Financing
There are several options available to finance a Smith education. Options include direct payments, a monthly payment plan, parent or student loans, and payments from a prepaid college savings plan. You may also combine these options into a personalized financing solution that works for your family.
Payment Options
Smith College accepts several forms of direct payments.
Be sure to include the student’s name and college ID on all forms of payment and correspondence.
Electronic check payments can be made using Smith’s billing system, CASHNet. Students access CASHNet through the Finances application on their Workday homepage. Other payers, who have been granted access by a student, can access CASHNet here.
For information on how to use CASHNet, students will find step-by-step job aids and video tutorials on the Workday Help site. We suggest you start with the Job Aid: Accessing CASHNet & CASHNet Overview. We also have step-by-step job aids and video tutorials available for payers. We suggest you start with the job aid Accessing CASHNet & CASHNet Overview - Payer.
Beginning August 1, 2022, you can use the Workday search functionality to look for help materials within Workday. The Workday Help site will still be active through the Fall 2022 semester as all of the job aids are moved into articles within Workday.
Job Aids
Checks or money orders (including outside scholarships, 529 Plans, and tuition benefit checks) should be made payable to "Smith College" in U.S. dollars, and drawn on a U.S. bank. Be sure that the student ID number is clearly written on the check.
Please mail payment and remittance stub to:
Smith College
Student Financial Services
College Hall 106
10 Elm Street
Northampton, MA 01063-0021
Express mail and all other correspondence may be mailed to this address as well.
Cash payments may only be made at the cashier's window, College Hall, Room 103. The cashier is open Monday through Friday, from 9:30 to 11:30 a.m.
Bank wires and wire transfers are accepted forms of payment for students with non-U.S.bank accounts. Please visit Flywire.
Smith College accepts 529 Plan payments. The 529 Plan payments can be mailed to the SFS Office. Some 529 Plans can be paid through CASHNet. Please refer to CASHNet for additional information.
Smith College is a proud participant in the Private College 529 Plan, a prepaid tuition plan sponsored by more than 280 private colleges across the country, including Smith. Accounts must be held for a minimum of 36 months before they can be redeemed for tuition. For more information, please see privatecollege529.com.
Monthly Payment Plan
Smith offers semester payment plans which allow students to pay their semester balance in four equal installments. Payments are due on the 10th of the month. You can sign up for a payment plan in CASHNet, Smith’s student billing system.
Automatic Recalculation of Installment Payments
Payment plan monthly installments will automatically recalculate to reflect any changes in charges or credits.
- If a change occurs within 10 days of an upcoming installment due date, recalculation locks in the upcoming installment amount and will only spread the change over any remaining payments.
- A notification of the change in monthly installments will be sent to the plan holder when recalculation occurs
| Fall Semester | Spring Semester |
|---|---|
| August 10 | January 10 |
| September 10 | February 10 |
| October 10 | March 10 |
| November 10 | April 10 |
Nonrefundable Fees
Domestic students (students from the U.S.) will be charged an administrative fee of $30 to sign up for the semester payment plan. International students are not charged a fee.
Late Fees
If enrolling late, all missed installments are required at the time of signup.
Late fees of 1.25 percent accrue on the student account for any unpaid portion of the monthly installment due if not paid by the due date. Plans will terminate after two unpaid installments. This financing option is extended as a courtesy by Smith College to our families. This courtesy may not be extended to a student in a future semester should a current plan terminate for nonpayment.
Smith offers one payment plan which allows students to pay their semester balance in four equal installments. Payments are due on the 10th of the month. To take advantage of a 5th installment, we recommend making a downpayment at the time of enrollment. For instance, students can make an initial payment on their balance before signing up for a payment plan. If the balance for the semester is $25,000, students can make an initial payment of $5,000 which reduces the balance to $20,000. They can then sign up for the payment plan and have four installments of $5,000 each.
Job Aids
Students can view job aids on the Workday Help site.
Individuals other than the student can sign up for the payment plan once that individual has been given access to the student’s CASHNet account.
To make any changes or cancel an existing plan, please contact the SFS Office at sfs@91ciba.com.
