SMU provides a scholarship of up to $5,000 annually for students who have been named National Merit or Achievement Finalists. To qualify, students must designate SMU as their first choice school with the National Merit Corporation by the final deadline set by National Merit. In addition, the student must provide their award letter from National Merit to the SMU Financial Aid Office.

• The scholarship will be awarded for 8 standard terms or until graduation, whichever comes first, as long as the student maintains full-time enrollment status each semester and a 3.000 SMU cumulative GPA. For any recipient whose SMU cumulative GPA falls below 3.000, the SMU Financial Aid Office will review the student's eligibility for continuation of the award.
   
• If the student receives a corporate or one-time National Merit Corporation award, SMU will supplement any smaller corporate or one-time National Merit Corporation award up to a total of $5000 annually.
   
• This scholarship may be combined with other scholarship or grant aid from SMU but in no case can the combination of institutional aid exceed Tuition and Fees for that academic year. Pres, Hunt, Staff Benefit recipient or other combination where tuition and fees have been meet by SMU aid, the amount of the National Merit award will be limited to $2000.
   
• The National Merit Corporation sends updated rosters and status-change notifications throughout the spring and early summer. For this reason, recipients will NOT see their National Merit award included on their initial Financial Aid award letters from SMU. Students who have selected SMU as their first choice school by the NM deadline, and who appear on the final roster provided to the university by NM, will be awarded in mid-summer.