South Dakota Student Loans

If you are a resident of South Dakota, student loans are not limited to what you can get from the federal government or from a high-end private lender, like a bank. South Dakota, through the Education Assistance Corporation as the not-for-profit guarantor, offers several state-sanctioned student loans that help aspiring students to achieve their goals in the way of higher education. By partnering with a long list of lenders — many of whom are private commercial banks — the EAC can help to fund government sanctioned loans, such as the Federal Family Education Loan Program (FEELP) and Stafford and PLUS Loans for South Dakota residents.

Simply by filling out a FAFSA, you become eligible for a number of state-funded loan opportunities. With EAC, you can work closely with an agent to choose your own loan provider, unlike many student loan guarantors who lock you in to a single provider. You can simply shop from a list of South Dakota providers, including small hometown banks as well as heavy hitting national providers. Edamerica and Nelnet are some of the large financial backers working with South Dakota's EAC to provide student loans.

While the FAFSA is sufficient for application for Stafford Loans, other programs offered through the state may require a credit check and even a cosigner in order to obtain your student loans. Many of the larger providers are much more lenient on terms for student loans, since education is essential, and you'll be able to obtain prime interest rates in most cases. Many of these programs also involve incentives for consistent on-time payment, such as a reduction in the interest rate. Setting up automatic payments also saves your lender money, which can be passed on to you in terms of further interest rate cuts.

South Dakota's EAC also offers consolidation programs for student loans through Wells Fargo or the Wyoming Student Loan Corporation. Instead of making several payments for each loan you've received, you'll make a single payment equal to as little as half the combined payment you previously made. This allows you to maintain affordable payments for your student loans and not ruin your credit for the future.

Paying for school is not easy, but we are here to help. OEDb's student finance section will help you find the money you need to pay your tuition and other college expenses. We cover scholarships, college grants, and student loans. Scholarships and grants are both forms of "free money", meaning they don't need to be paid back. Scholarships are typically awarded by businesses or individuals, with the money being earmarked specifically for tuition. They can be awarded based on a student's location or by religious affiliation, such as Catholicism or Islam. Grants are typically awarded by governments or non-profit organizations and the money often can be applied to several different expenses a student may incur, not solely tuition. They can be awarded based on location or ethnicity, for instance African American or Hispanic. Loans are not considered "free money", because unlike scholarships and grants, they do need to be paid back after graduation. Common federal loans include Perkins and Stafford. Loans are also available by location.