Financial Policies

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Students are individually responsible for their financial obligations to the University. All students are charged tuition based on their primary academic career at the University.

A student whose University account is overdue or who in any other manner has an unpaid financial obligation to the University may be denied the recording and certification services of the Office of the University Registrar, including the issuance of a transcript or diploma, and may be denied readmission until all obligations are fulfilled. The Division of Enrollment Services and the University Bursar may stop the registration, or may cancel the completed registration, of a student who has a delinquent account or debt, and may assess all attorney’s fees and other reasonable collection costs (up to 50 percent of the delinquent balance) and charges necessary for the collection of any amount not paid when due. Matriculation in the University constitutes an agreement by the student to comply with all University rules, regulations and policies.

Once the outstanding debts have been paid, the student will need to obtain clearance from a member of the Division of Enrollment Services and the University Bursar before being allowed to register, request a transcript or receive a diploma from the University.

Applications for financial assistance should be submitted well in advance of registration in accordance with recommended filing dates set forth by the Division of Enrollment Services, Office of Financial Aid. Applications received after the recommended deadline can expect a delay in application processing time due to the increased volume. This will ultimately delay disbursement of financial aid to the student account.  Students and families are expected to clear all charges by the published billing due dates regardless of the status of their financial aid application. Any funds that disburse to the student account after the payment due date has passed, will be applied to the outstanding charges first. 

Payment of Accounts

Payment of tuition, fees, housing, dining, and all other charges is done online through the SMUpay option in my.SMU.edu. Students and/or Authorized Payer(s) can select the method of payment (Electronic check (eCheck) (no service charge) or credit card (with non-refundable 2.75% service charge through May 31, 2022.) - Amex, Discover, and MasterCard (All Accounts), VISA (Student Account (Tuition/fees, room/board, parking permit, mandatory health insurance) and payment plans ONLY). Western Union-international and domestic wires, Flywire-international wires only). A service fee may apply.

A check returned dishonored or a credit card payment returned as a chargeback will constitute nonpayment of account and must be replaced by a cashier’s check or money order. This nonpayment may result in withdrawal from the University and the requirement that the payment of the student’s account for future terms be made by cashier’s check or money order prior to enrolling. A $30 charge will be assessed each time a payment is returned.

Students registering must ensure that payment for the full amount of charges is posted to their account by 11:59 pm central time on the payment due date showing on their bill. The initial term payment due dates are also published on the Bursar’s website. Billing notifications to view the bill are sent to the student’s SMU email address and to the designated email address of the Authorized Payer(s) when a bill is generated. The billing notification will provide instructions on how to view the bill online through SMUpay. If notification has not been received two weeks prior to the due date, the student and/or designated Authorized Payer(s) should contact the Office of the University Bursar. Payments made in person or mailed must be received by the Office of the University Bursar, located on the first floor of the Blanton Student Services Building, no later than 4 p.m. central time on payment due date. Payments made online via electronic check or credit card must be posted no later than 11:59 p.m. central time on the payment due date. Students and/or those paying on behalf of the students who pay online automatically receive an electronic confirmation of payment; students and/or designated Authorized Payer(s) paying through other methods also can verify receipt of payment online. Students enrolling after the payment due date must pay at the time of enrollment.

If proceeds from state and federal loans are to be used to pay a student account, the funds must be posted to the student account in the Office of the University Bursar by the payment due date.

Schedule Changes

A student who drops a course during the scheduled add/drop period, but remains enrolled in other courses, will not be charged tuition and fees for the dropped course. (Undergraduate students pay the same tuition for 12-18 credit hours.) There will be no reduction in tuition charges for any course(s) dropped after the scheduled add/drop period. A student who drops all courses will be canceled or withdrawn, depending on the date of the transaction.

As of Fall 2017, all careers (except HART Cohort 26) will have an extended period of time to drop a course or completely withdraw from the University without academic record. This deadline is the 10th class day of the term. This extended drop/withdrawal date applies to the fall and spring terms only. NOTE: Tuition is NOT reduced for courses that are dropped after the last day to add/drop. (See Academic Calendar for specific dates.) A student who drops all courses by this date will be canceled from all courses; however, the Withdrawal Refund Schedule applies.

Late Payment Fee

Students whose accounts are not cleared by the payment due date or at the time of enrollment are subject to a late payment fee of $50 for balances between $250 and $999.99, and $150 for balances between $1,000 and $5,000. Balances over $5,000 are charged 3 percent of the outstanding balance, not to exceed $750. Also, after the monthly payment due date has passed, a 1.5 percent past due fee will be assessed on the unpaid student and/or miscellaneous account each month until the balance is paid. The enrollment of students whose accounts remain unpaid after the payment due date may be canceled at the discretion of the University.

Direct Charge Policy

SMU permits students to have purchases from the SMU Bookstore charged directly to their miscellaneous student account. Charges are billed monthly and are due on the date specified on the bill. Students with outstanding balances on their miscellaneous account will be charged 1.5 percent monthly on the past due balance. Students who have an outstanding balance during their tenure at SMU may lose the privilege to use direct charge from the SMU Bookstore. Students with repeated delinquencies on the account and/or returned checks will lose the privilege for the remainder of their matriculation at SMU.

Student Refunds

If the proceeds from student loans have been received by SMU prior to the first day of class and the student is eligible for a refund, the Office of the University Bursar will automatically begin processing refunds at the time the proceeds are posted to the student’s tuition account. Federal regulations state that the earliest date a refund can be processed, if the funds are on the tuition account, is 10 calendar days prior to the first day of class. Additionally, federal regulations require SMU to process refunds within 14 calendar days from the first day of class of a student’s primary academic career. If loans are received after the first day of class, students need to allow up to 14 calendar days from the date the proceeds are applied to the tuition account for a refund to be processed.

