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Financial Aid
Guidelines
for Need-Based Aid
Under SMU's "shared investment" concept, we believe that the family unit - parents and student - have a primary responsibility to contribute toward educational expenses to the extent that they are reasonably able. In order to be considered for need-based assistance, certain requirements must be met, as set forth in the following SMU, state, and federal guidelines.
SMU Guidelines for Undergraduate Need-Based Aid
We consider undergraduate students to be dependent upon their families, and each family must supply financial data to be considered for SMU need-based aid.
For federal funding purposes, a student may qualify as independent or self-supporting if he or she meets the following criteria:
• The student is an orphan or ward of the court.
• The student is a U.S. military veteran.
• The student provides more than half of the financial support for a dependent other than a spouse.
• The student is married.
• The student turns 24 years of age before December 31 of the academic year for which aid is sought.
The University reserves the right to alter from year to year the combination of gift funds and self-help (loan and work) included in need-based aid packages, based on the student's documented financial need, funding availability, policies of the Board of Trustees, and federal and state laws and regulations. In general, the amount of self-help will increase as a student advances toward graduation. Students pursuing second undergraduate degrees are not eligible for SMU grant aid. Grant aid can be awarded for up to 8 full-time semesters (5 for transfer students) based on eligibility.
State and Federal Guidelines
To be eligible for federal or state financial assistance, a student must meet the following criteria:
• Be in good standing and make satisfactory progress in the selected course of study leading to a degree or certificate
• Not be in default on any student loan nor have borrowed in excess of the loan limits
• Not owe a refund on grants previously received from the federal government or the state of Texas
• Registered with the Selective Service, if required to do so
• Be a U.S. citizen or eligible nonresident (for federal programs) and be a Texas resident as defined by Texas program regulations (for state programs)
• Students selected for verification must submit requested documents which include prior- year tax returns. They should be submitted in a timely manner to be considered for available funds. Verification must be completed prior to the last day of class.
