Guidelines for Need-Based Assistance

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SMU follows the philosophy that financing an education is a “shared investment” between government, schools, and families. We believe that both parents and students have a primary responsibility to contribute toward educational expenses to the extent that are reasonable. Consideration for each need-based financial aid program is based on specific criteria as required by the funding source.

SMU FUNDED NEED-BASED AID

SMU considers an undergraduate student to be dependent upon their families. To be considered for SMU need-based funds, each family must submit the Free Application for Federal Student Aid (FAFSA) and the College Board’s CSS/PROFILE® application each academic year.

Per federal regulations, a student is classified as “dependent” unless they satisfy one or more of the following requirements. If the answer is yes to any of the following, the student is classified as “independent.”

• The student is an orphan or a ward of the court.
• The student is a U.S. military veteran.
• The student provides more than half of the financial support for a dependent other than a spouse.
• The student is married.
• The student turns 24 years of age before December 31 of the academic year for which aid is sought.
• The student was in foster care after age 13.
• The student was an emancipated minor by the court in the student’s state of legal residence.
• The student was under legal guardianship as determined by a court in the student’s state of legal residence.

The university reserves the right to alter the combination of gift funds and self-help funding (student loan and work programs) from year to year based on a family’s demonstrated financial need as determined through the FAFSA and CSS/PROFILE® applications, along with the availability of funds, current university policies approved by the SMU Board of Trustees, and federal/state legislation. Typically, the amount of self-help will increase as a student advance toward graduation.

STATE AND FEDERAL ELIGIBILITY GUIDELINES

To be eligible for federal and/or state financial aid, a student must meet the following criteria:

• Be in good standing with the university.
• Meet or exceed the minimum standard for Satisfactory Academic Progress (SAP) in an approved, degree seeking or certificate program.
• Not be in default on any federal or state student loan or have borrowed more than the loan limits
• Not be flagged for a previous federal or state grant overpayment
• Be a U.S. citizen or an eligible non-citizen for federal aid programs
• Be a Texas resident as defined by State of Texas for state aid programs

FEDERAL VERIFICATION REQUIREMENTS

Students may be selected for verification by SMU (Institutional selection) or by the U.S. Department of Education (Federal selection). If selected, students and their families must submit any and all documents requested by the university to confirm and verify the accuracy of data submitted on the FAFSA. Supporting documentation may include, but is not limited to, signed copies of 1040 income tax returns, official tax transcripts from the U.S. Internal Revenue Service, W-2’s, household size documentation, legal marriage and/or divorce documentation including child custody and support decrees, and non-custodial parent financial information. All required documentation should be submitted within the time limit provided at the time of notification. Funds may not be disbursed until the verification process is complete.

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