In 2022, tuition for full-time students at Southern Methodist University was $55,012 a year.
In 2022, tuition increased 2.9%–from $53,464 the prior year. Usually, colleges raise tuition about 3% each year.
If this information makes going to college sound impossible, remember, the total cost of tuition isn't necessarily what you will have to pay to attend a school. Many students pay far less than the total tuition after grants, scholarships, and tuition discounts are applied. And, student loans can make the amount you do have to pay out of pocket feel more doable until you're done with college.
Southern Methodist University is a private, religious institution, so it has the same tuition for students from Texas as it does for residents from other states.
Public schools receive funds from the state to help them cover costs. Public, state schools can offer lower tuition for students who meet the requirements for in-state residency.
Choosing a college where you qualify for in-state status can cut the cost of college tuition. Don't forget to confirm your state's rules for as an in-state resident. Each state has different requirements to qualify as in-state resident. Most states require students to have resided in the state for a certain period of time before qualifying. There may be additional requirements too, depending on the state you and your parents currently live in.
Tuition at SMU is the same for all students.
Students from outside of the U.S. usually do not qualify for for federal financial aid, but should research private or school-specific aid and scholarships.
International students without financial need may be eligible for merit-based institutional scholarships and athletic awards.
In addition to tuition, room and board, books, transportation and fees are also costs it consider when planning for college. Let's take a look at what impacts these costs, and what to expect at SMU.
Room and board at SMU costs $17,750 a year. This covers the cost of living in dorms or other on-campus housing, and a dining plan that enables you to eat in the SMU's on-campus cafeterias and dining facilities.
Meal-plan costs can depend on how many meals are included in the plan you choose.
First-year students are sometimes surprised by how much books and supplies cost–and not in a good way. The actual cost of books and supplies depends on the courses you take and the materials required. To save money, many students choose to use books from the library or buy books from students who have already taken the course.
The majority of colleges also have fees to offsets cost associated with maintaining facilties, like the computer labs and libraries, athletic facilities, and more.
Keep in mind, there could also be optional fees associated with participating in special activities, like joining a fraternity or sorority, or playing on an intramural sports team. Many schools have ways so that those who may struggle to participate because of cost can get help covering these costs.
The cost of getting around in college depends on a few key factors. Will you drive, fly, or take public transportation to school? Will you need to pay to park on-campus? Is the campus walkable? Do you plan to bring a car or will you need to use public transportation? All of these factors can drastically impact your estimated cost of transportation. At SMU, freshman are allowed to park on campus.
A school's location can impact the amount you'll have to spend just to get around. Small, rural schools may be easier to get around, but the cost of getting to campus may be higher. On the flip side, transportation in a city is often costly, but there may be more buses, trains or low-cost flight options to actually get to school. Southern Methodist Universityis in a urban setting in Texas, not far from Dallas-Fort Worth.
When creating a budget for college, don’t forget to leave some room in your budget for the cost of things like entertainment, clothes, furnishings and toiletries.
Now, let’s look at the breakdown of all expenses, to get a better estimate of how much students can expect to shell out for SMU.
What will the cost of attending SMU be? Here is a breakdown of tuition and expenses.
|2022 Total Tuition and Expenses|
|Room and Board||$17,750|
The total estimated cost will vary depending on whether you are going to live on-campus or off-campus.
|Total Estimated Costs|
The breakdowns above provide a good estimate of the total cost of attendance before financial aid and scholarships. Tuition and fees may vary depending on program, course level, location, and more.
In 2022, 2,048 of the 6,908 undergrads enrolled received financial aid. SMU meets 84.8% of the demonstrated financial need for undergraduates.
The average financial aid package for a full-time, first-year student is around $47,782 a year. Around 29% of SMU undergrads take out student loans to cover any remaining costs. SMU graduates who have student loans graduate with an average of $35,324 of student loan debt.
The average debt for each loan type varies.
|Average Debt By Loan Type|
|Most Common Loans for SMU Students|
Most students take out institutional or government loans, because they tend to have lower interest rates and more flexible repayment options than private loans. Loans from the federal government can be subsidized or unsubsidized. Subsidized loans do not accrue interest during school, while unsubsidized loans begin accruing interest at the time the loan is issued. If students do no qualify for enough federal loans to cover the cost of tuition, some take out private loans. Parents can also take out ParentPLUS loans, which are government loans for parents who are helping their children pay for college.
The Free Application for Federal Student Aid (FAFSA) helps colleges determine how much financial need students and their familes have, so they can offer a financial aid package that meets, or come close to meeting, their need. For more information on SMU financial aid, keep reading, or visit their financial aid website.
Some students may receive grants and scholarships to help pay for college. Unlike loans, scholarships and grants do not have to be paid back.
In 2022, SMU awarded 1,982 need-based scholarships to students, giving away total of $74.5 million to help students with financial need cover the cost of school. An additional $82.74 million in merit-based scholarship money was awarded to students without demonstrated financial need.
The net price of college is the actual cost of attending a school for one year. Net cost is calculated by subtracting any scholarships, grants or other aid that does not need to be paid back from the total cost. Student loans are not part of the calculation, because they need to be repaid.
Now that we have a sense of the total estimated costs for SMU students, we can subtract the average financial aid package to find the estimated net cost. Net cost can vary depending on a students’ need and the financial aid award received.
When considering whether a school fits your budget, it is important to consider the estimated net cost, not just the sticker price of tuition. Often, schools with the highest tuition also offer the most generous aid packages, so estimate your net cost before eliminating a school because it does fit your budget.
The average amount of financial aid received by a full-time first year student with demonstrated need at SMU was $47,782 in 2022. By substracting the average financial aid package from the estimated costs, we get a number that may make the cost of SMU seem more manageable.
|Estimated Net Cost for Full-Time Students|
What will attending SMU really cost you? The answer depends on several factors.
As of 2011, colleges are required to have a net price calculator on their website to help prospective students and their families understand the actual cost of attending that school, based on their financial situation. You can find the SMU's net cost calculator on their website.
Some students choose to use payment plans to make the cost of tuition fit more comfortably in their budget.
SMU offers an Installment Payment Plan, which allows students to pay tuition in a series of smaller chunks instead of one lump sum.
Schools sometimes offer tuition waivers to certain groups, to offset the cost of attending. Some colleges offer tuition waivers for faculty, staff, and their families , underrepresented students, or military students. Even with a tuition waiver, other expenses and fees are the responsibility of the student.
SMU has some full or partial tuition waivers available for: - Employees or Children of Employees
Check the financial aid website for more information on payment plans and tuition waivers.
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