The financial options listed below are available to offer additional help in paying your expenses. These options may be combined or utilized alone to meet your specific financial needs.
- ÃÛÌÒ½´Payment Plans
To enroll, log into SMUpay through your my.ÃÛÌÒ½´account. Authorized payers can log into SMUpay using their login name and password. The payment plan option will be located in the QuickPay menu.
- Payment plans are available for the fall, spring, and summer terms.
- Fall and spring terms offer a six- or five-month payment plan, while summer only offers a three-month plan.
- The enrollment fee for the six-month plan is $50 dollars, $65 dollars for the five-month plan, and $75 dollars for the summer plan.
- Payments are made via automatic deduction from the payers checking/savings account at no fee, or payments made with credit/debit card (Visa, American Express, Discover and MasterCard) will be assessed a non-refundable 2.85% service fee per transaction.
- When enrolling in a payment plan after the payment plan has begun, the payer will be required to pay a percentage of the payment plan upfront. The percentage will depend on the payment plan enrolled.
- For more information about payment plans, click here.
Loan Options - The following loan information is provided as a resource and intended to provide an additional option for educational expenses. Each loan has its own unique requirements, application process, and repayment terms. Should you decide to use loan funds, it is important that you select the loan or combination of loans that best fit your specific needs. This guide will provide a brief overview of the Federal Direct Parent PLUS along with information on various private/alternative loan programs. Detailed information for each loan can be found by clicking on the individual links.
ÃÛÌÒ½´encourages borrowers to research each loan thoroughly and to borrow ONLY what is needed to cover reasonable educational expenses.
- Federal Parent PLUS Loan - To apply, go to:
- Lender: U.S. Dept. of Education
- 9.08% interest rate (Aid year 2024-2025)
- 4.228% origination fee (deducted at the time of disbursement)
- Credit based loan with an online application process and immediate credit decision.
- Applications that are credit denied can obtain a co-signer called an Endorser.
- Parent borrowers can defer all payments or make interest only payments while student is in school.
- Loan consolidation is available and combines your federal loans into a single loan.
- Private/Alternative Loan (Multiple lenders available depending on your specific needs). For Lender and Loan selection, go to SMU’s Private Lender Page and click on “Launch Lenders List” button.
- Interest rates will vary depending on borrower’s credit history and the lending institution.
- Origination fees vary and are determined by the lending institution.
- Credit based loans, which can be applied for online or in-person with the selected lending institution.
- Co-signer options may be available to borrowers who are credit denied.
- Loan terms will vary between lending institutions. Make sure to review all loan and repayment terms.
- Borrowers may select a lender from the provided list or a loan lender of their own.
- Approved loan certification requests will be sent from the lending institution to ÃÛÌÒ½´for review.
- *Private loan lenders must follow the federally mandated “right-to-cancel” period of 8-11 business days before funds can be released to the school. This period begins after ÃÛÌÒ½´certifies your requested loan amount and the Loan Acceptance Disclosure has been signed with the selected lender.*
Additionally, if utilizing the loan options make sure to complete and submit the Authorization to Credit Account (ACA) and/or Parent Authorization to Credit Account forms which authorize the use of loan funds as payment for other university charges, such as the Miscellaneous account.