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51°µÍø Cox automatically considers all applicants for merit-based scholarships, which are awarded upon admission. In addition, we encourage you to explore these external scholarship opportunities available to part-time students:
- Sallie Mae Graduate Scholarship Search:
- B Schools.org Guide to MBA Scholarships: www.bschools.org/blog/mba-scholarships
- Fastweb College Scholarships (general search): www.fastweb.com/college-scholarships
- United Methodist Church GBHEM Loans & Scholarships: www.gbhem.org/loans-scholarships
Federal and Private Loans
The Federal government provides loan options for graduate students, even if they do not qualify for need-based financial aid. The 51°µÍø Financial Aid Office works with two types of U.S. federal government loans:
- Federal Direct Loans: This is generally the lowest cost loan available for up to $20,500 every academic year. You must be a U.S. citizen or permanent resident, take at least six credits per semester, and submit the FAFSA (Free Application for Federal Student Aid) to qualify.
- Federal Graduate PLUS Loans: If you need to borrow more, then a Graduate PLUS loan can generally cover the remainder. You will need to submit the application for the Federal Direct loan prior to applying for the PLUS.
If federal loans are unavailable or insufficient, private or alternative education loans may be an alternative option. Unlike federal loans, private loans do not require a FAFSA to apply. Private loans are not based on need and approval is generally based on creditworthiness and ability to repay. Some students may need to apply with a credit-worthy co-signer. Interest rates, grace periods, repayment options and fees are determined by the lender and can vary considerably from lender to lender; generally, they charge higher rates than Federal loans.
We are happy to talk through the benefits of filing the FAFSA (Free Application for Federal Student Aid), discuss alternative loan options and what to anticipate as a timeline of financial aid and tuition payments. Incoming students who have questions about Financial Aid should contact gradfinaid@smu.edu for additional information about the FAFSA or Texas specific educational resources.
