Savanna Hoffman
The University of Miami offers financial aid to students in the form of federal student loans, scholarships, tuition waivers, and more. The disbursement of student loans is contingent upon maintaining satisfactory academic progress and meeting the minimum credit requirements for part-time or full-time enrollment. Students are responsible for monitoring their CaneLink accounts and ensuring the completion of the financial aid process to maintain eligibility for aid. Federal student loans are disbursed according to Miami's disbursement schedule, and refunds can be used for education-related expenses.
| Characteristics | Values |
|---|---|
| Student loan disbursement time | Upon acceptance, federal loans will be paid to the student's account in accordance with federal regulations and Miami's disbursement schedule. |
| Financial aid disbursement | Financial aid for summer will be disbursed during the first week of the term in which the student meets the minimum required enrollment for the aid program. |
| Eligibility criteria | Undergraduate students enrolled at least half-time (6 credits or more) will be eligible to receive federal student loans. Graduate students enrolled at least half-time (3 credits or more) will be eligible to receive federal student loans. |
| Financial aid award status | Awards may be listed as "anticipated" or "estimated" due to issues that require resolution before disbursement. |
| Financial aid adjustments | Any adjustments to a student's course schedule should be made before the end of the add/drop period to avoid any adjustments in aid due to insufficient enrollment. |
| Financial aid and withdrawal | If a student withdraws, drops a course, or fails to earn a passing grade, their federal aid may be rescinded and returned to the government, resulting in the student owing money to the university. |
| Repayment of student loans | Students who graduate, drop below half-time enrollment, or leave school will enter into repayment on their Federal Student loan(s) after a six-month grace period. |
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What You'll Learn
Graduate student eligibility
Graduate students at the University of Miami are eligible for various types of financial aid, including federal loans, private educational loans, and institutional aid. To be eligible for federal student loans, graduate students must be enrolled at least half-time (3 credits or more). Additionally, they must meet the University of Miami's standards for Satisfactory Academic Progress (SAP), which measures academic performance through factors such as the completion rate of coursework, cumulative grade point average, and the maximum time frame to complete a degree.
The University of Miami offers federal loans such as the Federal Direct Unsubsidized Loan and the Graduate PLUS Loan. To be eligible for these loans, students must complete the Free Application for Federal Student Aid (FAFSA) and meet the eligibility criteria. Students can accept these loans through their CaneLink account and must complete the Entrance Counselling Session and Master Promissory Note for each loan.
Private educational loans are also an option for graduate students. While these loans are privately funded and managed, they are still considered financial aid. To apply for private educational loans, students must complete and submit the Private Education Loan Applicant Self-Certification form to the lender of their choice. It is recommended that students carefully review the terms and conditions of different loans and only borrow what is necessary to cover their educational expenses.
Additionally, the University of Miami offers institutional aid, such as the Rowe Fund, which provides highly subsidized loans to qualified graduate students from Latin America and the Caribbean. 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.
It is important to note that graduate students must meet certain requirements to maintain their eligibility for financial aid throughout their studies. This includes maintaining satisfactory academic progress and complying with the University's financial requirements, as outlined in the Financial Responsibility Statement. Students should also be aware that their eligibility for financial aid may change if they receive funds from other sources or if there are discrepancies in the information submitted on their application.
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Summer term disbursement
The disbursement of student loans for the summer term at the University of Miami is contingent on specific requirements. Firstly, students must be enrolled at least half-time, which equates to 6 credits or more for undergraduate students and 3 credits or more for graduate students. Summer financial aid will not be disbursed until the first week or day of the session in which the student meets the minimum required enrollment for the aid program.
It's imperative that students monitor their CaneLink Student Center or UM portal to stay informed about their financial aid status. Any unresolved issues or outstanding requirements can delay disbursement. Students must also ensure they meet the Satisfactory Academic Progress (SAP) standards set by the University of Miami, which evaluates academic performance qualitatively and quantitatively. These criteria include the completion rate for coursework, cumulative grade point average, and the maximum time frame to complete a degree.
The University of Miami's financial aid policies outline that students may receive notifications about changes to their financial aid and must stay vigilant about meeting deadlines to retain their aid eligibility. Additionally, students should be aware that their eligibility for financial aid may change if they receive funds from sources not included in their initial financial aid award.
Withdrawing from courses, dropping a course, or failing to earn a passing grade can have implications for financial aid. The University will determine the last date of attendance and calculate the percentage of the semester completed. If a student withdraws before completing 60% of the semester, they may be required to repay a portion of their financial aid. This calculation may result in a balance owed to the University and could impact future financial aid eligibility.
It's important to note that students have the option to decline loan funds to manage their debt effectively. They can also choose to use their loan disbursement for indirect education-related expenses, such as books, supplies, transportation, and housing. However, students must complete the financial aid process and any necessary entrance counselling to ensure timely disbursement of their loans.
