The Family Assistance Loan is a non-federal, family educational loan provided by SMU and 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.
Since our program is not a federal program, financial need is not an eligibility criterion. Eligibility is, however, based on documented income and creditworthiness. Please be advised that if you borrow the Family Assistance Loan and in the future file and qualify for need based financial aid, ½ of the yearly amount of the Family Assistance Loan must count toward need.
For more information and to retrieve the Credit Application, please visit http://www.smu.edu/financial_aid/forms_toc.asp.