Step 1: Accept Loan on Trailhead Annually

Go to Trailhead > Financial Aid card > Financial Aid Details to view your aid offer. Use the dropdowns next to the unsubsidized to accept or decline the loan. If you change your mind after submitting your decision, email finaid@mines.edu from your Mines email address to request a change. A FAFSA is required for the unsubsidized loan each year. 

Step 2: Complete Loan Entrance Counseling (once)

If you are accepting loans at Mines for the first time, federal Loan Entrance Counseling is required. Login to studentaid.gov (the FAFSA website) and click on the Grants and Loans tab at the very top to choose Loan Entrance Counseling. The Trailhead requirement will update in 3 business days. You, the student borrower, must complete the counseling under your FAFSA login. 

Step 3: Complete a Master Promissory Note (once)

If you are accepting federal loans for the first time, you must complete a subsidized/unsubsidized Master Promissory Note (MPN). Login to studentaid.gov (the FAFSA website) and click on the Grants and Loans tab at the very top to choose Master Promissory Note (MPN). The Trailhead requirement will update in 3 business days. You, the student borrower, must complete the MPN under your FAFSA login. 

Loan Amounts

• Annual Maximum: $20,500
• Aggregate (lifetime) Maximum of cumulative subsidized/unsubsidized loans including undergrad loans: $138,500*
  *There are changes to the lifetime maximum loan limits coming soon. Students who borrowed an unsubsidized loan prior to July 1, 2026 will continue to be subject to this aggregate maximum for the next three years. First time unsubsidized loan borrowers after July 1, 2026 will be limited to $100,000 in unsubsidized loans for their graduate degree, not including their undergraduate loans. 

Graduate students are only eligible for the Direct Unsubsidized Loan; they are not eligible for the Direct Subsidized Loan.

Visit our Loan Information Page for information on:

• Interest Rates on Unsubsidized Loans
• Origination Fees on Federal Loans
• Eligibility Requirements for Federal Loans
• Loan Repayment Options
• Loan Cancellation

The Graduate PLUS Loan is a credit based loan offered by the federal Department of Education for graduate students. There have been recent changes to this loan. The 2026-2027 Graduate PLUS loan will only be available for graduate students who borrowed a graduate PLUS loan prior to July 1, 2026 for their current degree. Those students will be allowed to continue borrowing a graduate PLUS loan for 3 academic years or until their degree is complete, whichever is sooner.

Loan Amounts: The annual loan amount is the Cost of Attendance minus all other forms of aid. A student who is eligible for the unsubsidized loan must borrow the maximum unsubsidized loan before using the graduate PLUS loan as it is a more favorable loan in terms of interest rate and origination fee.

Steps to Borrow a Graduate PLUS Loan for continuing students (beginning Fall 2026):

1. 1. Complete a 2026-2027 FAFSA
   2. Accept your unsubsidized loan offer in Trailhead in June.
   3. Beginning in June, complete a PLUS loan application as a graduate student at studentaid.gov. Priority deadline is July 31.
   4. Mines will certify graduate PLUS loans beginning in July for the upcoming aid year. You will receive an email at your Mines email address when the loan has been certified.
   5. The loan will pay toward your bill the week before classes begin as long as you are enrolled at least half-time. Because you have borrowed a graduate PLUS loan in the past, your new loan should link to your existing PLUS Entrance Counseling and PLUS Master Promissory Note (MPN). If you have used an endorser on your PLUS loan in the past, there may be additional steps needed.

Visit our Loan Information Page for information on:

• Interest Rates on PLUS Loans
• Origination Fees on Federal Loans
• Eligibility Requirements for Federal Loans
• Loan Repayment Options
• Loan Cancellation

Scholarships:  You are encouraged to continue applying for outside scholarships throughout your education career.  Mines will accept scholarships as long as you are enrolled. Check the Mines Scholarship Portal in Trailhead > Scholarship card for open scholarship applications. 

Private Loans: You may borrow a private education loan for any education-related expenses listed in your Cost of Attendance.  Generally this loan would come from a bank or from an education loan provider and may require a creditworthy cosigner.  Mines does not have a preferred provider list.

Payment Plan or 529 College Savings Plan:  Our Bursar’s Office offers a payment plan where monthly payments can be made for your bill.  View the Bursar’s Payment Option site for more information.

Graduate Students A student must make satisfactory progress toward the completion of their course of study in order to maintain eligibility for financial assistance in future semesters. A student is considered to be making satisfactory progress if he or she has:

• successfully completed a minimum of 9 credit hours each semester, not including Field Term or Summer Session:
• if enrolled for less than 9 credit hours, they must pass all of the credit hours for which they have enrolled;
• maintained a minimum 3.00 cumulative GPA.

As stated in the Mines Graduate Catalog, PRG and NC grades count toward successful completion of credits.

Upon completion of a graduate degree program and enrollment in another degree program, students will begin a new SAP status of "pass," e.g., MS to PhD program.

If a student does not meet the two requirements, he or she will receive a warning via Mines email and will have one additional semester of eligibility in which to return to satisfactory standing. If the student has not returned to satisfactory standing after this additional semester, he or she will be ineligible for further financial assistance until the satisfactory progress standards are met. In addition, if students withdraw from all courses during a semester, or receive grades of all F or PRU, their eligibility for further assistance will be immediately terminated.

Mitigating Circumstances
When mitigating circumstances occur, such as prolonged illness, a death in the immediate family, etc., the student may appeal in writing to the Office of Financial Aid. The Appeals Committee will act on the appeal in a timely manner, and if approved, financial assistance eligibility may be reinstated for one final probationary semester after which the student must have returned to satisfactory standing. If students who have previously been placed on termination subsequently fail to meet either of the two standards, future eligibility will be immediately terminated. The student may also appeal this termination. A student may appeal the termination of eligibility only twice during his or her career at Mines.