Federal Perkins Loan
A fixed low interest (5%) loan for both undergraduate and graduate students with exceptional financial need. $5,500 for each year of undergraduate study (the total amount you can borrow as an undergraduate is $27,000). $8,000 for each year of graduate or professional study (the total amount you can borrow as a graduate/professional student is $60,000 including any Federal Perkins Loans you borrowed as an undergraduate). The amount of the Federal Perkins loan is determined by the Financial Aid Office. This is a campus-based loan program, with the school acting as the lender using a limited pool of funds provided by the federal government. There are no origination or default fees; however, late fees will be assessed if payments are not received on time.
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Family Assistance Loan
A non-federal, family educational loan provided by SMU designed for First-Year students. Our loan program offers a fixed low interest rate (7% simple), a repayment period of up to eight years and a monthly repayment amount that does not change during the life of the loan. SMU will lend $2,000 to $10,000 per term (up to $20,000 annually) for a maximum of 4 years (8 terms) to be applied against the student's invoice charges of tuition, fees, room and board. Room and board charges for fraternity or sorority houses and off campus housing costs may also be covered. The maximum repayment period is eight years, starting September 1 of the student's initial year at SMU.
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Summer Studies Loan
A 0% interest loan for undergraduate students to pay towards summer term tuition and other expenses. Borrowers will not be charged interest unless they have one late payment which increases the interest to 7%. Students can borrow up to $5,000. The Summer Studies Loan program has a 6 month grace period so that borrowers begin repayment on the first day of the seventh month upon graduating from an SMU undergraduate program, falling below half-time undergraduate enrollment status, or withdrawing from the university as an undergraduate. Once the loan enters repayment, the borrower will have 3 years (36 months) to pay off the loan. This loan cannot be deferred, cancelled, or consolidated.
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Please visit the Financial Aid website for more information.
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