Miami University: Student Funding And Financial Aid

The University of Miami offers a variety of financial aid opportunities to its students. The university meets 100% of the demonstrated financial need of all admitted students in their first year. The average need-based scholarship or grant awarded to first-year students is $47,156, with 45% of first-year students receiving need-based financial aid. The university also offers merit-based scholarships, with the average non-need-based scholarship or grant for first-year students being $24,895. Additionally, the University of Miami provides on-campus employment programs, such as the Federal Work Study Program and the Student Assistant Program, allowing students to earn money while studying.

Scholarships

The University of Miami offers a variety of scholarships to its students. Firstly, the university meets 100% of the demonstrated financial need of all admitted students in their first year. This is determined by calculating the expected family contribution (EFC) based on the family income and asset information provided on the FAFSA and CSS Profile. The university then provides an aid package that covers the difference between the EFC and the cost of attendance (COA). This package largely consists of grants, which do not need to be repaid, keeping student debt at graduation comparatively low.

The University of Miami also offers merit-based scholarships to incoming undergraduate students based on their academic achievements. All applicants are automatically considered for an academic scholarship when they apply for admission, and there is no separate application process. These scholarships are awarded based on a holistic review of the student's application. For first-year applicants, the university offers merit-based scholarships for academics, arts, and leadership. These scholarships have varied requirements and submission guidelines and can cover up to the full cost of attendance annually.

Additionally, the university offers merit-based scholarships for transfer applicants, with awards ranging from $10,000 to $15,000 per year. International students can also receive scholarships, but they are required to submit the CSS Profile to be considered for need-based institutional aid.

Grants

The University of Miami's Miami Within Reach program is available to all eligible, full-time undergraduate students who have completed and submitted their FAFSA and CSS Profile with required income and wage documentation by the stated deadline. The program meets the full demonstrated financial need of all admitted students in their first year at UM. Assuming there is no meaningful change in a family’s financial profile, the student meets Satisfactory Academic Progress thresholds, and the student files a FAFSA each year, the financial aid awarded in the form of grants, loans, and other sources of aid in the first year will not change over the course of the student’s next three academic years.

The average need-based scholarship or grant awarded to first-year students at the University of Miami was $47,156 for the fall 2022 semester. Additionally, 45% of first-year students received need-based financial aid during this period.

Miami University also maintains several programs dedicated to funding research by students and faculty, including Cornerstone Grants, regional campus grant programs, Global Initiative opportunities, and Humanities Center faculty support, among others.

Loans

The University of Miami offers a range of loans to help students cover the costs of their education. The university's approach to financial aid includes meeting 100% of demonstrated financial need in the first year, which can be covered through a combination of grants, loans, and other sources of aid. The total cost of attendance at the University of Miami is $88,440, which includes tuition, fees, housing, meals, transportation, books, supplies, and personal expenses.

Federal Loans

The University of Miami offers Federal Direct Subsidized or Unsubsidized Loans to students who complete the Free Application for Federal Student Aid (FAFSA) and meet the eligibility criteria. The average need-based self-help aid awarded to first-year students, which includes federal loans and work-study, was $5,550. Federal loans have a time limit for repayment and must be repaid with an interest charge. Students will need to accept the loan through their CaneLink account and complete the Master Promissory Note and Entrance Counselling Session.

Parents of dependent students may apply for a credit-based Federal Parent PLUS Loan, with the amount not exceeding the annual cost of attendance less any awarded financial aid.

Private Educational Loans

Private educational loans are also available to students, although it is recommended that students first apply for all federal, state, and institutional aid they may qualify for. The cost of attendance and enrollment are certified by the University of Miami to the lender, and these loans must be considered in determining eligibility for other aid. Students must complete and submit the Private Education Loan Applicant Self-Certification form to the lender. A list of potential lenders can be found on www.elmselect.net.

Rowe Fund for International Students

The Rowe Fund provides highly subsidized loans to qualified undergraduate and graduate students who are citizens of Latin America and Caribbean countries. These loans are granted with the understanding that recipients will return to their home countries to apply their knowledge and promote cultural exchange and development.

Work-study programs

The University of Miami offers work-study programs as part of its financial aid opportunities. The University meets 100% of demonstrated financial need for all admitted students, and work-study programs are one of the four types of aid available, alongside grants, low-interest student loans, and scholarships.

Federal Work Study (FWS)

The Federal Work Study program is a federally funded financial aid program. It is awarded to students based on their eligibility, which is determined by the Free Application for Federal Student Aid (FAFSA) and other financial aid criteria. Funding for this program is limited. Students are awarded a specific amount, and the federal government subsidizes the wages to the employer. This means that the employer pays a portion of the wages and FWS pays the remaining portion. Jobs may be with on-campus departments or with off-campus community service agencies.

To apply for Federal Work Study positions, students must “accept” the award as part of the financial aid process. Students can then apply for jobs through JobX (miami.edu/jobx).

Students can earn up to the total offered amount for the eligibility period. For example, if a student receives an FWS offer for $4,000, they may earn $3,000 during the fall, and have $1,000 left available to earn in the spring. Students are paid at least the minimum wage, which is currently $13.00 in the state of Florida, but may be paid a higher rate depending on the type of work and the skills required.

FWS wages are considered taxable income. Students will receive a W-2 form from the UM Payroll Office indicating their FWS and any other funds earned at the University of Miami.

Student Assistant Program

The Student Assistant Program is open to all degree-seeking enrolled students. UM departments and off-campus employers pay in full for these students’ wages. The best time to look for these positions is early in the semester. Students enrolled at least half-time are eligible to participate in the Student Assistant program.

Lead Miami

This program is available to continuing students who were selected as Lead Miami program participants. The Lead Miami program is an institutional work-study program allowing students to apply for Lead Miami and work-study positions.

Graduate Assistant Program

Graduate Assistantships are awarded by individual University departments and are subject to employment guidelines as specified by the hiring department and the Graduate School.

Merit-based scholarships

The University of Miami offers merit-based scholarships to incoming first-year students based on a holistic review of their applications, including their academic achievements. All applicants are automatically considered for merit scholarships, regardless of their admission plan or financial need.

The University of Miami offers several merit-based scholarships for academics, arts, and leadership. These scholarships have varied requirements and submission guidelines and can cover up to the full cost of attendance annually.

For example, the University of Miami's Premier Scholarships cover up to the full cost of attendance each year. To be considered for these scholarships, students must apply by the 1st of November. Additionally, the University offers merit-based scholarships for transfer applicants, with awards ranging from $10,000 to $15,000 per year.

Miami University also offers merit scholarships to qualified high school students who enrol full-time on Miami's Oxford campus beginning in the fall semester. Students are considered based on scholarship availability at the time of their application. The priority application deadline for Miami's merit scholarships is December 1st.

Frequently asked questions