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Home Page > Admissions > Financial Aid > Financial Aid-Other > Policies > Policy
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Financial Aid Policy
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CHAPTER 5
Authority - Chapter XII
South Dakota Board of Regents
05:01 FINANCIAL AID - GENERAL INFORMATION
The Financial Aid Office at South Dakota State University helps students and their families meet the cost of education. Assistance programs to help students have been established by alumni, friends, federal and state governments, and the university.
Scholarship opportunities are available in many colleges (academic major) and are awarded based on academic or talent performance.
The federal government has student financial aid programs for eligible students to help pay for educational expenses. The federal aid awards are in the form of loans, grants and work-study jobs.
Contact staff in the Financial Aid Office, Administration Building, Room 106 or telephone 605-688-4695, for additional information. Financial Aid publications are available upon request.
05:02 APPLICATION PROCESS
Students must complete the Free Application for Federal Student Aid (FAFSA) or Renewal Application at http://www.fafsa.ed.gov [External Hyperlink]or on a paper application to determine eligibility for federal financial aid. The Title IV School Code for SDSU is 003471. Applications completed before March 15 have priority for the Federal Supplemental Grants, Federal Work-Study, Federal Perkins Loans, Pharmacy Loans and Nursing Student Loans.
Over 90% of the total federal student financial aid does not have a priority application date: specifically, the Federal Pell Grant which is the largest grant program and the Federal Stafford Loan (subsidized or unsubsidized) which is the largest loan program.
05:03 FINANCIAL NEED EVALUATION
The Financial Aid Office uses the information from the FAFSA calculated estimated family contribution (EFC). A simple formula used to determine financial need is as follows:
Cost of Education minus Family Contribution equals Financial Need.
The availability of funds may affect the amount and/or type of your award. You are required to notify the Financial Aid Office of any financial assistance which does not appear on your SDSU Award Letter.
Your eligibility for funding in following years will be dependent upon your continued satisfactory progress at SDSU as determined by the institution, as well as upon your eligibility for available funds. Students must apply for financial aid each academic year.
05:04 COST OF EDUCATION
Estimated Educational Expenses for the 2005-06 Academic Year
Full Time Student (32 credits)
Resident
Tuition and Fees* $ 4,802
Books and Supplies 864
Room and Board 3,976
Total 9,642
*Additional tuition: MN-reciprocity is $1,200
Non-resident is $5,166
Western Undergraduate Exchange is $1,188
IA/NE resident is $1,188
05:05 SCHOLARSHIPS
Scholarships are awarded in recognition of academic achievement and other criteria to recognize academic and talent performance. Continuing students must visit their college/department offices for scholarship information.
Specialized scholarship applications are publicized by the Financial Aid Office.
05:06 GRANTS
Grants are awarded on the basis of financial need as determined by the FAFSA. There is no requirement for repayment.
Federal Pell Grant - provides gift aid ranging from $200 to $4,050 per year for student's first bachelor's degree. Eligibility is determined by the FAFSA calculated estimated family contribution (EFC).
Federal Supplemental Educational Opportunity Grant - provides gift aid for students who show exceptional need and do not have a prior bachelor's degree. These federal grants range from $100 to $950 depending on financial need.
05:07 LOANS
Loans are often a part of your financial aid package. They provide you with the opportunity to borrow to help pay for educational expenses. Loans must be repaid. All loans are available to eligible undergraduate and graduate students. You must be, or plan to be, enrolled on at least a half-time basis to be considered for loans other than the Federal Health Profession Loans which require full-time enrollment and some Federal Perkins loans to less than half-time students. Students obtaining loans will be required to attend an entrance loan counseling to get information about their obligations and rights as borrowers, including the probable methods and rates of repayment, consequences of default, and sources of help if problems arise. Students must complete exit loan counseling upon completion of their SDSU education.
Federal Perkins Loan - provides long term student loans for U.S. citizens and eligible non-citizens. The amounts awarded vary, depending on financial need, but cannot exceed $4,000 per year or $20,000 for the undergraduate years. (Graduate students may receive an aggregate of $40,000, which includes awards as an undergraduate.) The loan is interest free until nine months after you cease to be enrolled on at least a half-time basis. At that time the interest begins at 5 percent. Repayment must be completed in ten years. Portions of these loans may be canceled for teaching in low-income schools, special education teachers, serving as a full-time staff member with Head Start, or serving in the armed forces in an area of hostilities, employed in a career of law enforcement or corrections, Peace Corps or ACTION volunteer, full time nurse or medical technician, full time professional provider of early intervention services or employee of child or family service agency.
Students with Perkins Loans must complete the rights and responsibilities form before they sign the promissory note. It is your responsibility to notify the institution(s) where you hold student loans when you are ceasing your enrollment. At this time you will receive an exit interview, including a review of your repayment schedule. Minimum repayment is $30 a month. The loan collection staff (Administration 216) can provide you with specific repayment schedules, which vary depending on the size of the total loan.