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Federal work study
The University of Miami offers Federal Work-Study as part of its financial aid package. The amount indicated is the maximum a student may earn during the academic year. It is not a guarantee of employment, and students who apply late in the hiring season may not find a suitable position. Students must find a suitable employment opportunity that fits their needs, interests, and academic schedule. Once they find an employer, they must complete a work-study authorization form, I-9 form, W-4 form, and a direct deposit authorization before starting work.
There are a variety of work-study positions available on and off campus. Students who are not enrolled for the summer but wish to request Federal Work-Study for the summer term must submit a Summer Federal Work-Study Appeal or a Summer Financial Aid Request Form on the OSFAE website. Summer Federal Work-Study earnings for students not enrolled at least half-time for the summer term count as a resource for the upcoming academic year.
Federal financial aid regulations require that enrollment status (full-time, half-time, etc.) be based solely on courses required for the student's primary major and degree. Courses taken outside of degree requirements will not count for establishing a student's enrollment status for financial aid and will not be considered in the payment of Federal and state financial aid, including work-study.
Students who pursue minors or second majors should be aware that this restriction applies to courses not needed for their primary degree and may impact them. If a student has questions about their particular circumstances, they should speak with their academic advisor.
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$16.53 $22.99
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Financial aid refunds
At the University of Miami, students are expected to pay any semester balance that is due if financial aid funds are unavailable. Students who receive financial aid exceeding their billed charges will receive a refund. Students can view their Financial Aid Offer by logging into Banner 9 Self Service – Financial Aid.
Students who have received a refund of excess financial aid prior to the start of the school year can use those funds to pay for indirect education-related expenses. These include books, supplies, equipment, transportation, food and housing, or personal living expenses.
To be eligible for financial aid, students must meet the University of Miami's standards of Satisfactory Academic Progress (SAP). SAP measures a student's academic performance by reviewing their completion rate for coursework, their cumulative grade point average, and the maximum time frame to complete a degree.
Students who decide to leave school before the end of the semester or designated period of enrollment may be required to return their financial aid funds. If they complete more than 60% of the enrollment period, they will have earned all of their eligibility for that period.
The University of Miami offers direct deposit for student refunds. Students can enroll by visiting the "Financials" menu in CaneLink and selecting the "Direct Deposit/Bank Account" option. Only U.S. bank accounts can be added. Students who do not sign up for direct deposit will receive a mailed refund check to their current address listed in CaneLink.
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Withdrawal and repayment
If a student completes more than 60% of the enrolment period, they will have earned all of their financial aid eligibility for that period. However, if they withdraw before that threshold, they may be required to repay a portion of their financial aid. The amount of aid to be returned is based on formulas established by the U.S. Department of Education, and the student will be notified of the outcome of the calculation.
Withdrawal from the university can impact the student's financial aid and may result in owing money to the university. If a student withdraws, drops a course, or fails to earn a passing grade, the university will attempt to determine the last date of attendance for calculations. If proof of attendance cannot be obtained, the calculation is based on the midpoint (50%) of the semester. As a result, a portion of federal aid may be rescinded from the student's account and returned to the federal government.
The type of financial aid received also determines the repayment process. For example, if a student receives Title IV program funds, such as Federal Pell Grants, TEACH Grants, or Direct Loans, and withdraws from the university, the school must return these funds to the respective programs. Additionally, if a student receives excess Title IV program funds that must be returned, they may be required to repay the remaining amount in accordance with the terms of the promissory note.
It is important to note that the University of Miami may withhold readmission and future registration for non-payment of outstanding balances. Students are expected to manage their financial responsibilities and ensure timely repayment of any funds owed to the university or external loan providers. Failure to repay funds due to a federal program may also impact future eligibility for financial aid at the University of Miami or other institutions.
Students at the University of Miami can access resources to understand their loan repayment options and make informed financial decisions. The university provides information on estimating future salary and expenses, understanding loan terminology, and calculating monthly payments. Additionally, students are advised to consider their borrowing levels in alignment with their personal finance "Life Plan" goals and to explore prepayment options to minimize interest over the life of the loan.
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Frequently asked questions
The University of Miami disburses student loan funds according to federal regulations and its own disbursement schedule. Students are expected to monitor their CaneLink Student Center or UM portal to stay updated on their financial aid status.
Withdrawing from a course or failing to earn a passing grade may result in adjustments to your financial aid. Miami University is required to determine the federal aid a student has earned based on their last date of attendance. If you withdraw before completing 60% of the semester, a portion of your federal aid may be rescinded and returned to the federal government.
If financial aid funds are not available when the semester's balance is due, the student is expected to pay the balance. The University of Miami may withhold readmission and future registration for non-payment of outstanding balances.
