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.
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.
Through the FAFSA you can qualify for up to $20,500 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 $12,000 per academic year.
All repayment on Federal Stafford 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%.
For additional funding, the Federal Graduate PLUS Loan is available with a fixed interest rate of 8.5%. You can borrow up to the total cost of education minus all other aid (scholarships and/or Stafford loans). There is a quick check to see if you are credit-ready before approval.
Alternative Loans/100% Consumer-Based Loans
If you are unable to borrow through Federal funding or you wish to explore other options, alternative loans are 100% credit-based and offer variable interest rates. For more information, please visit http://www.smu.edu/financial_aid/loans.asp. Please note that international students must have a U.S. citizen as a co-signer.
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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