| |
|
What are basic questions to ask financial aid officers? |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| |
What are basic
questions to ask financial aid officers?
What are the total costs I will need to cover as a student at
SMU?
How does this package of aid you have offered me cover those costs?
How much will I need to borrow, and with what types of loans?
What
lenders do you recommend, and why?
Do you have any financial relationship with the lenders you recommend? |
| |
|
|
What applications do I need to complete to apply for financial aid?
All students must complete the Free Application for Federal Student Aid (FAFSA) each year to determine their eligibility for federal and state financial aid (found at www.fafsa.ed.gov). Undergraduate students who also want to be considered for university need-based aid must complete the CSS/Financial Aid PROFILE® found at https://profileonline.collegeboard.com
There is a $25 cost for completing the CSS/PROFILE®. |
| |
|
|
What is SMU’s school code?
The FAFSA school code is 003613; the CSS/PROFILE® code is 6660. |
| |
|
|
Can you make too much money to qualify for financial aid?
Although some students may not qualify for need-based aid in the form of grants, most students qualify to receive non-need based federal loans. |
| |
|
|
Do I have to re-apply for financial aid each year?
Yes, all students must re-apply by renewing their FAFSA each year.
Undergraduate students must also renew their CSS/PROFILE® application each year in order to be considered for university need-based aid. |
| |
|
|
When is the deadline to apply for financial aid?
The priority deadline for first-year undergraduate students is February 15th each year. SMU has a priority deadline of May 1st for continuing undergraduate students so that financial aid advisors can award as much aid as possible after spring grades post in May. An undergraduate student who applies after the priority deadline may not receive primary consideration since certain financial aid funds can be limited. Graduate and professional students may file any time during the academic year; there is no priority deadline. However, SMU recommends filing the FAFSA no later than May 1st in order to secure funding before the start of the term. |
| |
|
|
My parents don’t claim me on their taxes, and I support myself.
Can I claim myself as independent and only use my information on the FAFSA?
No. Most students who cannot answer “Yes” to at least one of the thirteen (13) dependency questions on the FAFSA must still include their parents’ information. |
| |
|
|
My parents are divorced. Whose information do I use on the FAFSA?
In most situations, you should use the custodial parent’s information
(and step-parent if s/he has remarried). This is the parent with whom you live the most and receive the most financial support. |
|
|
|
|
|
|
|
|
|
|
|
Why was I selected for verification?
The federal processor often selects files at random for this process. Schools are required to verify the accuracy of the information reported on the FAFSA. |
|
|
|
My parents have filed an extension. What do I do now?
Contact your financial aid advisor to discuss your situation so we may best advise you how to proceed until verification may be completed. |
|
|
|
|
|
|
|
|
|
|
|
How do I apply for a Pell grant?
You are automatically considered for this federal need based grant when you complete the FAFSA. |
|
|
|
Are graduate students eligible for grants?
Although graduate students are not eligible for federal grants like the Pell grant, they may be eligible to receive the state Tuition Equalization Grant (TEG). |
|
|
|
|
|
|
|
How do I apply for more scholarships?
While university scholarships awarded during the admissions process are set, students are encouraged to apply for outside scholarships through websites like www.fastweb.com and
www.collegeboard.com |
|
What are the best types of student loans? |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
What kind of research should I do regarding choosing a lender? |
|
|
| |
|
| |
|
| |
|
| |
What are the best types of student loans?
The best loans are Federal Perkins and subsidized Stafford loans. They have fixed, reasonable interest rates, and the government covers the interest while you are in school. Students not eligible for those loans can still get unsubsidized Stafford loans--while the federal government does not subsidize the interest while you are in school, they do keep the interest rate reasonable. |
|
What is a “Federal PLUS Estimate"
on my award package?
This Parent PLUS estimate usually represents the maximum amount of funds your parent may borrow in one academic year to help pay university costs. |
| |
|
|
I accepted the PLUS estimate. Why haven’t these funds been posted to my student account?
After you accept this at Access.SMU, you will receive an email with detailed instructions for your parent. S/he must then contact a lender to apply and get approved for this credit-based federal loan. The lender and SMU will facilitate the process of obtaining the funds after all requirements have been met. More information regarding PLUS loans may be found at
PLUS Loan Information |
| |
|
|
What is a “Federal GradPLUS
loan”?