Any outstanding debts to the University that include Title IV funds must have an Authorization to Credit Account form (ACA) and/or an Authorization to Credit Account Parent form (ACAP) on file in order to transfer funds to cover current award year debts. Students need to complete the ACA form and the federal parent PLUS borrower needs to complete the ACAP form. Any outstanding debts to the University that do not include Title IV funds will be deducted from the credit balance prior to issuing the refund.

SMU has signed a contract with Heartland ECSI Refund Select. Students can sign up for an electronic refund by logging into my.SMU, selecting the “Financial Account” tile and clicking on the MyRefundSMU link on the left-hand menu. In creating your profile, please note that your selected username must begin with a letter and cannot contain spaces or special characters. Once you have created your account, be sure to select “Direct Deposit” as your preferred method for refunds in order to receive your refund in a timely manner. You must be eligible to enroll in order to access RefundSelect.

Refunds are continuously processed throughout the year as financial aid is applied to student accounts. Students may call or visit the Office of the University Bursar in the Division of Enrollment Services to check on the status of a refund 14 calendar days after funds have been applied to the tuition account.

Withdrawals from the University

Withdrawal Information

Students desiring to withdraw from the University should visit the University Registrar’s website for specific information about the withdrawal process: www.smu.edu/EnrollmentServices/Registrar/Enrollment/

Medical Withdrawal

Students desiring to withdraw from the University due to medical reasons should visit University Registrar’s website for specific information about the medical withdrawal process: www.smu.edu/StudentAffairs/HealthCenter/FrontDesk/MedicalWithdrawals.

Withdrawals and Financial Aid

Students receiving financial aid should contact the Office of Financial Aid prior to initiating the withdrawal process. 

Housing and Dining

The Housing Agreement is made for both fall and spring terms or for either one or both of the five-week summer sessions. Should a student move from the residence hall at any time, the remainder of the rent for the term(s) or five-week summer session(s) will be due. For more specific information, read the Housing Agreement form or consult with the Department of Residence Life and Student Housing. A percentage of dining charges may be refunded based on the date of official withdrawal from the University.

TUITION AND FEES SCHEDULE FOR CANCELLATION/WITHDRAWAL

A student who officially cancels his or her enrollment or withdraws from the University is charged only a portion of tuition and fees based on the effective date of the cancellation or withdrawal.

Special Schedule

IEP career follows summer schedule for May term and Summer.

Graduate Cox programs follow Fall/Spring schedule for Fall/Spring/Summer terms.

M.S. in Data Science program follows the same schedule for Fall/Winter/Spring/Summer terms.

SMU Abroad programs have a “NO REFUND” policy after the start of the program and follow refund schedule on application.

SMU-in-Taos programs follow the refund schedule on applications.

Please refer to the following tables for the schedule:

Summer Terms

August Terms

Winter Term

Jan Term

May Term

**Please refer to academic calendar for each term’s date.

This schedule falls within the recommended withdrawal policy of the American Council of Education. Please contact the Office of the University Bursar for medical withdrawal prorated information.

FEDERAL AID POLICY ON FULL CANCELLATION OF CLASSES AND TOTAL WITHDRAWAL FROM THE UNIVERSITY

Return of Federal Student Aid Funds

The Higher Education Amendments of 1998 establish the principle of “earned aid/unearned aid” for administration of federal student aid. A student “earns” federal aid in proportion to the percentage of the term completed. Students withdrawing from the University before completing 60% of the term will be subject to the Federal Return to Title IV (R2T4) calculation. The R2T4 calculation is used to determine the amount of aid a student has earned during a term. Any student that completes 60% of a term is considered to have earned 100% of their financial aid funds for that term. Students who fail to complete at least 60% of the term may be required to return the  “unearned” portion previously disbursed financial aid.   For example, a student who completes 30 percent of the term has “earned” 30 percent of their federal aid eligibility for that term; however, SMU and/or the student may have to return the “unearned” 70 percent of aid. Students who complete 60 percent of a term are considered to have earned 100 percent of their aid for that term. 

A student who receives a refund of financial aid funds for educational expenses that are not billed directly (books and supplies, transportation, living and/or personal expenses) may be required to return the unearned portion of that refund. Federal regulations require all schools to notify the U.S. Department of Education of any student who is required to return an unearned portion of financial aid funds received.   Generally, the student is ineligible for additional federal aid, at any institution, until repayment is made in full 

BURSARS OFFICE POLICY ON TUITION REVERSAL FOR A FULL CANCELLATION
OF CLASSES AND TOTAL WITHDRAWAL FROM THE UNIVERSITY

Tuition charges will be adjusted based on the following schedule for students who totally withdraw from the University. 

Per Federal Regulation, a credit balance resulting from a withdrawal calculation MUST be returned to the Federal Financial Aid programs first. Once all required reductions in financial aid programs have been completed, any remaining funds will be refunded to the student.

Attribution of Refunds to Aid Programs

• Unearned funds must be returned to the funding source(s) in accordance with federal, state and institutional policies.  
• Federal aid programs must be returned in the following priority sequence: Federal Direct Unsubsidized Loans, Federal Direct Subsidized Loans, Federal Direct PLUS Loan, Federal Pell Grant and Federal SEOG.
• Any portion of the unearned financial aid not attributed to federal Title IV programs will be returned to non-federal funding sources in the following priority sequence: state grant, SMU gift aid, private gift aid, private loan and student/parent.
• In no case will funds returned to a source exceed the disbursement for that payment period made from the source.

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