Loan Options
Parent PLUS Loans are offered by the Department of Education (Dept.) for parents of undergraduate students who are considered dependent in terms of federal aid. Borrowers must be U.S. citizens or eligible noncitizens. Approval is credit-based.
The borrowing maximum is the cost of attendance minus all other aid—it is NOT the billed amount due. Depending upon the composition of each student’s aid award and billed charges, a PLUS Loan for the maximum amount could leave a balance due or overpay the tuition account.
Requests are made online at studentaid.gov with the process activating July 1; however, requests should NOT be made until 1.) the student’s official aid award has been determined and 2.) the student has accepted or declined any requested and packaged student loans. Requests CANNOT be processed unless these prerequisites have been met.
A PLUS Loan request must be associated with a specific aid year. The aid year is selected from a drop-down menu during the application process. Please be sure to select the correct aid year. If the correct aid year does not appear, then the PLUS request process has not yet activated for that aid year.
PLUS Loans are not automatically renewed. If a PLUS Loan is wanted for any given aid year, it must be requested specifically for that aid year.
Additionally, because the required annual insurance decision can impact the PLUS Loan borrowing limit, it is important for the decision to be made before requesting a PLUS Loan despite the later insurance decision deadline. The decision process activates around July 1 each year.
For parents wanting assistance in determining the PLUS Loan amount that accounts for the loan fee, it is better to wait until charges and any pending aid are posted to the tuition account.
Requests, though, should be made before the due dates (August 10 for fall-only or full-year students and January 10 for spring entry students).
Some parents may find that financing is definitely needed for the fall term but are uncertain about spring. In such cases, we recommend borrowing for the full aid year so that the loan is in place for spring should it end up being needed. This approach helps to avert a potential late fee and registration hold. And reducing the loan is simpler and quicker than going through a second loan process. If a PLUS Loans ends up not being needed for spring, then email us a request to cancel the spring portion of the loan in late November or early December so that it does not appear on the spring bill (and certainly before disbursement, which is scheduled for 10 days before the start of classes).
For more details, please review the information below. Should you need further assistance, please contact us at loanhelp@91ciba.com.
| First Disbursed | Interest Rate |
|---|---|
| July 1, 2024-June 30, 2025 | 9.08% |
| July 1, 2023–June 30, 2024 | 8.05% |
Note: Interest begins to accrue on disbursed amounts upon disbursement.
| First Disbursed | Origination Fee |
|---|---|
| October 1, 2021-September 30, 2022 | 4.228% |
Note: Origination fees are deducted from the requested loan amount. Therefore, the amount that is credited to tuition accounts is a bit less than the processed loan amount.
For detailed rights and responsibilities and repayment terms, refer to the read-only Master Promissory Note (if a Master Promissory Note is required for your loan, then you must complete one online instead of using the read-only version).
How to Apply
Please wait to request a PLUS Loan until after the following items are completed:
- The application for financial aid has been completed and the official aid award has been determined.
- Any loan offered to the student has been accepted or declined by the student via Net Partner.
- The annual required health insurance decision has been made.
- First-time PLUS Loan borrowers must have a completed PLUS Loan MPN at studentaid.gov.
PLUS Loan requests that are submitted prematurely will be suspended and follow-up by the parent borrower will be required.
When requesting a loan, you must either request a specific whole dollar amount or select the Maximum option. (The maximum loan amount is NOT the same amount as the billed balance due.)
If you are unsure of the amount, contact this office instead of estimating (to avoid submission of another request because submitted requests cannot be modified).
If the loan period is September through May, then finance the amount needed for both terms. (We recommend full-year loans for full-year students as opposed to single-term loans.)
Be sure to account for the loan fee because it is deducted from the loan amount before disbursement. Not accounting for the fee could result in an unintended balance due on the account.
If a payment plan is being used in conjunction with a PLUS Loan, then the PLUS Loan should be processed before the payment plan is set up to avert a higher initial plan payment.
If two parents are requesting PLUS Loans, then both amounts should be worked out with this office before requests are made because one amount could lessen the borrowing limit for the second loan.
If you need assistance, contact us via email at loanhelp@91ciba.com.
