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• Subsidized loans: The government pays your interest while you're in school
• Unsubsidized loans: Interest starts accruing right away and you're responsible for all of it

Subsidized Loans are offered to undergraduate students who are degree-seeking, demonstrate financial need, and are enrolled at least half-time. Graduate and Professional students are not eligible for Subsidized Loans.

Unsubsidized Loans are offered to any student who is degree-seeking and enrolled at least half-time regardless of financial need.

In addition to annual borrowing limits, there are also aggregate limits, or total amounts that cannot be exceeded over the course of a student's collegiate career.

• Aggregate Subsidized Loan Limit = $23,000
• Aggregate Subsidized and Unsubsidized Loan Limit for a Dependent Student = $31,000
• Aggregate Subsidized and Unsubsidized Loan Limit for an Independent Student = $57,500
• Aggregate Loan Limit for a Graduate Student = $138,500*
  • This includes all loan amounts borrowed as an undergraduate

• Undergraduate Students
  • Interest Rate = 6.53% (both subsidized and unsubsidized)
  • Origination Fee = 1.057%
• Graduate & Professional Students
  • Interest Rate = 8.08% (unsubsidized only)
  • Origination Fee = 1.057%

The first step is to fill out the , as you cannot borrow either loan without it. Once it has been reviewed, you'll receive your financial aid offer, after which you can follow the steps below to complete your loan application:

• Log into your  student account to accept your loan(s). You may accept, reduce, or decline your loan.
• If you are a first-time ҹɫ����borrower: Complete the  and and be sure to include ҹɫ����(school code 003613) as an institution you want to receive the results.
• If you are a first-time Direct Loan borrower: Sign the  (MPN). All students are required to use their FSA ID issued by the Department of Education. 
  • If you do not have a FSA ID, you may request one from the official .

You can find additional information on the .

The Direct Parent PLUS Loan is a credit-based federal loan that parents of active dependent, undergraduate students can take out to help pay the cost of the student's college education. The loan is in the parent's name, not the student's, and the parent is responsible for paying it back.

Any parent of a dependent undergraduate student who is enrolled at least half-time may apply. The parent must pass a credit check to qualify for the loan.

It has a fixed interest rate of 9.08%* and there is an origination fee of 4.228%** of the total loan amount. Interest begins accruing as soon as the loan is disbursed.

Payments start 60 days after the full loan amount is disbursed, but the parent can choose to defer payments until six months after the student drops below half-time enrollment. On the standard repayment plan, the parent has up to 10 years to repay the loan.

*Federal Direct Student Loan interest rates are subject to change every July 1.
**Federal Direct Loan origination fees are subject to change every October 1.

1. Visit the
2. Complete the Direct PLUS Loan Request for "Parent of a Student"
   • This application authorizes the Department of Education to conduct a credit check
3. Follow any additional steps based on the credit check results

The results of the PLUS Application will be sent automatically to SMU. When completing the application, you will be asked to provide the term or academic year dates you would like the loan applied to, and you will also indicate the amount you want to borrow. You can borrow up to your student's total cost of attendance minus any other financial aid they are receiving.

If you are approved, you must also complete the (MPN) for the Parent of an Undergraduate Student before funds can be disbursed.

In the event an application is denied, there are two options to consider:

1. You can re-apply with a co-signer (called an endorser) to try and be reconsidered for a Parent PLUS Loan.
2. Your student can borrow an additional amount of Federal Direct Unsubsidized Loans.

If you are approved with an endorser, you will need to complete in addition to the PLUS Master Promissory Note (MPN).

For more detailed information on your options and the requirements you must meet to be eligible, please visit .

The loan is paid directly to your student's ҹɫ����Tuition Account at the start of each term. If there are funds remaining after paying your student's school bills, that credit balance will be returned to the borrower (i.e., the parent).

The Direct Graduate PLUS Loan is a federal student loan specifically for graduate students that lets you borrow money for your education. Unlike other federal student loans, a credit check is required. Also, unlike other federal loans, you can borrow up to your full cost of attendance.

The Federal Direct Graduate PLUS Loan is offered to graduate students who are enrolled at least half-time, have filed a , and pass a credit check.

It has a fixed interest rate of 9.08%* and there is an origination fee of 4.228%** of the total loan amount. Interest begins accruing as soon as the loan is disbursed.

Payments start 60 days after the full loan amount is disbursed, but you can choose to defer payments until six months after you drop below half-time enrollment. On the standard repayment plan, you have up to 10 years to repay the loan and can either pay the interest while in school (recommended) or add it to your principal quarterly.

*Federal Direct Student Loan interest rates are subject to change every July 1.
**Federal Direct Loan origination fees are subject to change every October 1.

1. Visit the
2. Complete the Direct PLUS Loan Request for Graduate or Professional Students
   • This application authorizes the Department of Education to conduct a credit check
3. Follow any additional steps based on the credit check results

The results of the PLUS Application will be sent automatically to SMU. When completing the application, you will be asked to provide the term or academic year dates you would like the loan applied to, and you will also indicate the amount you want to borrow. You can borrow up to your total cost of attendance minus any other financial aid you are receiving. On your financial aid offer in , the total amount you can borrow will be listed as "Credit-Based Loan Option".

If you are approved, you must also complete and the (MPN) for Graduate/Professional Students before funds can be disbursed.

In the event your application is denied due to adverse credit history, you can re-apply with a co-signer (called an endorser) to try and be reconsidered for a Graduate PLUS Loan. If you are approved with an endorser, you will need to complete in addition to Loan Entrance Counseling and the PLUS Master Promissory Note (MPN).

For more detailed information on your options and the requirements you must meet to be eligible, please visit .

The loan is paid directly to your ҹɫ����Tuition Account up to 10 days before the start of each term.