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.
Smith College has partnered with Transact Campus / TransferMate Education to offer international students a secure and seamless way to pay for billed costs in the currency of their choice.
Without leaving the CASHNet student account payment portal, students can quickly and conveniently make an international wire payment from over 160 countries, using more than 130 currencies.
Multilingual, dedicated payment and account support is available 24 hours a day, seven days a week via TransferMate customer service:
- Chat (direct agent chat)
- Phone (pick the country you are calling from)
-
Email (customer service email)
More information on Best Rate Assurance for Bank Transfers can be found here.
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@smith.edu.
Loan Options
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, 2024–June 30, 2025 | 6.5% | |
| July 1, 2025–June 30, 2026 | 6.39% | |
The Department of Education charges origination fees on Direct Loans. Fees are deducted from Direct Loan amounts before disbursement.
First disbursed Oct. 1, 2020 through Sept. 30, 2025: 1.057%
First-Time Borrowers
On or after you receive your finalized award letter beginning May 1, go to https://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 https://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@smith.edu.
Parent PLUS Loans are offered by the Department of Education 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.
Effective July 1, 2026 and beginning with the 2026–27 academic year, with the passage of the One Big Beautiful Bill Act (OB3), significant changes were made to the Parent PLUS Loan program.
Parents who are borrowing for a specific student for the first time will be limited to $20,000 per year, per student, and have a per student lifetime maximum of $65,000.
Note: If two parents borrow PLUS Loan funds for one student, the maximum amount of both loans combined is $20,000 per year, and the combined lifetime maximum is $65,000.
Parents of current students who attended Smith prior to July 1, 2026, where the student has previously borrowed a Federal Direct Loan, and/or the parent has borrowed a Federal Parent PLUS Loan for that student, are eligible to continue borrowing under the policies that existed prior to the passage of OB3 (called “loan limit exceptions”). Under the loan limit exceptions, the borrowing maximum is the cost of attendance minus all other aid, and there is no lifetime maximum.
Parents of current students who attended Smith prior to July 1, 2026 where the student has previously borrowed a Federal Direct Loan and/or the parent has borrowed a Federal Parent PLUS Loan for that student can continue to borrow under current limits (up to annual Cost of Attendance minus other aid) for a maximum of three years (2026–27, 2027–28, and 2028–29), or until the student has reached the maximum length of their program, whichever comes first (maximum program length for undergraduate students is eight semesters).
Students will lose eligibility for Parent PLUS Loan Limit Exceptions if the student withdraws, takes a leave of absence, graduates, or is otherwise not enrolled for any portion of a semester.
Students who transfer into Smith after July 1, 2026 from another institution are NOT eligible for loan limit exceptions, even if they borrowed at their previous institution, and are subject to the new Parent PLUS Loan annual and aggregate limits. Students who transfer from Smith to another institution will also lose loan limit exception status at their new institution.
PLUS Loan applications are submitted online at studentaid.gov with the process activating on July 1 each year. A valid FAFSA must be on record for all PLUS Loan requests, even if a student is not otherwise an aid applicant.
For more details, please review the information below. Should you need further assistance, please contact us at loanhelp@smith.edu.
| First Disbursed | Interest Rate |
|---|---|
| July 1, 2025–June 30, 2026 | 8.94% |
| July 1, 2026–June 30, 2027 | 9.07% |
Note: Interest begins to accrue on disbursed amounts upon disbursement.
| First Disbursed | Origination Fee |
|---|---|
| October 1, 2020–September 30, 2027 | 4.228% |
Note: Origination fees are deducted from the requested loan amount. Therefore, the amount that is credited to tuition accounts is less than the processed loan amount.
For detailed rights and responsibilities and repayment terms, refer to the Master Promissory Note.
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 federal subsidized or unsubsidized 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 prior to completion of prerequisites may be delayed in processing.
When requesting a loan, you must either request a specific dollar amount or select the Maximum option. For new borrowers, the maximum loan amount is $20,000 per year up to a lifetime maximum of $65,000 OR the total cost of attendance minus all other aid, whichever is lower. For parents who qualify for the PLUS Loan Limit Exceptions, the maximum loan amount is the total cost of attendance minus all other aid with no lifetime maximum.
