Federal Loans

Federal Subsidized Stafford Loan

Must file the FAFSA
Available to all graduate students demonstrating "need"
Maximum annual loan amount—$8,500
Must be a citizen, permanent resident, or eligible non-citizen
Lenders typically deduct a 3% origination fee before disbursement. *
Interest subsidized while student is enrolled at least half-time or in grace or deferment periods
Repayment begins 6 months after student graduates or drops below half-time enrollment with an annually adjusted interest rate for new borrowers not to exceed 8.25%

Federal Unsubsidized Stafford Loan

Available to students without regard to documented financial need but FAFSA must be filed to receive the loan
Combined total of subsidized & unsubsidized Federal Stafford loans cannot exceed $18,500 annually
Must be a citizen, permanent resident, or eligible non-citizen
Lenders typically deduct a 3% origination fee before disbursement. *
Borrower is responsible for interest that accrues during the in-school period
Repayment begins 6 months after student graduates or drops below half-time status with an annually adjusted interest rate for new borrowers not to exceed 8.25%

* However, if you choose SMU's Graduate and Professional Student Loan Program as your lender, there are no origination fees

To Complete the FAFSA:

Go to http://www.pin.ed.gov and apply for a Personal Identification Number (PIN).
Go to http://www.fafsa.ed.gov and use your PIN to file your Free Application for Federal Student Aid (FAFSA).
Request that your FAFSA be sent to SMU, Title IV Code #003613.
Be sure to respond to all additional requests for information as quickly as possible.
You will be notified of financial aid awards in a timely manner.