MTI Financial Information

Tuition and Fees
The tuition is set by the South Dakota Board of Education. Tuition and fees are payable at the time of registration. There is no difference between resident and non-resident tuition.

For current tuition and fee information, request a copy of the current cost sheet from the Admissions office or see it on the MTI website.

Tuition Deposit
If a program is fully enrolled, students already accepted into that program may be required to pay a $100 tuition deposit to maintain their enrollment status. The deposit will be credited to a student’s account and deducted from the total amount owed when the first billing statement is issued. Students not paying the deposit by the specified date will forfeit their place in the program. The deposit will be refunded if the request is received at MTI in writing 30 days prior to the start of the program.

Additional Expenses
Students are required to purchase designated book, supplies, tools and uniforms as assigned by the instructor in each course. Most programs specify tools and/or uniforms that are characteristic of the occupation for which the student is enrolled. Many of these materials can be purchased at the MTI Bookstore. In some cases, students will be advised to purchase tools at MTI-sponsored tool fairs. Refer to the MTI Estimated Costs brochure for more detailed information.

Students who enroll need to prepare for some initial expenses at the start of the term. Books, supplies, and tools will be required for all classes. MTI and the MTI Bookstore do not allow advances or charging of items from the Bookstore (except with a credit card). Financial aid loans are not available to first time borrowers until the 30th day of the term. Please budget accordingly when making your school plans.

Refund Policy
Students who leave the Institute and desire a financial refund of tuition should see the Student Handbook for details.

Applying for Financial Aid
As soon as a student (and his or her parents if financially dependent) has completed a tax return(s) for the most recent year (or an accurate estimate of your previous year's income), a free application for federal student aid should be completed. These forms may be obtained from any high school guidance counselor or the MTI Financial Aid Office.

The completed application form may be mailed to the processing center or submitted electronically on a personal computer with access to the Internet. The Internet address is: http://www.fafsa.ed.gov.

Approximately three weeks after mailing the financial aid application or about 5 days after submitting it electronically, the processing center will send a student aid report (SAR). It is used to determine a student’s eligibility for need-based financial aid: the Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (SEOG), the Federal College Work Study Program, Federal Perkins Loan, Academic Competitiveness Grant (ACG), and the Federal Stafford Loan (GSL).

When the students receive their copy of the Student Aid Form, they should check the report for accuracy. If any information is incorrect, the students should contact the Financial Aid Office.

Upon acceptance to MTI, the Financial Aid Office will send an award letter indicating the amount of financial aid for which the student qualifies and from which specific sources funding will be granted. All students who are the recipient of a Title IV federal student loan for the first time must attend an entrance counseling session before they can receive any proceeds from that loan. Time and place will be announced at student orientation. First-time loan recipients may receive financial aid checks thirty days after the first day of classes. All other financial aid awards are available to students during the first week of classes. Returning students will generally receive all financial aid awards during the first week of classes.

To contact the Financial Aid Office at MTI, call (605) 995-3025 or (800) 952-0042 toll-free.

Satisfactory Academic Progress
Requirements
Students must show satisfactory academic progress to remain enrolled and to continue receiving financial aid. See Academic Information for details.

Certain students funded by outside agencies (eg. Veteran’s Affairs, BIA, etc.) will have their attendance monitored to assure compliance with that agency’s funding regulations.

Financial Aid Available
Grants
The Federal Pell Grant Program is a grant program funded by the federal government. The Student Aid Reports (SARs) from the processing center tell the MTI Financial Aid Office whether or not you qualify for this grant, and, if so, for how much. Awards are from $400 to $4310, depending upon the annual federal government funding of the program.

The Academic Competitiveness Grant Program is available to students who are eligible for a Pell Grant and who have completed a rigorous high school curriculum.

The Federal Supplemental Educational Opportunity Grant Program is also a grant program funded by the federal government. Students who receive Pell Grants have priority for receiving this grant. Funding for this program is limited. Please apply early. Applicants typically receive funds from $100 to $600.

Work Opportunities
The federal government funds the Federal Work Study Program. The Financial Aid Office determines eligibility. If you qualify and funds are available, you are allotted an amount of money that you can earn during the academic year. Limited summer jobs during non-enrollment periods are also available. Contact the Financial Aid Office for details.

Off-campus employment opportunities are available. See the Student Services Office or the South Dakota Career Center (formerly Job Service) in Mitchell for listings.

Loans
Student loans are financial aid that must be repaid in the future. All types of loans are disbursed by the semester.

The Federal Perkins Student Loan is a campus-based loan that is federally funded with eligibility determined by the Financial Aid office. You must have exceptional need to qualify for this loan. Repayments begin nine months after you leave MTI.

The Federal Stafford Loan Program is a low-interest loan program that allows dependent students to borrow up to $3500 for their first year and $4500 for their second year. Independent students may borrow up to $7500 for their first year and $8500 for their second year. This program is either subsidized or unsubsidized. If the loan is subsidized, the interest does not accrue until six months after the time you leave MTI. If the loan is unsubsidized, interest is charged from the time the loan is disbursed. Your award letter will indicate the type of loan for which you qualify. Funds are borrowed from a bank, credit union, or other lender.

Federal Parent Loans (PLUS) is a program which provides an opportunity for parents of dependent students to borrow funds for their student’s educational costs. The Financial Aid office processes applications, but the money is borrowed from a bank, credit union, or other participating lender. Loan amounts may not exceed educational costs minus other financial aid.

Other Off-Campus Agency and Financial Aid Sources
Temporary Assistance for Needy Families (TANF)—If you are in this program, check with your TANF coordinator to see what assistance you may receive to attend MTI.

Bureau of Indian Affairs (BIA)—If you qualify for BIA funds, you should start by contacting your local BIA Agency. Paperwork completed early will ensure timely arrival of your funding.

Vocational Rehabilitation—Financial aid is available for mentally or physically disabled persons. Contact your local vocational-rehabilitation office.

Veteran’s Benefits—Contact the Veteran’s Center at (888) 442-4551 or the Financial Aid office at MTI to request information about the programs for which you may qualify.

National Guard Benefits—Members of the National Guard may qualify for 50% tuition benefits and monthly stipends under the Chapter 106 program. Contact your commanding officer.

Workforce Investment Act (WIA)—A program funded by the South Dakota Department of Labor. Economically disadvantaged students may qualify for grants in certain educational programs. Contact the South Dakota Career Center (formerly Job Service) in Mitchell for details.

Scholarships—MTI accepts other scholarships and will provide assistance. See the Financial Aid office for more details.

Scholarships.com - Find Money For College
Since 1998, Scholarships.com's free scholarship search has been a valuable resource for finding money for college, with more than 3,000 scholarship sources worthup to $3 billion. Scholarships.com's privacy practices have been approved by both TRUSTe and BBB Online.

School Soup
Search the worldÕs largest scholarship database, free of charge. SchoolSoup has over $32 billion in available scholarship awards.

General Catalog	Student Services