Understanding Your Award

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We determined your eligibility for financial aid after reviewing your 2014-2015 Free Application for Federal Student Aid (FAFSA). Your financial aid award may consist of loans, scholarships, or a combination of both. All loan aid may require further action on your part - such as completion of the verification process, Promissory Notes, PLUS Request Application, loan entrance counseling or any combination of these.

  • Federal Direct 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 $20,500 for a two-semester loan period.
  • Federal Direct 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. This loan is based on the borrower not having an adverse credit history. UPDATED PROCEDURE: Once you have verified the offered loan amount on CaneLink, log into studentloans.gov to complete the PLUS Request Application for Graduate Students (this triggers a credit check for this loan) prior to completing the actual Master Promissory Note (MPN). Your loan must be approved, with the Promissory Note on file in order for it to be accepted in CaneLink and disburse.
  • First-time borrowers, at the University of Miami School of Law, will need to complete the online Federal Direct Stafford Loan Master Promissory Note (MPN) and Loan Entrance Counseling with the Department of Education. Students may complete all federal student loan applications and entrance counseling at the Department of Education website.
  • Scholarships: do not have to be repaid and will be included if they have been awarded during the Admissions process or later during the Continuing Student Scholarship Process. Scholarships are awarded for full-time enrollment.

Scholarships

All scholarships are intended for full-time enrollment. Reduction in course load may result in reductions or cancellation of awarded scholarships. During the final semester of enrollment, scholarships may be pro-rated if a student's course load is less than full-time; there is NO exception to this policy.

Most academic scholarships provide funding for law tuition (fall and spring) for all credits, including six approved non-law course credits taken in other departments of the University and applied toward the juris doctor degree. They are available for one summer of enrollment following the first or second year of law school. Please check with the Financial Aid Office to verify if your scholarship is included.

PLEASE NOTE: Rising students with scholarships, awarded during the Admissions process, will be able to view your scholarship on your current award letter. However, if you fail to meet the merit requirements of your scholarship, a revised notification will be sent with the scholarship CANCELLED. You should view CaneLink regularly, after Spring grades are posted, for changes in your award.

Federal Verification

Approximately 30% of all FAFSA applicants are randomly selected for the federal process called verification. However, due to the recent changes in federal aid for Graduate/Professional Students, it may not be necessary for our office to verify your information. If you are selected, and we are required to verify your information, our office will contact you with the appropriate forms that need to be completed with the IRS Tax Transcript. Please do not supply any information to our office unless requested.

Cost of Attendance

Please click here to view the Cost of Attendance webpage.

See the Office of Student Account Services for a detailed summary of tuition and fees cost.

The 2014-2015 mandatory health insurance for full-time students (if not waived) is $2,306. The amount is determined by the Student Health Services Office. Other related costs range from $14,128 to $22,978.

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.

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 Direct 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
P.O. Box 8030
Layton, UT 84041
888-397-3742
www.experian.com

Equifax
P.O. Box 105496
Atlanta, GA 30348
800-997-2493
www.equifax.com

TransUnion
P.O. Box 1000
Chester, PA 19022
(800) 888-4213
www.transunion.com

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 website by clicking here.

Declining Aid

Students may decline any awarded aid on CaneLink. The Financial Aid Office assumes acceptance for any aid not declined by you. Please note, the link is at the top of the page. In order to request your loans be reduced, please send an e-mail to the Financial Aid Office at finaid@law.miami.edu.

Please make sure that your e-mail address is current on CaneLink 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.