Requests are made at studentaid.gov.
You will need your FSA ID to sign in. Do not use the FSA ID of the student. If you do not have one, you will be able to request one using the link near the sign in button.
Be careful when entering dates of birth and SSNs. And be sure that the parent information is entered in the borrower section and the student information is entered in the student section.
If you will be a first time borrower of this loan type for the named student, or if you previously borrowed this loan using an endorser, you must complete a PLUS Loan Master Promissory Note at studentaid.gov. If you owe this requirement, please complete this document at the same time that you complete your PLUS Loan request or earlier.
- A parent requests a loan at studentaid.gov
- The request data is transmitted to Smith College.
- A PLUS loan is added to the aid award.
- The current term portion is entered as a pending credit on the student account.
- The loan is originated with the Department of Education.
- The Department sends a disclosure to the borrower.
- The loan is linked to a master promissory note (MPN).
- The current term portion of MPN-linked loans disburses.
- The disbursed loan is reported to the Department.
- The Department assigns the loan to a loan servicer.
- The servicer notifies the borrower of this assignment.
- The borrower repays the loan via the servicer.
- Loan proceeds pay directly to the student's tuition account.
- Full-year loan amounts are split equally between both terms.
- Disbursement typically occurs on a weekly basis during the aid year.
- Email notification of disbursement is sent to borrowers.
- Note: Unsatisfied aid requirements can prevent disbursement.
- Credit balances are automatically refunded to the PLUS Loan borrower.
- During the online request process borrowers may authorize surplus loan amounts to be paid to the student directly.
-
Repayment, in fixed monthly payments, begins the day of a loan’s final disbursement. (If a loan has two scheduled disbursements, then that second disbursement is the final disbursement.)
- Borrowers may defer repayment while the student is enrolled. This option may be selected during the online request process.
- Denials may be overridden via appeal or by use of an endorser.
- Borrowers with loans approved via appeal or use of an endorser must complete "PLUS Counseling" at http://studentaid.gov.
- Endorsers must complete Endorser Addendums at StudentLoans.gov.
- Denials, when there is also no approval, allow students an increased federal unsubsidized loan maximum. Unsubsidized loan increases due to PLUS denials are made upon request only.
- Applicant Services can provide appeal/endorser help at (800) 557-7394.
Federal Direct Student Loans
Federal direct student loans are used by many students to help finance educational costs.
A subsidized loan does not accrue interest while you are in school. An unsubsidized loan does accrue interest while you are enrolled.
The amounts vary depending on the student's circumstances and other financial aid. Please contact us to determine your eligibility.
Independent students and dependent students whose parent was denied a PLUS loan may be able to borrow an additional $4,000 each year for their first and second years of school and an additional $5,000 each year for their third and fourth years of school.
Students who do not qualify for the subsidy may still apply and borrow under the unsubsidized program. For unsubsidized loans, interest accrues from the time the loan is disbursed. Students qualifying for the subsidized loan can generally also borrow through the additional unsubsidized program.
Students must maintain Satisfactory Academic Progress.
For more detailed information, please visit studentaid.gov.
Annual Borrowing Limits
The annual maximum loan amounts for dependent undergraduate students are indicated below.
Dependent Student Federal Direct Loan Limits
| Student Year | Base Eligibility | Additional Unsubsidized Eligibility | Total Student Loan Eligibility | Additional Unsubsidized Loan* |
|---|---|---|---|---|
| First Year | $3,500 | $2,000 | $5,500 | $4,000 |
| Sophomore | $4,500 | $2,000 | $6,500 | $4,000 |
| Junior & Senior | $5,500 | $2,000 | $7,500 | $5,000 |
*Independent students or a dependent student whose parent PLUS Loan has been denied may request the additional unsubsidized loan by contacting our office.
