Understanding your Award
Understanding your Award
We determined your eligibility for financial aid after reviewing your 2009-2010 Free Application for Federal Student Aid (FAFSA) .Your financial aid award consists of various programs available based upon “need”, academics or both. If any aid is indicated as “Estimated”, it may require further action on your part - such as completion of the verification process, promissory notes, loan entrance counseling or any combination of these.
- Federal Subsidized Stafford Loan: the federal government pays the interest on this loan while the student is in school (at least half time) and during the grace period. Eligibility is based on need and up to $8,500 may be awarded for a two-semester loan period.
- Federal Unsubsidized Stafford Loan: the interest becomes due to the student upon the disbursement of the funds, unless the student has chosen to capitalize the interest, which will accrue and result in additional indebtedness when repayment begins. Eligibility is not based upon need and is up to $12,000 for a two-semester loan period. The student may obtain up to $20,500 in Unsubsidized Stafford if they are not eligible for the Subsidized Stafford Loan.
- Federal Work Study (FWS): awarded based upon need and availability of funds. It offers the opportunity to earn hourly wages, part-time on campus (or off campus in some cases) and to receive a bi-weekly paycheck for hours worked. Students must contact the Office of Financial Aid to request consideration for FWS. First year students are not awarded FWS based on ABA recommendations that first year students do not work.
- Scholarships: do not have to be repaid and will be included if they have been awarded by the Admissions or Donor Scholarship Committees. Scholarships are awarded for full-time enrollment.
First-time borrowers, at the University of Miami School of Law, will need to complete the online Loan Entrance Counseling and a Federal Stafford Loan Master Promissory Note (MPN) with their lender of choice, which will be available after May 1,2009 at www.law.miami.edu/finaid , click “Loans” on the left-hand side or “Apply for Loans” link on the right-hand side.
Scholarships
All scholarships (academic, donor or service) are intended for full-time enrollment. Reduction in course load will result in reductions or cancellation of awarded scholarships. During the final semester of enrollment, scholarships will be pro-rated if a student's course load is less than full-time, there is NO exception to this policy.
Academic scholarships are for the fall and spring semester law school tuition only, and are available for one summer of enrollment in either one of our summer abroad programs or on-campus summer session following the first or second year of law school.
Federal Verification
Approximately 30% of all FAFSA applicants are randomly selected for the federal process called verification. If you are selected, please download the appropriate form from our web site. You must complete and return the worksheet with a signed copy of your IRS 1040 income tax return and all schedules. You will not receive any aid from programs that are contingent on the FAFSA, e.g. Stafford and Graduate PLUS loans, if you do not complete verification.
Cost of Attendance
Tuition/Fees |
Full-time |
Part-Time |
$ 38,012 |
$1,633 per credit (for students enrolled for less than 12 law credits) |
The 2009-2010 mandatory health insurance for full-time students (if not waived) is approximately $1,907. Other related costs range from $12,353 to $23,366.
We encourage students to calculate how much money they will need to finance their law school education. You should review your own resources (i.e. savings, parental contributions, gifts, outside scholarships, etc.), financial aid offered and actual direct costs (tuition, mandatory fees, parking fees and health insurance). Sallie Mae’s Education Investment Planner may prove helpful in estimating these costs.
Once you have determined how much money you will need to pay for the direct costs, you should then create a budget that includes your indirect costs (books/supplies, room and board, personal and transportation expenses). The University of Miami School of Law has determined the total cost of attendance for financial aid purposes, however, your individual choices and budgeting will dictate your “actual” total costs of attendance. Your choices will determine your total loan indebtedness; therefore we encourage students to budget accordingly. Please note, that your financial aid will not be disbursed until the first day of each semester, therefore you should plan to pay for all costs prior to enrollment such as, living costs (apartment or lease agreement costs, moving costs and utilities deposit, food or meals, etc.) and books/supplies prior to the actual start of the Fall semester. You also need to budget for the interim between semesters as funds will not be available prior to the first day of classes for any given semester. Helpful tips to manage your debt are available here.
Federal Graduate PLUS Loan
The Federal PLUS loan program was formerly only available to parents of undergraduate students to assist with educational costs, however, based on changes in federal legislation graduate and professional students are eligible to apply for a Graduate PLUS loan. Borrowers may be eligible to request up to the cost of attendance minus financial aid. Your award letter includes your maximum loan eligibility for The Federal Graduate PLUS Loan. These loans are based on the borrower not having an adverse credit history. Please visit the "Loans" section of our web site for additional and application information for the Grad PLUS. You may apply for the Federal PLUS loan beginning June 1st.
Private Alternative Loans
The private alternative loans are available from commercial lenders for educational costs. They are based on creditworthiness (meaning that the lender will do a credit check). We recommend that students first consider a Federal Graduate PLUS loan, however, if denied based on credit issues a private loan is a viable alternative.
Credit plays a vital role in eligibility for PLUS and private alternative loans; therefore, you should take the time to review your credit with credit agencies as soon as possible. You should review your credit to ensure that your data is accurate and does not include data associated with identity theft. You may request a free annual credit report at www.annualcreditreport.com.
The three individual credit agencies are:
Experian |
Equifax |
Trans Union |
We recommend you request a copy of your credit report to ensure that there are no errors on it and that all valid credit problems are addressed before applying for the Federal PLUS or Private Alternative Loans.
Monthly Payment Plan
The Office of Student Account Services (OSAS) offers a monthly payment plan to assist with direct costs that are billed through the University. For further information on the monthly payment plan visit their web site by clicking here.
Declining Aid
Students may decline any aid awarded to them. You may do so on myUM (the link is at the top of the page).
All students who wish to borrow Graduate PLUS or private alternative Loans must complete their application with their selected lender. The lender will then submit credit-approved applications to our office for school certification. Once we have certified your loan eligibility a revised award notification will be emailed to you.
Please make sure that your email address is current with the Office of Admission (new students) and on myUM (continuing students) to ensure you receive all pertinent mailings and avoid unnecessary delays in the processing of your aid. If you need additional assistance, please contact our office.
