Affording a UM Education

The University of Miami enrolls a diverse class of motivated and high-achieving students. As part of that process, we work with prospective and entering students to help them understand the financial aid application process and the types of assistance that may be available. After a student’s demonstrated financial need is evaluated, the University develops a financial aid offer that may include a combination of institutional scholarships, grants, loans, and other forms of need-based support.

Here are a few terms you will need to know as you go through the financial aid processes:

• Cost of Attendance (COA) is a total estimate of billable charges for tuition, room, and meals as well as additional indirect costs for books, supplies, travel, and some personal needs.
• Expected Family Contribution (EFC) is the amount of money a student’s family is responsible for paying toward the Cost of Attendance as determined by the University. This amount is based on the family income and asset information provided on the FAFSA and CSS Profile.
• Student Aid Index (SAI) is the number derived from the Free Application for Federal Student Aid (FAFSA), and is used to determine the amount of Federal financial aid that can be included in your offer. Some state programs and other scholarship providers also use this number.
• Demonstrated Financial Need is the difference between the Cost of Attendance and the Expected Family Contribution.

Need-based financial aid may be available to eligible full-time undergraduate students who submit the FAFSA and CSS Profile, along with required income and wage documentation, by the stated deadlines. Non-U.S. citizens and non-permanent residents do not complete the FAFSA but must submit the CSS Profile to the College Board by the stated deadline. Questions regarding financial aid for international students should be directed to intladmission@miami.edu.

Once demonstrated financial need is determined, financial aid offers are developed. These offers may include scholarships, grants, loans, work-study, or other assistance, depending on eligibility and available funding. Students should anticipate that some aid components may require repayment or work obligations.

Need-based aid, or financial need, is determined using institutional methodology to calculate an Expected Family Contribution. The Office of Student Financial Assistance and Employment then assembles a financial aid package that may include grants, loans, and other sources of assistance to address the calculated difference between cost of attendance and your family contribution.

To get an estimate of your family’s net contribution, visit UM’s Net Price Calculator. (Please note this will provide only an estimate; your actual aid eligibility will be determined by the Office of Student Financial Assistance and Employment using the information you submit on the aid applications.)

The University of Miami offers a range of financial aid opportunities designed to help students manage the cost of attendance. Depending on individual circumstances, students may be considered for grants, student loans, work-study programs, scholarships, or a combination of these options. Merit-based scholarships are awarded independently of financial need and are considered as part of the admission review process.

To be considered for need-based aid, students must submit all required documentation by the published deadlines. Current deadlines and requirements are available through the Office of Student Financial Assistance and Employment website.

The short answer is yes. Please visit the Office of Student Financial Assistance and Employment website for a comprehensive list of aid programs available for Florida students.

All applicants are automatically considered for merit scholarships regardless of admission plan or financial need. 

To be considered for our Premier Scholarships, which cover up to the full cost of attendance annually, students must apply by the November 1 deadline.

The University of Miami awards merit scholarships to incoming first-year students based on a holistic review of their application, including academic achievements. 

The University of Miami also offers merit-based scholarships for transfer applicants. 

Provided there is no significant change in a family’s financial circumstances, the student meets Satisfactory Academic Progress requirements, and the FAFSA is submitted each year by the required deadline, the general structure of the initial financial aid offer is expected to remain consistent over four academic years. However, individual award amounts may vary based on updated information and program requirements.