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Financial Aid
Loans
SMU and other investment partners offer your family several loan options featuring low-interest rates and long-term payments. Some loans are awarded on the basis of documented financial need; others on the basis of creditworthiness. All loans must be repaid; they are not gift assistance.
SMU Family Assistance Loan
Made
possible in part by the generous gifts of
The John and Sue Patrick Foundation Loan Fund and the Murray Case
Sells Student Loan
SMU's innovative loan program offers creditworthy undergraduate families the opportunity to stabilize and control college costs. It features a low-interest rate with a fixed monthly payment and repayment period up to eight years. Parents and students must co-sign the loan.
The University will lend up to $7,500 per term with a maximum credit line of $60,000. If families choose to reduce their loan request at any time, we will reduce the number of monthly payments accordingly. Interest charges accrue only on advances as they are made, and borrowers may prepay any part of the loan at any time without penalty. Refer to the following table for examples of monthly payments.
SMU Family
Assistance Loan Repayment Schedule
|
Borrowed per Year |
Total Borrowed (8 Terms) |
Total Interest |
Total Paid |
96 Monthly Payments* |
|
$15,000 |
$60,000 |
$10,124.00 |
$70,124.00 |
$730.46 |
|
$14,000 |
$56,000 |
$ 9,448.87 |
$65,448.87 |
$681.77 |
|
$13,000 |
$52,000 |
$ 8,774.02 |
$60,774.02 |
$633.07 |
|
$12,000 |
$48,000 |
$ 8,099.20 |
$56,099.20 |
$584.37 |
|
$11,000 |
$44,000 |
$ 7,424.30 |
$51,424.30 |
$535.67 |
|
$10,000 |
$40,000 |
$ 6,749.11 |
$46,749.11 |
$486.98 |
|
$ 9,000 |
$36,000 |
$ 6,074.30 |
$42,074.30 |
$438.28 |
|
$ 8,000 |
$32,000 |
$ 5,399.51 |
$37,399.51 |
$389.58 |
|
$ 7,000 |
$28,000 |
$ 4,724.60 |
$32,724.60 |
$340.88 |
|
$ 6,000 |
$24,000 |
$ 4,049.37 |
$28,049.37 |
$292.19 |
|
$ 5,000 |
$20,000 |
$ 3,374.58 |
$23,374.58 |
$243.49 |
|
$ 4,000 |
$16,000 |
$ 2,699.70 |
$18,699.70 |
$194.79 |
*All loans are 95 equal payments with a slightly reduced amount for the 96th payment.
Federal Stafford Loan-Subsidized
Funding
Partner
•
Federally regulated private lenders and the federal government;
SMU can provide a list of lenders to qualified students.
Eligibility
•
Awarded on the basis of financial need demonstrated by the Free
Application for Federal Student Aid (FAFSA)
Amount
•
Up to $3,500 for the first year (0-29hrs); $4,500 for the second(30-59hrs); $5,500
for subsequent years.
Interest
Rate
•
Fixed 6.80 percent, beginning with repayment.
Repayment
•
Begins six months after student leaves school; student is the
borrower.
Federal Stafford
Loan-Unsubsidized
The program is similar to the Federal Stafford Loan, with two exceptions: Documented financial need is not an eligibility criterion, and the student is responsible for interest payments for the life of the loan, beginning with the first disbursement.
Federal Parent
Loan For Undergraduate Students (PLUS)
Funding
Partner
•
Same as Federal Stafford Loan
Eligibility
•
Creditworthiness
Amount
•
Cost of education minus other financial aid
Interest
Rate
•
Fixed 8.02 percent
Repayment
•
Begins within 60 days of the first disbursement and can be spread
over an extended period; parent is the borrower.
Federal Perkins
Loan
Funding
Partner
•
Federal funds matched by SMU; very limited number
Eligibility
•
Documented financial need
Amount
•
Up to $4,000 per year for undergraduates and $6,000 per year for
graduates
Interest
Rate
•
5 percent, beginning with repayments
Repayment
• Same as Federal Stafford Loan
College Access
Loan
Funding
Partner
•
Texas Higher Education Coordinating Board
Eligibility
•
Student must be a Texas resident; creditworthy co-signer required
Amount
• Up to total cost of attendance less other financial aid
Interest
Rate
•
5.25% percent, beginning when loan is made
Repayment
•
Same as Federal Stafford Loan
Methodist Student
Loan Fund
Funding
Partner
•
United Methodist Church (UMC) Board of Higher Education and Ministry
Eligibility
•
Students who are active UMC members
Amount
•
$5,000 per year
Interest
Rate
•
5 percent, from the time the loan is granted
Repayment
•
Begins six months after full-time student status ends; must be
repaid within six years