Aggregate (lifetime) Borrowing Limits
| Dependency Status | Maximum Subsidized | Maximum Combined Subsidized & Unsubsidized |
|---|---|---|
| Dependent undergraduate | $23,000 | $31,000 |
| Independent undergraduate | $23,000 | $57,500 |
The interest rate is fixed for the life of the loan. The rate of a loan is based on when it first disburses. Interest does not accrue on subsidized loans while in school whereas it does for unsubsidized loans. The rate below applies to loans for undergraduates only.
| First Disbursed | Subsidized/Unsubsidized Interest Rate | |
|---|---|---|
| July 1, 2023-June 30, 2024 | 5.5% | |
| July 1, 2024–June 30, 2025 | 6.5 % | |
The Department of Education charges origination fees on Direct Loans. Fees are deducted from Direct Loan amounts; therefore, disbursements to tuition accounts are a bit less than the loan amounts being borrowed. A loan’s fee rate is based on when it first disburses.
First disbursed Oct. 1, 2020 through Sept. 30, 2024: 1.057%
First-Time Borrowers
On or after you receive your finalized award letter beginning May 1, go to http://studentaid.gov and complete:
- Entrance Counseling (this provides information about your rights and responsibilities as a borrower)
- Master Promissory Note
Smith will be notified electronically after you have completed these requirements.
Loan proceeds are applied to the student's account in two disbursements, one each semester.
Loan repayment begins after separating from school (graduation, withdrawal, leave of absence, leave for approved U.S. study) or dropping below half-time enrollment and a grace period.
The grace period is a period in which payments are not due and that lasts for six months unless reduced or depleted due to a previous separation in enrollment.
Subsidized loans disbursed prior to July 1, 2012 and after July 1, 2014 do not accrue interest during the grace period. Unsubsidized loans and subsidized loans disbursed between July 1, 2012 and July 1, 2014 do accrue interest during the grace period.
The monthly payment amount is based on the amount borrowed and the payment plan that you select. If a payment is not selected, the default plan is the standard plan with a 10-year repayment period. Payments may not be less than $50 per month, therefore, the standard plan could be less than 10 years depending on the amount borrowed.
Students who have borrowed through the Federal Direct Student Loan programs are required to complete exit counseling if they are no longer enrolled at least half-time. Smith College will be notified electronically when this requirement has been completed. Visit http://studentaid.gov for more information.
Federal Direct Loans for students are packaged only upon request for undergraduates. Graduate student loans are automatically packaged upon applying for financial aid.
How to Request a Loan
Access your Net Partner account via the Smith portal and make sure that you are in the appropriate aid year. Then go to the Online Fillable Forms section in the menu (three horizontal lines).
Note that a FAFSA for the corresponding aid year must be on record to access the form and the form for an upcoming aid year might not be available until summer. Requests will be processed only after aid applications have been completed and reviewed.
Loan Amount
The maximum amount for which you are eligible will be packaged but you may accept loan aid for a lesser amount. When deciding on a loan amount, keep in mind that only full-year loans are processed for full-year students, and loans pay out in two equal disbursements. Additionally, a loan origination fee is deducted before the loan disburses. (Visit studentaid.gov for interest and fee rates.)
Making the Loan Decision
After the loan is packaged, you will be sent an email notification directing you to Net Partner (under Loan Actions in the menu) to review the offered loan aid and accept all or a portion of the loan or to decline it.
What Happens Next
The business day after loan aid has been accepted, the disbursement amount for the relevant semester/period will get posted as a pending credit on your tuition account and reduce the balance due shown.
Other Requirements
If a federal PLUS Loan or a private educational loan will be borrowed, then the federal student loan aid should be requested, packaged and accepted first.
If you are a first-time borrower, then you are required to complete Entrance Counseling and a Master Promissory Note (MPN) at studentaid.gov. When a loan is packaged, the requirements will appear in the Documents and Messages section of Net Partner.
Questions? Please email the Student Financial Services email box at loanhelp@91ciba.com.
Private student loans are nonfederal educational loans in the student's name, offered through private lenders. For U.S. citizens and permanent residents, we recommend that you first explore all federal loan options before considering nonfederal private loans. International students generally require a qualified U.S. co-signer. We highly recommend that you speak with a financial aid counselor before taking out a private student loan. Please contact Student Financial Services to make an appointment.
