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FAQs: Financial Aid and Scholarships
Click on a question to jump to the answer:
• How do applicants apply for scholarships?
• What can I expect in the way of a scholarship?
• What types of scholarships does SMU offer?
• Are there special scholarships for Methodist
students?
• What kind of financial aid is available?
• Do I apply for financial aid before or after
I apply for admission?
• After I file the FAFSA and the CSS/PROFILE, how will I know if SMU
has received my information?
• What kind of financial aid will I receive because
I filed the FAFSA and CSS/PROFILE?
• When will I receive my financial aid award letter
notification?
• What do I do after I receive my financial aid
award letter?
• How does SMU determine the amount of financial
assistance?
• What are my chances of receiving financial aid?
• What is the difference between loans and
grants?
• How will I receive the financial aid funds that
are awarded?
• What should I do if I have a special financial
circumstance (such as the loss of a job) since I filed my FAFSA and
CSS/PROFILE?
• Are on-campus jobs available, and how do I get
paid for working?
How do applicants apply for scholarships?
SMU offers a range of merit and leadership scholarships. These are based
on competitive standing within the SMU class and are offered without regard
to family financial circumstances. In order to apply, a student should
submit his or her application for admission by January 15. There are no
additional documents to submit other than the application for admission.
In order to be considered for the Hunt Leadership Scholarship, a student
must submit an additional essay outlined on the admission application.
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What can I expect in the way of a scholarship?
Applications that are received by January 15 are automatically considered
for merit scholarships. Scholarship committees review all applications
and award scholarships to many applicants. We do not publish the qualifications
of the different scholarship levels because they are based on the applicant
pool every year. You will be notified in February or March about our scholarship
offer.
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What types of scholarships does SMU offer?
SMU offers merit-based and leadership-based scholarships.
These options include, but are not limited to, the following: President's
Scholars, University Scholars, Hunt Leadership Scholars,
National Merit Scholarships, SMU Scholars, Mustang Scholars, Dedman
College merit scholarships for first-year students and departmental awards for
continuing studies, School of Engineering Honors Scholarship Program,
Co-op Education Program, Meadows full and partial scholarships based on
artistic merit, Athletic Scholarships, and Mustang Band Scholarships.
We do not publish the qualifications of every scholarship level because
they are based on the applicant pool each year. For more information,
visit
www.smu.edu/financial_aid/scholar.asp.
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Are there special scholarships for Methodist students?
Methodist applicants receive the same consideration as all other students
for SMU financial aid programs. They also can receive consideration for
specifically dedicated programs. These include: The Methodist Student
Loan Fund, Minister's Family Tuition Awards ($3500/term), Lon Morris College Transfer Scholarships (up to $1000/term),
Methodist Junior College Transfer Scholarships (up to $1000/term), and
United Methodist Scholarships (vary in amount).
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What kind of financial aid is available?
A student who demonstrates financial need is awarded an aid "package"
that combines SMU funds with governmental sources. Grants, low-cost loans,
and part-time work opportunities typically appear in need-based packages.
Middle- or upper-level income families who may not meet federal need standards
can apply for family loan programs and extended
payment plans. See also
http://www.smu.edu/financial_aid/loans.asp
http://www.smu.edu/financial_aid/StEmploy.asp
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Do I apply for financial aid before or after I apply for admission?
File the Free Application for Federal Student Aid (FAFSA) as close to
February 15 as possible for federal need-based aid consideration. The FAFSA
application is available online at
http://fafsa.ed.gov. You also need to file the College Scholarship
Service CSS/PROFILE to further assess your financial need for need-based
programs. This form can
be found at
http://profileonline.collegeboard.com.
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After I file the FAFSA and CSS/PROFILE, how will I know if SMU has received my information?
The federal processor will mail you the Student Aid Report (SAR) on
FAFSA information. If you
listed SMU on your FAFSA and CSS/PROFILE, SMU will receive your information
electronically.
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What kind of financial aid will I receive because I filed the FAFSA and
CSS/PROFILE?
You will be considered for all federal, state (Texas residents only),
and SMU need-based funding. These programs are awarded on the basis of
documented financial need and funding availability.
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When will I receive my financial aid award letter notification?
Generally, award letters are mailed beginning March 15. SMU must receive
and review your electronic FAFSA and CSS/PROFILE before mailing an award letter.
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What do I do after I receive my financial aid award letter?
The award letter packet provides details regarding financial aid, as well
as instructions on how to respond to SMU's offer. Please read and review
the information and instructions carefully. If you have questions, contact
your SMU financial aid adviser.
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How does SMU determine the amount of financial assistance?
FAFSA and CSS/PROFILE information are sent to SMU, which compares the cost of attending
SMU with the amount of money a family is estimated to still need after
all state, federal, and scholarship money is factored in. Financial aid
advisers begin packaging financial aid in March, starting with students
who applied early. For more information, visit
http://www.smu.edu/admission/financial_apply.asp
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What are my chances of receiving financial aid?
You need to apply to SMU and file a FAFSA
and CSS/PROFILE to help the University determine
eligibility for financial aid. We have no way of knowing your chances
until you apply. SMU has many financial aid avenues, including options
for middle-income families.
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What is the difference between grants and loans?
Grants are gift aid and do not have to be repaid. Loans must be repaid.
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How will I receive the financial aid funds that are awarded?
Before each term begins, the scholarships and grants are applied to your
student account. If you have applied for and completed necessary loan
processing, those funds will be applied each term to your student account when received
from the lender.
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What should I do if I have a special financial circumstance (such as the
loss of a job) since I filed my FAFSA and CSS/PROFILE?
Contact your financial aid adviser to discuss any special or unusual
circumstances.
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Are on-campus jobs available, and how do I get paid for working?
Yes, there are many jobs that you apply for by checking the jobs Web site,
http://www.smu.edu/financial_aid/stemployment.asp (password: fondren). You will be paid
every two weeks for the hours you work.
Your work program financial aid will not be applied to your student account.
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