The maximum loan amount is NOT the same amount as the billed balance due. If you are unsure of the amount to request, email loanhelp@smith.edu instead of estimating.
Please note that the Dept. of Education charges a loan origination fee that is deducted from the loan amount at the time of disbursement. Requested loan amounts will disburse to the student account for a lower net amount. A loan fee calculator is included in the PLUS Loan application on studentaid.gov.
When choosing your loan period, we recommend full-year loans for full-year students as opposed to single-term loans. Full-year loan amounts are split equally between both terms.
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, please email to coordinate the applications due to borrowing limits.
If you need assistance, contact us via email at loanhelp@smith.edu.
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 at the time of application.
Be careful when entering dates of birth and SSNs. 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.
- 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 and begins no earlier than 10 days prior to the start of classes.
- Students must be registered for greater than half-time enrollment (8 credits) and have no other outstanding aid requirements.
- Email notification of disbursement is sent to borrowers.
- 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 the second disbursement is the final disbursement.) Payment is due within 60 days.
- Borrowers may request deferred repayment for either the time period when the student is enrolled at least half-time or for a six-month period after the student ceases half-time enrollment. Deferment can be requested at the time of application or at any time while the student remains enrolled on at least a half-time basis. Loan interest will continue to accrue during the deferment.
- Loan repayment information and options can be found at studentaid.gov and are specific to each borrower.
- Once a loan has disbursed, it is assigned to a loan servicer within one to three weeks. The loan servicer is your main point of contact for any questions regarding repayment or deferment.
- 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 studentaid.gov/plus-loan-credit-counseling.
- Endorsers must complete Endorser Addendums at studentaid.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.
Private student loans are nonfederal educational loans offered through private lenders. U.S. citizens and permanent residents may qualify for federal loans and should compare these loans to private loans to find the most beneficial option. International students generally require a qualified U.S. cosigner.
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 cosigner 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 Lenders
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 (minimum 3 borrowers in any of 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.
How to Compare Private Loan Options
Private education loans are not all the same. Use this checklist to compare:
- Fixed Rate: Stays the same
- Variable Rate: Subject to change over time (ask lender how and when it adjusts)
Ask:
- What rate do I qualify for? Not just the advertised lowest rate
- What interest rate reductions are available?
- APR represents the yearly cost of a loan, including both the interest rate and any additional fees. It's the clearest picture of total cost and the best way to compare different loan products.
- Repayment timing: immediate, interest-only, deferred (interest will capitalize), flat/fixed payment
- Repayment length: total length of repayment term
Ask:
- What repayment options are available to me?
- What is the total cost of the loan (with interest) for each repayment option?
Ask:
- Is a cosigner required?
- Will a cosigner improve my rate?
- Is there a cosigner release? If so, what are the requirements?
Look for:
- Origination fees
- Late fees
- Returned payment fees
Compare:
- Deferment/forbearance length and limits
- Temporary hardship option
- Death and disability discharge
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 (for Graduate Students) |
|---|---|
| 7/1/2024 through 6/30/2025 | 8.08% |
| 7/1/2025 through 6/30/2026 | 7.94% |
The Department of Education charges origination fees on Direct Loans. Fees are deducted from Direct Loan amounts before disbursement.
| First Disbursed | Subsidized/Unsubsidized Loan Fee Rate |
|---|---|
| 10/1/2020 through 9/30/2025 | 1.057% |
First-Time Borrowers
On or after you receive your finalized award letter beginning May 1, go to https://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 |
|---|---|
| 7/1/2024 through 6/30/2025 | 8.08% |
| 7/1/2025 through 6/30/2026 | 8.94% |
The Department of Education charges origination fees on Direct Loans. Fees are deducted from Direct Loan amounts before disbursement.
| First Disbursed | Subsidized/Unsubsidized Loan Fee Rate |
|---|---|
| 10/1/2020 through 9/30/2025 | 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@smith.edu
- Decide how much to borrow
- Apply for lender approval at https://studentaid.gov
- Complete a Master Promissory Note (MPN) at https://studentaid.gov
- Complete Graduate PLUS Entrance Counseling at https://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 Student Aid Loan Simulator.
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.