1. How long does it take to apply for financial aid?
The process is fast and easy if you complete the process in a timely manner. The Free Application for Federal Student Aid (FAFSA) can be completed online. However, if you receive any requests for additional documents from the Financial Aid Office necessary to determine eligibility the process may be delayed based on your response time.
2. Who should I chose as my Stafford loan lender?
The University of Miami serves as a Stafford Loan lender for the majority of our new student borrowers. Sallie Mae is our servicer for Stafford Loans.
Students who prefer a lender other than the University of Miami , should contact the Financial Aid Office and let them know as soon as possible. The Financial Aid Office will then provide you with further information on what steps will need to be taken to process the loan with the lender of your choice.
3. How long will it take for my Stafford loans to be processed?
Once the Financial Aid Office has determined your eligibility for Stafford loans you will receive an award letter. Once we have submitted loan certification requests to the guarantor, you will be able to complete your partial Stafford Loan Application/Master Promissory Note (MPN) online. If you are a first-time borrower at the University of Miami , you must complete the MPN and entrance loan counseling online. Your loans will be processed with the University of Miami as your lender, unless you have contacted our office and requested another specific lender.
4. Do I need to apply for financial aid every year?
Yes. You will need to complete the FAFSA annually.
5. How can I apply for a scholarship?
For admitted students the majority of our scholarships do not require an application with the exception of the Miami Scholars Program . However, continuing students need to complete the Donor Scholarship Application , which is usually available after January 1st of each year.
6. Can I apply for grants?
There are no federal or state grants available to law students at the University of Miami . All funds received through the various loan programs must be repaid.
7. How soon after my loan has been disbursed to the institution can I expect to have my overage check?
Generally overage funds are available by the first day of classes or four to five days after the funds are negotiated by the University.
8. If I apply for loans for an academic year, but only attend one semester, am I still entitled to the full amount of the loans?
No, because the loans are to be disbursed in two disbursements - one for each semester and should be used for educational expenses during the period of enrollment.
9. What happens if I borrow up to my budget but still need additional money?
Special allowances are made to increase the budget in the event of emergencies only. A budget increase request must be made in writing and requires the approval of the financial aid committee. Budgets may not be increased to cover retroactive or future expenses, or for non-education related expenses.
10. What happens to my scholarship if I attend part-time?
Any Dean's and Donor Scholarship (unless specifically stated) is intended for full-time study. If a student drops to part-time status they would lose their scholarship. The only exception to this would be if the student is part-time in their final semester of enrollment. In that case, the scholarship would be pro-rated to the same percentage of tuition as the full scholarship would have been.
11. What Aid is available for Summer Attendance?
Students may apply for federal Stafford Loans for summer sessions. Also, if a student has a Dean's Scholarship, they may be able to receive a pro-rated amount of that scholarship. Effective for the incoming class of 2004-2005 the scholarship may only be used for the first semester of summer enrollment. The pro-ration will be done based on the percentage of tuition to which the scholarship applies. For example, a $10,000 scholarship would represent approximately 29% of 2004-05 tuition. Therefore, in the summer in which the scholarship is used it will be pro-rated to 29% of the actual summer tuition charge. The percentage could change each year based on tuition costs.
Lastly, there could be federal work study funds on a limited basis. These funds would be used mainly by those students who are doing a clinical in the summer session. Approval for the clinical must be obtained through the Litigation Skills office and then we must be notified so that we can determine eligibility and availability of funds.
12. What happens if I change my enrollment status at any point in the semester?
Enrollment status affects all types of financial assistance. Dropping classes after the semester has begun could have an impact on the eligibility for any loan or scholarship programs. Once an overage has been issued to a student and then courses are dropped, that could create an over award and a required return of federal and/or private funds to the lender/s. Also, this can impact on the continued eligibility for any scholarship funds as well.
Please be sure to contact the financial aid office, if you are an aid recipient, when you are considering a change to your enrollment. Additions to or dropping of courses could have the impact of creating an additional bill after funds have already been disbursed based on the prior enrollment.
13. What should I do if I withdraw or take a leave of absence after receiving my loan checks?
If you receive a retroactive withdrawal, which allows for a 100% refund of tuition, the loan fund or a portion may have to be returned to the lender, including any overage amount you may have received. These are federal regulations that control the Return of Title IV Funds.
