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Student Loans

International Student Loans

Smith International Loans are private institutional loans lent by Smith College.  They are funded on a limited basis.

Loans are included in most students' financial aid awards as part of the self-help portion of financial aid.

Currently, all aid in an award letter, including loans, is deemed accepted by the student unless it is declined or a lower amount is requested.

Declination and reduction requests must be sent via email after an offer of admission is accepted and a deposit is paid.  Email messages should be sent to loanhelp@smith.edu and sent using the student's Smith College email address.

The interest rate is 6%.  Interest does not accrue while enrolled at Smith, during the 6-month grace period and during deferment (see Repayment for more information about deferment).

Listed below are projected need-based loan limitations. These levels are estimated and moderate changes may be made each year.

Year in School Loan Award
First Year $3,000
Sophomore $4,000
Junior $5,650
Senior $6,200

Loan proceeds are applied to the student's account in two semester disbursements.

Disbursement Requirements

  • Master Promissory Note (faxed copies cannot be accepted)
  • Truth In Lending Act Loan Disclosure
  • Self-Certification Form

These requirements are to be completed online via Smith College's loan servicer (a company contracted by Smith for loan management).  Student Financial Services will notify students who have this loan type with instructions for completing them at the appropriate time (after they have been set up with the servicer and, usually, after classes have begun).

Repayment begins after enrollment at Smith ceases (graduation, withdrawal, and certain types of leave) and following a 6-month grace period.

Interest begins to accrue when the loan enters repayment.

If a borrower enrolls at an approved school on at least a half-time basis elsewhere, then the borrower may request an in-school deferment.  Deferment postpones repayment and interest does not accrue during the approved deferment period.

Borrower experiencing financial hardship in regard to repayment may also apply for a postponement of repayment or for temporarily reduced monthly payment amounts.  The outcome could be a deferment or a forbearance; the difference between those two types of postponement is that interest continues to accrue under forbearance.

After leaving Smith, the servicer will issue bills and process payments on behalf of Smith College.

It will be the responsibility of borrowers to ensure that the servicer and Smith College has current contact information at all times.  Note that updating contact information with Smith College does not result in that information being updated with the servicer, and bad addresses will not excuse non-payment.