Janice Lozano
The University of Miami offers various financial aid opportunities to its students, including grants, scholarships, loans, and work-study programs. The university meets 100% of demonstrated financial need for all admitted students, with the average need-based scholarship or grant awarded to first-year students being $47,156. Additionally, 45% of first-year students received need-based financial aid in fall 2022. The total cost of attendance at the University of Miami is $88,440, while the net price after aid and scholarships is $48,296. Students can also opt for alternative payment options such as the Monthly Payment Plan (MPP) or third-party billing sponsorships. International students can benefit from the university's partnership with CIBC, which allows them to pay in their preferred currency.
| Characteristics | Values |
|---|---|
| Financial aid | The University of Miami offers 100% financial need coverage for all admitted students. |
| Cost of attendance | $88,440 |
| Average net price after aid and scholarships | $48,296 |
| Average need-based scholarship or grant for first-year students | $47,156 |
| Average non-need-based scholarship or grant for first-year students | $24,895 |
| Average need-based self-help aid for first-year students | $5,550 |
| Tuition rate for Bachelor of General Studies | $950-$975 per credit |
| Tuition for Accelerated Bachelor of Science of Nursing program | $14,000-$14,240 per semester |
| Transportation allowance for domestic students from contiguous states | Included in COA |
| Transportation allowance for students from Alaska, Hawaii, or international students | $4,008-$4,080 |
| Health insurance | Required for students enrolled in 6 or more credit hours per semester. International students must enrol in University-sponsored health insurance. |
| Housing | All non-local first-year students must live in University housing for two semesters, unless living with parents or legal guardians in Miami-Dade or Broward counties. |
| Meals | All undergraduate students living on campus must purchase a meal plan. |
| Payment options | Monthly Payment Plan (MPP), Third Party Billing, CIBC payment portal for international students |
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Scholarships
The University of Miami offers various scholarships to its students. 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 in fall 2022. Need-based self-help aid includes federal loans and work-study, with an average award of $5,550. The average non-need-based scholarship or grant is $24,895. The university met 93% of its students' financial aid needs.
The University of Miami considers everyone who applies for admission for an academic scholarship. There is no separate application process for scholarships. However, students must submit the CSS Profile and the Free Application for Federal Student Aid (FAFSA) to be considered for need-based grants and other types of aid. International students are required to submit the CSS Profile to be considered for need-based institutional aid.
The university offers endowed/gift donor scholarships to current students based on financial need. These scholarships are awarded through the Student Financial Assistance and Employment Office upon submission of financial aid applications such as the FAFSA and CSS Profile. Certain donor scholarships require an additional application and further information. Examples of donor scholarships include the Alex Rodriguez Endowed Scholarship, for full-time undergraduate students, and the Colonel Alice A. Kerr Veteran's Scholarship Fund, for students who have served in the armed forces of the United States.
Additionally, the University of Miami offers Yellow Ribbon Grants to veterans to help cover tuition costs that the Post-9/11 GI Bill doesn't cover.
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Student Loans
The University of Miami offers a range of student loans, scholarships, and other financial aid options to help students cover the costs of their education. The total cost of attendance at the University of Miami is $88,440, which includes tuition, food and housing, books and supplies, transportation, and personal expenses. The net price, after aid and scholarships, is $48,296 for the average student receiving need-based aid.
Federal Student Loans
The University of Miami offers Federal Direct Student Loans, which are available to students who complete the Free Application for Federal Student Aid (FAFSA) and meet the eligibility criteria. These loans can provide funding for one academic year during the standard academic year (fall/spring/summer terms). Students can also apply for Federal Direct Subsidized or Unsubsidized Loans, Graduate PLUS Loans, and Perkins Loans.
Private Educational Loans
Private educational loans are also available, although they are privately funded and managed. These loans are considered financial aid because the cost of attendance and enrollment are certified by the University to the lender. Students must complete the Private Education Loan Applicant Self-Certification form and submit it to the lender they select. It is recommended to carefully review the terms and conditions of private loans before applying and to borrow only what is necessary to cover educational expenses.
Rowe Fund Loans
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 intended to help finance their education at accredited institutions in the United States, with the understanding that recipients will return to their home countries to apply their knowledge and promote cultural exchange and development.
