SMU knows you may need financial assistance to complete your education. You must make informed decisions about borrowing money. Instructions for how to complete a loan application are included.

SMU encourages all students to investigate a lender before making a choice to borrow from them. An SMU student is never required to use only the lenders on our preferred lender lists and will certify a loan with any lender of your choice.

SMU encourages students to borrow loans for what they need and NOT what they could spend.

Private/Alternative Loan

•  A FASFA does not need to be filed to secure a private or alternative loan; however, SMU encourages students to borrow maximum eligibility in federal loans, if eligible, before using a private educational loan
• Private or alternative educational loan products provide another option for students who need additional funds to cover their cost of education and living expenses
• Loans are consumer-based loans that require a full credit check and may have a credit worthy cosigner <loan lender and worthiness credit on depending vary rates Interest>Interest rates vary depending on credit worthiness and lender loan products
• Loans may be subject to origination fees that are deducted from the loan disbursements
• Disbursements are made electronically at the beginning of each term/semester if enrolled at least half-time
• Credit balances created by excess private loan funds are refunded to the student
• Repayment of principal and accrued interest generally begins six months after the student is not enrolled at least half-time

Borrowing Limits:
The maximum that can be borrowed is the cost of attendance less any other financial aid for a given academic period. The cost of attendance is determined by SMU and includes tuition, fees, and estimated room, board, travel, books, and personal expenses. Your financial aid advisor can provide the cost of attendance figure SMU used as the basis for your aid package. The amount you are eligible to borrow from the Federal Grad PLUS loan for the academic year is included as an estimate on your Financial Aid Award Notice. 

Selecting a Lender:
Choosing a lender is an important decision. You can choose any lender you wish. If you have not previously borrowed a private loan, we recommend that you borrow from one of the lenders on our website Lender List because they have been screened for providing quality service and repayment benefits. If you have an outstanding private loan debt with another lender, we suggest you continue borrowing from that same lender. 
 
Application Instructions:

• Choose a lender from our recommended Lender List and select the “Apply Now” link or go directly to the private or alternative loan section of your lender’s application website
• Complete the application directly on their website
  • Include in the application the amount you have determined to borrow along with the dates that correspond to the academic period you wish the loan to be disbursed (only one academic year at a time)
• Certifying and awarding of the loan will occur when the lender notifies SMU that the loan application has been credit approved and the lender is in receipt of all required documents
• Contact your financial aid advisor if you wish to reduce the amount of your private loan after your application has been completed