The GradPLUS is very similar to the Parent PLUS except the GradPLUS is only for students in a graduate or professional program of study; the student is the borrower rather than the parent. Graduate/professional students must apply for federal Stafford loans before they can utilize the GradPLUS. Students
must file the FAFSA to be eligible for the GradPLUS. |
| |
|
|
I accepted the Stafford loan, but it hasn’t been posted to my student account yet.
If this is the first time you have borrowed a Stafford loan at SMU,
you will receive detailed instructions on completing the two-step
process on Loans By Web This includes Entrance Counseling and the TG Loans By Web Process where
you choose a lender and complete the Master Promissory Note—MPN. Both steps must be completed before the lender will send Stafford loan funds to SMU. |
| |
|
|
Does SMU provide a list of lenders
from which to choose?
Like numerous institutions across the country, SMU provides students and
families several lists of lenders to assist them in navigating the
complexities of borrowing, however a borrower can choose any lender not
on SMU's lender lists. |
| |
|
|
Can students and parents use
other lenders?
Yes, SMU allows students and their families to choose their own lender even if not on our list of lenders.
SMU encourages all students to investigate a lender before choosing
them. |
| |
|
| |
What kind of research should I do regarding choosing a lender?
You should compare repayment benefits
and discounts with different lenders you are reviewing including finding
out if the repayment benefits are still applicable if the lender sells
your loan to another servicer or lender. Some other things you can ask
are what percentages of borrowers actually end up qualifying for the
repayment benefits; what timeframe their customer service is available; if interest rates are fixed or variable; if interest rates are reduced for on-time payments or auto debit; and when repayment starts and if interest accrues between disbursement and repayment. |
| |
|
|
How does SMU pick lenders for the lists?
SMU sends an extensive survey to loan companies interested in processing the university's student loans. The survey is used to rate lenders for inclusion on one or more of the preferred lender lists. The university seeks lenders who offer the best customer service, secure electronic processes, repayment benefits, lowest origination points, and other benefits.
You may contact the loan administrator at
enrol_serv@smu.edu for further
information on lender list selection. SMU does not receive any payments, benefits or perks from lenders for consideration of inclusion on the SMU lender lists. |
|
|
|
|
|
|
|
|
|
|
| |
|
| |
|
|
Where do I view my bill?
Student and miscellaneous accounts can be viewed online at My SF e-Space. |
|
|
| |
My bill doesn’t look correct. What should I do?
You should contact Student Financial Services at 214-768-3417 or via email at enrol_serv@mail.smu.edu and speak with a Student Account Specialist regarding specific bill or account related questions. |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| |
|
| |
|
| |
|
|
What happens to my financial aid if I drop a class?
As long as undergraduate students remain enrolled in 12-18hrs, they are still considered full-time; therefore, their financial aid will not be affected. However, students who drop below 12hrs should check with their financial aid advisor regarding any possible changes to their financial aid package. |
|
|
| |
Must I be full-time to receive financial aid?
If an undergraduate student is receiving federal and institutional need based aid, 12 hours is considered full time. However, SMU encourages all undergraduate students to enroll and complete 15 hours each semester so that they may graduate in 4 years (8 semesters). Sometimes completing 15 hours per semester may not be sufficient to graduate in 4 years, so students should consider attending summer school for 1-2 terms. |
| |
|
| |
How many terms may I receive financial aid?
Typically, institutional scholarships and need based aid are awarded for 8 semesters only to those who began SMU as first-year undergraduate students; students who enrolled as transfers usually receive institutional scholarships and need based aid for 5 semesters only. |
| |
|
|
How do I contact my financial aid advisor?
Each student is assigned to an advisor who can best answer questions pertaining to financial aid. Graduate students are assigned according to their graduate degree program, and undergraduate students are assigned based on their last name. Their caseloads are as follows: |
| Graduate Students |
Stan Eddy |
Law, Dedman, EHD, Hart/Guidhall, Graduate & Special Studies |
|
Barbara Waters |
Business, Theology, Engineering & Meadows |
|
Undergraduate Students |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All advisors may be reached via email at enrol_serv@smu.edu or by phone at 214-768-3417 |
|
Print Friendly