Eligibility
You are able to apply for a loan from any lender that offers private education loans. Private lenders check your credit history to see if you qualify for a loan. In many cases a coborrower may be required to qualify for a loan and may help lower your cost of borrowing. Interest rates, fees and qualifications vary, so be sure to review loan details provided by lenders.
Comprehensive List of Private Vendors
Smith College does not maintain a recommended lender list. However, we do provide a comprehensive list of lenders that Smith students have used over the past three years.
Smith College has not reviewed the terms and conditions of the loans offered by these lenders and does not endorse any of them.
Please go to ELM Select to review the comprehensive list of lenders and the terms and conditions of their loans. Other private lenders exist that may not be on our list. You are able to choose any private lender that meets your needs.
Smith College and its employees do not receive any benefits from lenders listed on this comprehensive list. We are committed to the highest standards of professional conduct. Please review our Code of Conduct for details of our practices.
Undergraduate international and undocumented students who are receiving need-based aid from Smith, may be eligible to borrow an institutional loan to help with educational expenses. Please email sfs@91ciba.com to discuss your specific situation.
Borrowing Level
The maximum borrowing level will be based on your year in school: First Year $3,500; Sophomore $4,500; Junior $5,500; Senior $5,500 and may be limited depending on your level of need-based aid.
Interest
This Smith College Loan has a fixed interest rate of 6% and does not accrue interest while you are enrolled at Smith College. Repayment begins six months after you leave Smith or graduate.
Student loans are administered by the Office of Student Financial Services and are included in your financial aid award if you have completed the necessary requirements. Loans are a form of financial aid that must be repaid with interest.
Students at Smith must use NetPartner to accept, decline, or reduce loans offered as part of a financial aid award.
The two types of loans most commonly awarded to students enrolled at Smith are Federal Direct Unsubsidized Student Loans and Graduate Federal Direct PLUS Loan.
Federal Loan Deadline
Applicants interested in federal loans should complete the Free Application for Federal Student Aid (FAFSA) by February 15 or as soon as possible after applying for admission.
Students who have special circumstances and determine that they need additional funds beyond the established Cost of Attendance may appeal to increase their loan eligibility. To be considered, graduate students should contact Student Financial Services by email to request a budget form and describe their special circumstances.
Federal Direct Unsubsidized Student Loans
Federal Direct Student Loans are used by many students to help finance their education. Federal Direct Student loans are available to U.S. citizens only.
Domestic students who have submitted a FAFSA and who would like to borrow a federal direct student loan for the upcoming academic year can submit a request on NetPartner: From the Menu, select Online Fillable Forms.
Loan requests will be processed after financial aid applications are complete and have been reviewed. Once the loan is processed you will receive an email directing you to NetPartner to review and accept all or any portion of the loans offered.
Annual Borrowing Limits
The annual maximum loan amount for graduate students is $20,500 or the difference between Cost of Attendance and all other aid, whichever is less. Students must maintain satisfactory academic progress in order to maintain their eligibility to borrow.
Aggregate (Lifetime) Borrowing Limits
Graduate students have a lifetime limit of $138,500 in Stafford Loans. This includes both undergraduate and graduate borrowing.
The interest rate is fixed for the life of the loan. The rate of a loan is based on when it first disburses. Interest does not accrue on subsidized loans while in school whereas it does for unsubsidized loans. The rate below applies to loans for graduate level students only.
| First Disbursed | Unsubsidized Interest Rate |
|---|---|
| 7/1/2024 through 6/30/2025 | 8.08% |
The Department of Education charges origination fees on Direct Loans. Fees are deducted from Direct Loan amounts; therefore, disbursements to tuition accounts are a bit less than the loan amounts being borrowed. A loan's fee rate is based on when it first disburses.
| First Disbursed | Subsidized/Unsubsidized Loan Fee Rate |
|---|---|
| 10/1/2020 through 9/30/2024 | 1.057% |
First-Time Borrowers
On or after you receive your finalized award letter beginning May 1, go to http://studentaid.gov and complete:
- Entrance Counseling (this provides information about your rights and responsibilities as a borrower) and
- Master Promissory Note (not required if previously completed under the Direct Loan Program)
Smith will be notified electronically after you have completed these requirements.
