Loans
Our Admissions and Financial Aid representatives are here to help you move through the process of securing all necessary funding to attend the Cox MBA program. As a general rule, the sooner you can apply for Federal or private loans or independent funding sources, the better position you will be in as the start of classes approaches.
U.S. citizens and permanent residents may apply for financial assistance in the form of loans and grants by completing the Free Application for Federal Student Aid (FAFSA). FAFSA forms can be obtained form many U.S. public institutions including schools and libraries or by downloading it from the US Department of Education Web site. The form may also be requested from the SMU Office of Enrollment Services, 111 Bishop Boulevard, P.O. Box 0181, Dallas, Texas 75275-0333.
Once the FAFSA application is completed, the SMU Office of Enrollment Services will assist students in assembling cost-effective tuition payment plan including the subsidized Stafford Loan, the Business Access Loan, the MBA Achiever Loan and the MBA Loan.
Please Note: SMU's TITLE IV CODE IS 003613
Applying for Federal Financial Aid
Your Federal Student Loan eligibility will be determined after you have filed the Free Application for Federal Student Aid (FAFSA) form at www.fafsa.ed.gov. If you do not already have a PIN, you will need to apply for one at www.pin.ed.gov. The PIN acts as your electronic signature for the FAFSA. You PIN will be e-mailed to you within 1 to 5 days.
The FAFSA home page at www.fafsa.ed.gov has a list of all the documents you will need to fill out the application. The SMU school code is 003613. Once SMU has received your processed FAFSA and all the requested documents have been submitted, we will award the Federal Stafford Student Loan for your first academic year. You will need to repeat the process to apply for the loan for your second year.
Through the FAFSA you can qualify for up to $18,500 in Federal Loans per academic year. Eligibility for the Federal Subsidized Stafford Loan is based on demonstrating “need” - $8,500 is the maximum annual subsidized loan amount per academic year. The Federal Government pays all interest on this loan as long as the student is at least a half-time enrollment status. The Federal Unsubsidized Stafford Loan is available to all students without regard to “need” and has a maximum award of $10,000 per academic year.
All repayment on Federal loans begins 6 months after graduation, or if the student drops below half-time enrollment status. The annually adjusted interest rate for new borrowers should not exceed 8.25%.
Federal Lenders
North Texas Higher Education Authority (NTHEA), when acting as the Federal Stafford Student Loan provider, does not charge a guarantee fee and will pay the 3% origination fee for the student. Using this lender you can save approximately $555 per year. After graduation and consolidation of loans, NTHEA has been forgiving the remainder of the balance when paid down to less than $600. SMU as lender also offers many repayment other benefits. Please visit the NTHEA web site at http://www.nthea.com for more information
Private Lenders
Private loans enable students to borrow additional funds to cover their expected contribution or the unmet need portion of their aid package. Annual loan amounts are limited to the total cost of education as determined by the educational institution, less any loans or financial assistance you receive.
If you need more funding than the Federal Stafford Loan program provides, Higher Education Servicing Corporation (HESC) - the SMU servicing agent - offers SMU professional students a highly competitive alternative loan, ExtraCredit. The ExtraCredit program offers no origination fee and no guarantee fee. Apply online for these loans at www.smu.hescloan.com to learn more about the program and its benefits. The SMU website www.smu.edu/financial_aid/loans.asp lists all other private lenders that cooperate with SMU.
Timeline of Financial Aid and Tuition Payments
Below is a brief overview of the process to confirm funding received through applications; please keep this in mind as you begin the process:
- Once the MBA Admissions office and the SMU Financial Aid department have exchanged information on scholarship awards, a message will be sent to your SMU e-mail address with instructions on how to finalize your award.
- You will be directed to http://www.smu.edu/financial aid to view detailed instructions on how to accept, decline or reduce your award.
- A short time later another notice will be sent directing you to https://lbw.tgslc.org/ to finalize your application and sign your promissory note. Failure to complete this step will delay your disbursement and could result in the cancellation of your loan completely.
- For more information on this or other student loans, go to the Loan Information webpage at http://www.smu.edu/financial_aid/loans.asp.
- If you have any further questions about loans, please contact Barbara Waters, Division of Enrollment Services/Financial Aid, 214-768-2371 or bwaters@smu.edu. Please note that Ms. Waters can only address questions about student loans; questions about scholarship/assistantship opportunities must be send to the MBA Admissions office at mbainfo@cox.smu.edu.
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