The questions and answers included here reflect some of the most commonly asked questions regarding financial aid. Please read the following carefully as they represent points of clarification regarding policy and procedures for both graduate and undergraduate students.
UNDERGRADUATE ENDOWED SCHOLARSHIPS – FREQUENTLY ASKED QUESTIONS
There have been recent articles in the Miami Hurricane regarding changes to scholarships for the 2008-09 academic year. How will these changes impact my University Academic Scholarship?
There is no change to the requirements of the University Academic Scholarships including the J.F.Pearson, George E. Merrick, Alumni, Henry King Stanford, Bowman Ashe, Isaac B. Singer, Ron Hammond, Marta Weeks, Golden Drum, Orange Bowl, George Jenkins, Collegiate, Trustee’s, Dean’s, University, or Miami Scholarships. Your eligibility for one of these scholarships was determined upon admission to the University. You will continue to receive the scholarship as long as you continue to meet the academic and registration requirements for the award under the original terms of the award.
Do I have to submit a FAFSA to receive my University Academic Scholarship?
No. You do not have to submit a Free Application for Federal Student Aid (FAFSA) application to continue receiving your University Academic Scholarship including the J.F.Pearson, George E. Merrick, Alumni, Henry King Stanford, Bowman Ashe, Isaac B. Singer, Ron Hammond, Marta Weeks, Golden Drum, Orange Bowl, George Jenkins, Collegiate, Trustee’s, Dean’s, University, or Miami Scholarships. You will continue to receive the scholarship as long as you continue to meet the academic and registration requirements for the award under the original terms of the award. If you are researching additional need-based resources to fund your education, the FAFSA should be submitted. For additional information about how to complete a FAFSA, click on www.miami.edu/ofas.
I am an undergraduate student and interested in applying for endowed (also known as donor) scholarships. How do I apply?
Only students who have submitted an application for admission and have been accepted to the University will be considered for undergraduate scholarships. There are three types of endowed scholarship application processes. Those which are 1) administered by the Office of Financial Assistance Services (OFAS); those administered by the OFAS in conjunction with the academic department or school; and, 3) those administered by the academic department or School.
For those endowed scholarships which are awarded through the financial aid awarding process by the Office of Financial Assistance Services, submission of a FAFSA is required to be considered. Some scholarships will be awarded through the financial aid awarding process in conjunction with involvement from a scholarship committee, faculty or Dean of the School. In most cases, a submitted FAFSA is required for consideration of these scholarships. Finally, for scholarships which are awarded by the school or department directly, you must meet the requirements as specified by that school or department.
Has the application process for donor scholarships changed?
The application process has changed for most undergraduate donor scholarships. These changes do not affect the University Academic Scholarships including the J.F.Pearson, George E. Merrick, Alumni, Henry King Stanford, Bowman Ashe, Isaac B. Singer, Ron Hammond, Marta Weeks, Golden Drum, Orange Bowl, George Jenkins, Collegiate, Trustee’s, Dean’s, University, or Miami Scholarships. All undergraduate donor scholarship commitments will continue to honor the intent of the donor’s wishes as defined in the terms of the donor agreements with the University.
How will I be able to apply for undergraduate donor scholarships if I am an international student and unable to file a FAFSA?
The Office of Financial Assistance Services has available an International Student Scholarship Information Form to capture the necessary financial information of the family. For more information, please stop by the Office of Financial Assistance Services in the Rhodes Building or call 305-284-5212.
If a FAFSA is required, does that mean that all endowed (donor) scholarships are need-based?
There are many undergraduate endowed scholarships which require the student to demonstrate financial need. There are also some undergraduate endowed scholarships which are not need-based. All endowed scholarship awards will be made in strict accordance with the donor’s wishes as defined in the terms of the donor agreements with the University.
I have been told that the priority deadline to file the FAFSA is February 1st for new freshmen and continuing students and March 1st for transfer and graduate students. If that date has past, how can I still be considered for the endowed (donor) scholarships awarded by the Office of Financial Assistance Services?
The deadlines of February 1st for new freshmen and continuing students and March 1st for transfer and graduate students is the recommended deadline to submit a FAFSA for consideration of all resources available. If you have not yet completed the FAFSA and the deadline has passed and you are interested in being considered for all resources including undergraduate donor scholarships, you are still able to submit a FAFSA and the Office of Financial Assistance Services encourages you to do so.
If I have submitted a FAFSA and am awarded an endowed (donor) scholarship, when will I be notified?
If you are awarded an undergraduate endowed scholarship based on the submission of a processed FAFSA, you will be notified at the time you receive your typical financial aid award notification. For continuing students, financial aid award notifications could begin in May and will continue on a rolling basis after that upon receipt of a FAFSA and once all other awarding requirements have been met (i.e. standards of academic progress). Scholarships awarded by the department may be notified directly from the department.
Are only those students chosen for the undergraduate endowed scholarships notified that they are a recipient of an award?
Those students that are awarded an undergraduate endowed scholarship administered by the Office of Financial Assistance Services are notified through the typical financial aid award notification.
» Go to General FAQs
» Go to Eligibility FAQs
GENERAL FREQUENTLY ASKED QUESTIONS
What is the difference between a grant, a scholarship and a loan?
A grant is a gift. It does not have to be repaid and is based on the student's financial need. A scholarship is an achievement award which is usually based on academic grades, abilities, skills, test scores, class rank, etc. Loans are funds borrowed by the student and/or parent. In most cases, loans must be repaid with an interest charge and have a time limit for repayment.