Loan proceeds are applied to the student's account in two disbursements, one each semester.
- Credit balances are automatically refunded to graduate students. Refunds are processed on a weekly basis beginning one week before the start of classes in the fall and spring semesters.
- We recommend setting up direct deposit with the Payroll Office for faster, easier access to refunds.
- Refunds should be expended with caution, as they are meant to cover expenses over an extended period.
- If financial aid or charges are revised due to course changes or withdrawal, all or part of a refund may be due back.
Refund warning: A loan will not pay out if any requirements are owed. And it can take up to three weeks from the time they are satisfied for them to be received and coded to accounts for the loan to disburse and, if the loan overpays an account, for the surplus to be refunded, as these are all weekly processes. Therefore, if you are relying on a refund from this loan, be sure to satisfy any owed requirements three weeks before funds are needed.
Loan repayment begins after separation from school (graduation, withdrawal, leave of absence) or dropping below half-time enrollment and a grace period.
The grace period is a period in which payments are not due and which lasts for six months unless reduced or depleted due to a previous separation from enrollment.
Subsidized loans disbursed prior to July 1, 2012 and after July 1, 2014 do not accrue interest during the grace period. Unsubsidized loans and subsidized loans disbursed between July 1, 2012 and July 1, 2014 do accrue interest during the grace period.
The monthly payment amount is based on the amount borrowed and the payment plan that you select. If a payment is not selected, the default plan is the standard plan with a 10-year repayment period. Payments may not be less than $50 per month; therefore, the standard plan could be less than 10 years depending on the amount borrowed.
Students who have borrowed through the Federal Direct Loan programs are required to complete exit counseling if they are no longer enrolled at least half-time. Smith College will be notified electronically when this requirement has been completed.
Graduate Federal Direct PLUS Loan
A Graduate PLUS Loan is an option for students who require additional funding for graduate school after maximizing grants, scholarships and Direct Stafford Loans. Eligibility for the Graduate PLUS Loan is based on the student's credit history; you cannot have an adverse credit history. Available to U.S. citizens only.
The interest rate is fixed for the life of the loan. The rate of a loan is based on when it first disburses. Interest does not accrue on subsidized loans while in school whereas it does for unsubsidized loans. The rate below applies to loans for graduate level students only.
| First Disbursed | Unsubsidized Interest Rate |
|---|---|
| 7/1/2022 through 6/30/2023 | 7.54% |
The Department of Education charges origination fees on Direct Loans. Fees are deducted from Direct Loan amounts; therefore, disbursements to tuition accounts are a bit less than the loan amounts being borrowed. A loan's fee rate is based on when it first disburses.
| First Disbursed | Subsidized/Unsubsidized Loan Fee Rate |
|---|---|
| 10/1/2020 through 9/30/2023 | 4.228% |
The maximum loan amount is the Cost of Attendance minus any other financial aid the student receives.
Loan proceeds pay directly to the student's tuition account.
- Request your borrowing limit by sending e-mail, to loanhelp@91ciba.com
- Decide how much to borrow
- Apply for lender approval at http://studentaid.gov
- Complete a Master Promissory Note (MPN) at http://studentaid.gov
- Complete Graduate PLUS Entrance Counseling at http://studentaid.gov
- PLUS Loan requests are transmitted to Smith
- Credit-approved loans are reviewed for Smith approval
- Approved loans are originated (created in our system and transmitted to the Department of Education). The Department of Education then sends disclosures about the newly created loans directly to borrowers.
- Originated loans linked to valid MPNs disburse on a weekly basis, but not earlier than 10 days before the start of each term.
- The department assigns disbursed loans to servicers (companies that will manage the loans). Servicing includes, but is not limited to, billing, payment processing, deferment requests, etc.
Repayment of the loan begins six months after the student leaves Smith College, graduates or ceases to be enrolled at least half time. The six-month time frame is considered the grace period.
You can estimate your monthly loan repayments using the Federal Loan Calculator.
Students who have borrowed through the Federal Direct Graduate PLUS Loan program are required to complete exit counseling if they are no longer enrolled at least half-time. Smith College will be notified electronically when this requirement has been completed.