Loans

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, housing and dining. Housing and dining 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.

Summer Studies Loan

A non-federal loan set at 0% interest for undergraduate students to pay towards summer term tuition and other school-related expenses. Borrowers will not be charged interest unless they have one late payment which increases the interest to a fixed 7%. The minimum amount is $1000. and 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, canceled, or consolidated. Additional conditions and limitations are provided in the link below.

Financial Aid

Please visit the Financial Aid website for more information.