How will scholarships or grants that I am awarded from outside agencies impact my University academic scholarship and total financial aid award?
All general University scholarships are limited to the amount of a student’s tuition, or net tuition after the addition of other scholarship or grant aid that is also restricted in whole or in part to the payment of tuition. If University scholarships, in conjunction with other awards, exceed tuition, the University award is adjusted downward until the values equal tuition. Also, in the event that University scholarship funds, in addition to other scholarship, grant, and/or stipend resources, exceed the total cost of attendance, the University scholarships are adjusted downward to ensure that total aid does not exceed the cost of attendance. University need-based resources, in combination with other assistance, may not exceed the lesser of financial need or cost of attendance. In the event that a student’s total aid exceeds these restrictions, the University aid will be adjusted until the restrictions are met.
Please note: Always check with the Office of Financial Assistance Services when adding any awards from outside agencies to find out the full impact of such awards on your University financial aid award. Never assume that your original financial aid award will remain the same if such awards are added. We reserve the right to modify any financial aid award at any time due to changes in eligibility.
Will applying for financial aid affect my chances for admission?
Absolutely not! The Office of Admissions and the Office of Financial Assistance Services work independently. The University of Miami's "need-blind" admission policy assures that admission decisions are made without regard to a family's financial circumstances.
What is the deadline to apply for financial aid?
The preferred filing date for financial aid at the University of Miami is February 15 for entering freshmen, February 1 for continuing students and March 1 for transfer students. Late applicants are considered on a funds available basis.
What are my chances of receiving financial aid?
The only way to determine your eligibility for financial aid is to submit the Free Application For Federal Student Aid (FAFSA). The likelihood of receiving some form of financial assistance is probably better than most students and their families anticipate.
What items determine the cost of education at the University of Miami?
Direct costs (those that will be billed to students) are tuition, fees, room, and board (if applicable). Other indirect or variable costs are books, supplies, transportation and personal expenses.
What happens after my freshman year? Will my aid stay the same?
The University of Miami is committed to meeting as much of our student's full need as possible throughout their undergraduate years. However, an individual student's need may change from year to year. First, educational costs may increase. Second, changes in family size, number in college, and gross income, for instance, can increase or decrease parental contribution from year to year. If family circumstances remain stable, the parental contribution will be relatively constant.
Will my financial aid be automatically renewed next year?
No. You must reapply for all financial aid each academic year. Every effort will be made to continue your aid if you are eligible and if you apply by the March 1 priority deadline.
If I received a scholarship from the University of Miami, may I also receive need-based financial assistance?
Yes. Receipt of a scholarship does not preclude receipt of need-based financial assistance. However, scholarship assistance must be considered as a resource in determining eligibility for need-based aid. Thus, if a student had an initial need of $12,000, and receives a Stanford half-tuition scholarship, the value of half-tuition would be subtracted from the $12,000, and the difference would be considered the student's remaining need.
Is the money I receive from financial assistance programs taxable?
Any scholarships, benefits, fellowships or grants you receive from the University of Miami or any other source that combined exceed the cost of tuition, fees, books, and required equipment and supplies are considered taxable income. Loans are not included. Since you are required to report taxable awards to the IRS as income, you should keep a detailed record of all expenditures for tuition, fees, books, and required equipment and supplies. Housing and food are considered non-exempt, so money spent on these items are subject to income tax. For more detailed information, consult your personal tax advisor.
How is the University of Miami's Office of Financial Assistance Services different from many other financial aid offices?
Service! We pride ourselves in establishing a close relationship with families which allows us to personalize our services and provide updated and timely information to our students.
ELIGIBILITY FREQUENTLY ASKED QUESTIONS
Can only needy students, as determined by the FAFSA, work on campus?
Since the Federal Work-Study program is federally funded, only students with sufficient need as determined by the FAFSA are considered for the Federal Work-Study program. However, students may be able to work on campus through the Miami Commitment Program and other institutional student employment programs whereby students are hired on the basis of job skills and abilities, not financial need.
What are the factors that determine need?
Generally, most people feel income is the only factor in determining need. However, other variables such as family size, number of family members in college, age of older parent, savings, investments, and various allowances to income and assets are considered.
Is there a maximum income level that will make me ineligible for financial aid?
No. Income level does not automatically disqualify you for financial aid. Other variables, such as number in the household and number attending college, are taken into consideration.
If I am transferring from another State of Florida college or university and I am receiving State of Florida financial assistance, may I receive this assistance at the University of Miami?
If you are transferring to the University of Miami and are receiving assistance from a State of Florida Financial Aid program, you must contact the Florida Department of Education in Tallahassee to transfer the State aid to the institution to where you are transferring.
If I received a partial athletic scholarship, can I be considered for other types of assistance?
In some cases, NCAA regulations make it possible to receive both an athletic scholarship and other types of assistance.
Will my aid change if I move off campus?
Possibly. Please contact our office to determine how your aid may be affected.
Will my aid change if I am awarded financial assistance for both the fall and spring semesters of the academic year and do not enroll in the fall semester?
Yes. Students choosing not to enroll in the fall semester who have been awarded financial assistance for both semesters of the academic year will automatically have their aid package canceled. Students enrolling in the spring will be considered for assistance on a funds available basis.
