Step 1: Accept Loans on Trailhead Annually

Go to Trailhead > Financial Aid card > Financial Aid Details to view your aid offer. Use the dropdowns next to the loans 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. 

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. 

Annual Loan Limits: These are the maximum amounts a student can have in the fall/spring/summer terms combined (one school year). The maximum applies if the student attends multiple schools in one school year; the annual amount is not per school.

Lifetime Loan Limits: Students have a limit to the amount of federal loans they can borrow as they pursue their undergraduate degree. The lifetime (aggregate) maximum is cumulative for all undergraduate federal student loans the student has borrowed in their lifetime at all institutions attended.

Loan Proration for Fall Graduation

Federal loans amounts are evenly split between fall and spring semesters when they are offered before the fall term. If the student will be enrolled in fall and spring, the full annual loan amount cannot be moved to the fall term.

If the student is graduating in at the end of the fall term in December, the annual loan amount will be prorated based on the student’s enrollment to determine the fall offer.

Fall graduation example: A senior student is enrolled in 6 credits to complete their degree. They are a dependent student based on the FAFSA. 24 credits is the definition of a full-time academic year. This student is taking 6 ÷ 24 = 25% of a full academic year. We will multiply the annual loan limit for this student ($7500) by their enrollment percent (25%) to get their fall loan offer amount 7500 * 0.25 = $1875.

Visit our Loan Information website for more information on

• Interest Rates
• Origination Fees
• Eligibility Requirements
• 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 through Trailhead > Scholarship card regularly to look for newly opened applications during the school year.

Parent (PLUS) Loan:  Parents of undergraduate students may borrow a limited amount in a federal parent PLUS loan.  View our parent loan page for more information.

Private Loan: You may borrow a private education loan for education-related expenses.  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.