Other Financial Aid Options
In addition to student loans, the University of Miami offers need-based and merit-based scholarships, grants, and work-study programs. The average need-based scholarship or grant awarded to first-year students was $47,156, and 45% of first-year students received need-based financial aid in the fall of 2022. Merit-based scholarships are awarded based on academic or athletic achievement, community service involvement, unique hobbies or traits, personal background, or a parent's affiliation. The University of Miami met 93% of its students' financial aid needs.
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Work-study programs
The University of Miami offers work-study programs to help students cover their college expenses. These programs allow students to work part-time while studying, providing them with a source of income to help pay for their education. The University of Miami is committed to meeting 100% of the demonstrated financial need of its students and offers various financial aid options, including work-study opportunities.
Federal Work-Study Program
The Federal Work-Study (FWS) program is a federally funded, need-based financial aid program. It gives students the opportunity to earn money for college through part-time employment. To be eligible for Federal Work-Study, students must be accepted into a degree-seeking program, be a US citizen or eligible non-citizen, and demonstrate financial need through the completion of the Free Application for Federal Student Aid (FAFSA). The FAFSA calculates the expected family contribution, and the University of Miami determines the total demonstrated financial need by subtracting this amount from the full annual cost of attendance.
Student Assistant Program
The Student Assistant Program is designed for students without federal funding. Student Assistants can find jobs in various departments, similar to Federal Work-Study students. However, finding these positions can be challenging as the wages are paid in full by the University of Miami departments or off-campus employers. Students enrolled at least half-time are eligible to participate in this program.
Lead Miami Program
The Lead Miami program is an institutional work-study program that allows continuing students to apply for Lead Miami and work-study positions. This program provides students with the opportunity to gain work experience while also contributing to their financial needs.
Graduate Assistant Program
The Graduate Assistant Program offers graduate assistantship positions awarded by individual University departments. These positions are subject to the employment guidelines specified by the hiring department and the Graduate School.
It is important to note that the University of Miami also offers other forms of financial aid, including scholarships, grants, and loans, which can help students cover their college expenses. Additionally, the University works closely with prospective and incoming students to help them understand how financial aid works and make a Miami education accessible.
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Grants
The University of Miami offers financial aid to students to help bring the cost of a Miami education within reach. 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 in fall 2022. Need-based self-help aid includes federal loans and work-study, with an average award of $5,550. The average non-need-based scholarship or grant is $24,895.
The University of Miami met 93% of its students' financial aid needs in 2022. Need-based aid is determined by the student's or their family's ability to pay for college, as calculated by the Free Application for Federal Student Aid (FAFSA). The FAFSA is also needed for state need-based grant and scholarship programs. Yellow Ribbon Grants, for example, help veterans pay for tuition costs that the Post-9/11 GI Bill doesn’t cover. The University of Miami calculates the family contribution based on the FAFSA and CSS Profile and subtracts it from the full annual cost of attendance to determine the student's total demonstrated financial need.
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Third-party billing
The University of Miami offers financial aid to students in the form of scholarships, grants, loans, and work-study programs. 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 in fall 2022. Need-based self-help aid includes federal loans and work-study programs, with an average award of $5,550. Merit-based scholarships are also available for academic or athletic achievement, with an average non-need-based scholarship or grant of $24,895.
The University of Miami offers a Monthly Payment Plan, where term tuition payments are divided into four monthly installments for the fall and spring terms. The summer term payment is divided into two monthly payments and is only available to online students. Each payment is directly debited from the student's account. Students interested in this option must contact their Academic Advising team to set it up before the first day of classes.
Additionally, the University of Miami provides resources to help students understand their financial aid options and the cost of attendance. The Free Application for Federal Student Aid (FAFSA) is required for state need-based grants and scholarship programs. The University calculates the family's contribution based on the FAFSA and CSS Profile and determines the demonstrated financial need. Students can access their CaneLink account to view their financial aid details and plan their payments.
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Frequently asked questions
The amount of money a student at the University of Miami gets varies. The average need-based scholarship or grant awarded to first-year students is $47,156. The average non-need-based scholarship or grant is $24,895. The University of Miami met 93% of its students' financial aid needs in 2022.
Students at the University of Miami may be eligible for grants, low-interest student loans, work-study programs, scholarships, or a combination of all four. Scholarships are awarded based on need or merit, with need-based scholarships taking a student's financial status into account and merit-based scholarships awarded for academic or athletic achievement.
To apply for need-based financial aid, you must submit the required documents, including the CSS Profile and the Free Application for Federal Student Aid (FAFSA), by the stated deadline. The FAFSA is also required for state need-based grant and scholarship programs.