Health Profession (Pharmacy) Loans - are available to students enrolled full-time in the professional Pharm.D. Program (2nd, 3rd, 4th, and 5th year). Students must show need to receive these loans based on their financial aid application and always include parent information. Students may borrow a maximum of $3,000 per year, plus tuition and fees, not to exceed financial need. The interest on this loan is 5 percent beginning one year after borrower ceases full-time enrollment in the Pharmacy program. Deferment of repayment may be granted for certain military or volunteer service.
Nursing Student Loans - are available to students enrolled in the Undergraduate College of Nursing. Eligibility for these loans is determined by your financial aid application. A student may borrow up to $4,000 per academic year, not to exceed his or her financial need. The loans are interest free while you are enrolled and for the first twelve months thereafter. Interest is 5 percent. Repayment may be spread over a ten-year period. Deferment of repayment is offered for certain military or volunteer service.
Federal Stafford Loan - student eligibility is determined by the federal financial aid application results, other financial aid received, and student's grade level in school. The financial aid office will send an award letter to the student along with application information for the student to process for the Federal Stafford Loan. The application provides information about the terms and conditions of the loan. The loan has a variable interest rate, not to exceed 8.25%. Interest and principal payment does not begin until 6 months after the student has ceased half-time enrollment. The loan application also provides information on the repayment terms, deferment provision, and other rights and responsibilities for the loan.
Unsubsidized Federal Stafford Loan - the student is responsible to pay the interest while in school. The interest can be paid monthly or can be capitalized and added to the loan principal. The other terms of the unsubsidized loan are similar to the Federal Stafford Loan.
PLUS - Parent Loan for Undergraduate Students requires a separate application whereby the parent is the borrower for the student. The loan application provides the terms and conditions of the loan and must be processed through the financial aid office. The loan has a variable interest rate. Repayment of interest and principal begins after the check has been disbursed.
05:08 CAMPUS EMPLOYMENT
Federal Work-Study Program is a financial need based program. The maximum amount a recipient can earn under this federal program is determined by financial need and available funds. Most Work-Study jobs are on campus, although some are off campus at nearby non-profit agencies. Students awarded Work-Study will get information along with their SDSU Financial Aid Award Letter about job opportunities. Specific wage rate, hours of work and job descriptions are provided to you by the employer before you accept a position, and total earnings cannot exceed the Work-Study award.
Summer Federal Work-Study Program - is part-time or full-time employment during the summer available to students who will be enrolled fall semester. Other information is the same as for the College Work-Study Program.
Veterans Work-Study Program - is available only to U.S. military veterans. Applications and detailed information are available from SDSU Veterans Office, Administration Building room 108.
Campus Employment - More students are employed on regular payroll on campus than on Work-Study. The Career Academic Planning Center in Medary Commons has the South Dakota One-Stop Career Center and may be able to help you locate part-time employment.
Dining Service Employment - Interested students should contact the Dining Service closest to their residence hall or at the University Student Union.
05:09 STATE AND OTHER AID
South Dakota state government started the South Dakota Opportunities Scholarship Program and Dakota Corps Scholars Program in the 2004-05 academic year. Information is available at http://www.ris.sdbor.edu/ [External Hyperlink]
Other student aid programs may be available for eligible students through governmental agency (Vocational Rehabilitation, Department of Labor, Veterans Administration, and other) programs that require specific application requirements.
Financial assistance (scholarships or loans) may be available from local community and regional sources. Information may be obtained from your local high school, library, and media sources.
Alternative Loans are offered by some regional lenders or states. Applications are available from the SDSU Financial Aid Office.
05:10 AID DISTRIBUTION AND PAYMENTS
Financial aid including federal grants, federal loans (except for a few Stafford Lenders and PLUS ), SDSU scholarships, and non-SDSU scholarships (except when funds are not sent to SDSU) are paid (credited) on the student’s Registration Statement/Account for the respective academic terms and aid awards based on student eligibility requirements. Payment is made first to the student’s tuition, fees, and, if applicable, room, food service, and other SDSU expenses. Non-SDSU financial aid paid by checks are to be used first for the preceding SDSU expenses.
The academic term payment policies and procedures are noted in the SDSU Registration Course Schedules and Web Pages.
05:11 WITHDRAWAL AND REFUND/RETURN TO AID POLICY
All students receiving financial aid who are considering withdrawal should consult the Financial Aid Office.
First, you may be required to document your class attendance/academically-related activity and if you have not attended class you will be required to repay the full amount of the aid received. A documented withdrawal date will be determined.
Second, if you are a loan recipient you are required to have exit loan counseling.
Third, the student's “earned and unearned” financial aid is calculated by the Federal Return to Title IV Funds formula. As applicable, “unearned financial aid” is returned to federal financial aid received.
05:12 FINANCIAL AID SATISFACTORY PROGRESS
A student must be maintaining satisfactory progress in his course of study, as determined by the institution, in order to receive aid.
Please visit the Financial Aid Office if you have any questions.
05:13 PROGRAM PARTICIPATION AGREEMENT
South Dakota State University is an eligible institution for all of the Title IV, Higher Education student financial assistance programs.
05:14 DRUG ABUSE PREVENTION PROGRAM
Student Health/Counseling Services in West Hall are accessible to any student or employee of SDSU for a drug abuse prevention program.
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