get a sense of the financial assistance available at South Dakota School of Mines and Technology.
Colleges use loans, grants, scholarships and work-study to minimize what students actually pay out of pocket. Note that some aid is more valuable than the rest, and individual awards are far from uniform.
Among first-time, full-time freshmen at South Dakota School of Mines and Technology, 93% of new full-time first-years were awarded at least some aid roughly 448 first-years).
| Type of Aid | % of Freshmen Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 84% | $5,334 |
| Institutional grants & scholarships | 75% | $3,860 |
| Federal Pell grants | 21% | $4,899 |
| State/local grants | 22% | $1,467 |
| Federal student loans | 49% | $4,987 |
Unlike loans, grants and scholarships are gift aid that does not need to be paid back, making them the most desirable form of assistance. At SD Mines, approximately 65% of the undergraduate population received grant aid that averaged $6,819 (for some 1408 awardees).
| Award | % of Undergrads Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 65% | $6,819 |
| Federal Pell grants | 17% | $5,304 |
| Federal student loans | 40% | $6,106 |
Among title-IV aid recipients living on campus, grant and scholarship aid averaged $5,202.
The figures below show the average net price — cost after all grant and scholarship aid — broken out by family income.
| Family Income | Average Net Price |
|---|---|
| $0 – $48,000 | $16,047 |
| $30,001 – $75,000 | $19,406 |
| Over $75,000 | $21,938 |
The numbers above are post-aid net prices, so they already account for grants and scholarships.
The net price represents the average annual cost a title-IV-receiving student pays after grant aid is subtracted from the full cost of attendance.
| Cohort | Average Net Price |
|---|---|
| On-campus title-IV students | $20,183 |
| Off-campus title-IV students | $20,380 |
To project your own net price, use SD Mines’s net price tool: www.sdsmt.edu/Admissions/Financial-Aid-and-Scholarships/Financial-Aid/Net-Price-Calculator/.
The median student at SD Mines graduates with $17,306 in federal student debt.
| Metric | Amount |
|---|---|
| Median federal debt (all student-aid borrowers) | $17,306 |
| Median federal debt (graduates only) | $27,000 |
| Typical 10-year monthly payment (graduates) | $286.24/mo |
At a typical 10-year repayment schedule, the median graduate would pay about the monthly figure above.
Looking only at the median can be misleading because it hides the spread. These percentiles trace how cumulative federal debt is spread among borrowers at SD Mines.
| Percentile | Cumulative Federal Debt |
|---|---|
| 10th percentile (lowest-debt students) | $3,750 |
| 25th percentile | $7,140 |
| 75th percentile | $29,500 |
| 90th percentile (highest-debt students) | $37,564 |
How much a student borrows depends heavily on family income, first-gen status, and dependency.
Median Debt by Income Bracket
| Income tier | Median federal debt |
|---|---|
| Low income | $19,500 |
| Middle income | $18,125 |
| High income | $15,625 |
First-Generation Comparison
| Cohort | Median federal debt |
|---|---|
| First-generation students | $17,625 |
| Continuing-generation students | $17,224 |
By Dependency Status
| Cohort | Median federal debt |
|---|---|
| Dependent students | $16,250 |
| Independent students | $27,750 |
These indicators are derived from the underlying debt data and summarize the overall picture at SD Mines.
Most undergraduate borrowing runs through the federal Stafford loan program. The annual Stafford volume below reflects program activity at SD Mines:
| Metric | Value |
|---|---|
| Stafford loan recipients | 6316 |
| Total Stafford loan amount | $110,021,721 |
The GI Bill and DoD Tuition Assistance are the main federal aid routes for veterans and service members.
Post-9/11 GI Bill recipients
| Metric | Value |
|---|---|
| GI Bill recipients | 65 |
| Total GI Bill amount | $603,324 |
| Average GI Bill amount per recipient | $9,282 |
DoD Tuition Assistance activity
| Metric | Value |
|---|---|
| DoD Tuition Assistance recipients | 29 |
| Total DoD amount | $110,817 |
| Average DoD amount per recipient | $3,821 |
References
More about our data sources and methodologies.