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FEDERAL

Direct Subsidized

(no credit check required)

6.53% fixed

• Undergraduate Students Only

• Need-based

• Must be enrolled at least half-time status (6 or more credit hours) and in degree seeking program

• Limits based on grade level in school

• 1.057% Origination fee deducted at disbursement

• Repayment deferred, no interest while enrolled at least half-time

• Interest accrues during 6-month grace period before repayment begins

• Limited deferment provisions

• Automatic consideration for loan when you file the FAFSA
• Sub. loan will appear in your financ/enrollmentservices/financialaid/typesofaid/loans/ial aid offer in my.SMU
• Accept the loan in my.SMU

• Must sign Master Promissory Note and complete Entrance Counseling to receive funds. Go to .

FEDERAL

Direct Unsubsidized

(no credit check required)

6.53% fixed for Under-graduate students

8.08% fixed for Graduate students

• Undergraduate & Graduate Students

• Must be enrolled at least half-time (6 or more credit hours) and in degree seeking program

• Limits based on grade level in school.

• Interest accrues after disbursement and is capitalized upon repayment. Interest payments may be made while in school to lower overall payments once loan enters repayment.

• Repayment of principal deferred if enrolled at least ½ time (at least six credit hrs)

• Other limited deferment provisions

• 1.057% origination fee deducted at disbursement

• Automatic consideration for loan when you file the FAFSA

• Unsub. loan will appear in your financ/enrollmentservices/financialaid/typesofaid/loans/ial aid offer in my.SMU

• Accept the loan in my.SMU

• Must sign Master Promissory Note and complete Entrance Counseling to receive funds. Go to .

 Credit-Based Loan Options

(The following loans require an additional application for credit approval.  See application instructions below)

FEDERAL

Direct Parent PLUS

(Requires additional application for credit approval)

9.08% fixed

• Not based on financ/enrollmentservices/financialaid/typesofaid/loans/ial need

• Parent is the borrower on behalf of the student

• May borrow up to cost of attendance (COA) minus other aid

• Student must be enrolled at least half-time (6 or more credit hours) in degree seeking program.

• Interest begins to accrue upon loan disbursement.

• Repayment of principal and interest begins after the loan is fully disbursed.

• Limited deferment provisions

• 4.228% origination fee deducted at disbursement

• STUDENT must submit 

• Parent must submit PLUS Loan application for immed/enrollmentservices/financialaid/typesofaid/loans/iate credit decision thru 
• Parent must sign Master Promissory Note for school to receive funds.

(PARENT must go to to submit application for credit approval. Those who apply with a credit-worthy endorser or negative credit appeal a decision must complete credit counseling)

FEDERAL

Direct Graduate PLUS

(Requires additional application for credit approval)

9.08% fixed

• Not based on financ/enrollmentservices/financialaid/typesofaid/loans/ial need

• Student can borrow up to cost of attendance (COA) minus other aid

• Student must be enrolled at least half-time in a degree-seeking program (at least six credit hours per term)

• Interest begins to accrue upon loan disbursement.

• Repayment of principal and interest begins after the loan is fully disbursed.

• Limited deferment provisions

• 4.228% origination fee deducted at disbursement

• STUDENT must submit 

• After receiving the aid offer, student must  accept the "additional loan eligibility" in my.SMU.
• Student must submit GRADPLUS Loan application for immed/enrollmentservices/financialaid/typesofaid/loans/iate credit decision thru 
• Student must sign Master Promissory Note for school to receive funds.

(Student must go to to submit application for credit approval. Those who apply with a credit-worthy endorser or receive a negative credit appeal decision must complete credit counseling)

College Access Loan – CAL

(Requires additional application for credit approval)

6.30%

• Undergraduate & Graduate Students

• Verified Texas Resident

• Must be enrolled at least ½ time enrollment in degree seeking program

• May need a credit-worthy co-signer

• No origination fee

• Loans have a six-month grace period from the date a borrower ceases to be enrolled at least half-time at an eligible institution.

• Principal balances under $30,000 have up to a ten-year repayment period with minimum monthly payments of $50.

• Principal balances of $30,000 or more have a repayment period up to 20 years.

• Postponements of loan repayment and income-sensitive or graduated repayment schedules are available.

• Look over the  to see if you are eligible.

• Go to  and apply

Private/Alternative 

Various Private-Alternative Loans

(Requires additional application for credit approval).

Varies

• Based on credit verification

• Not based on financ/enrollmentservices/financialaid/typesofaid/loans/ial need

• Other criter/enrollmentservices/financialaid/typesofaid/loans/ia varies widely, however most require at least ½ time enrollment and meeting Satisfactory Academic Progress (SAP) requirements

• May need a credit-verified co-signer

• Varies by lender

• Application process varies per lender.