Student Loans for University of Miami Students
About University of Miami
Located in Coral Gables, just south of the city of Miami, the University of Miami is a university on the rise: its academics have grown in strength over the past several decades, attracting more competitive students and professors, while in the same period of time, its endowment has grown dramatically. As if its growing academic strength wasn’t enough to make U of M appealing, let’s not forget it’s in a beautiful suburb of Miami, right outside the city limits. Coral Gables is gorgeous, and the university also has a campus out on Virginia Key for marine and atmospheric research. On top of all of this, the school has a very high profile athletics program, and routinely produces strong teams for ACC and NCAA competition.
Miami, like any other city, has a relatively high cost of living. Not that you’ll be going out on the city and living the high life as a college student, but it’s important to keep the higher cost of living in mind as you construct a budget.
Applying for Financial Aid and Student Loans
The University of Miami requires students to submit the Free Application for Federal Student Aid (FAFSA) to be considered for financial aid funds. Don’t be intimidated—you only have one form to submit, and it’s really not that bad. Check out our FAFSA coach for details on how to complete it painlessly. Once you’ve got it finished up, send your FAFSA off to the U of M aid office and your application process will be complete.
University of Miami financial aid is offered to 85% of the student body, with a remarkable 71% of all aid coming in the form of grants or scholarships. The dominance of ‘free money’ awards in the University of Miami financial aid program is a huge strength for the university, and a great plus for students who might attend. Of course, there are still students who don’t receive all the aid they need to totally cover the cost of attending the University of Miami, and in these situations both federal and private loans can be helpful.
If you still need funding after your U of M financial aid package, first exhaust your federal aid options, and then pursue private loans to cover the final gap. To find, compare, and apply for private student loans for University of Miami, check out our loan comparison tool above.
The UM Financial Aid department does not automatically renew your financial aid every year. You need to reapply for the financial aid every year. Having Satisfactory Academic Progress (SAP) is mandatory for financial aid renewal. You need to apply for the financial aid’s renewal at the University of Miami by February 1, which is the priority deadline.
Are there any scholarships available for new international students through the University of Miami financial aid office?
Yes, new international students may apply for scholarships offered by the University of Miami financial aid office. Available scholarships include are Isaac Bashevis Singer Scholarship, a standard University scholarship, the Dean’s scholarship, and the Dickinson scholarship. To be considered for these awards, students are required to submit an application for admission with academic documents and a letter from the bank. Students must also have a minimum SAT score of 1300 in order to be eligible.
Pay for University of Miami*
|Total Avg. Cost||$53,544|
|Room & Board||$11,016|
|Financial Aid Information|
|Students Receiving Fin Aid||80%|
|Typical Grant Amounts|
|Avg. Other Stud. Loans||$18,466|
|%Receiving Other Loans||8%|
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*Data source is the Integrated Postsecondary Education Data System (IPEDS) the data collection program for the National Center for Education Statistics