7 Easy Steps To The FAFSA: A Student's Guide to the Free Application for Federal Student Aid
Investing in a UM Education: Financial Aid and Student Accounts Overview
What should you be doing to prepare to pay for college? Learn the ins and outs of financial aid and student accounts from this webinar. We will discuss student loans, parent loans, accepting financial aid awards, completing promissory notes and Loan Entrance Counseling. In addition, we will walk you through the billing process, the tuition refund schedule, and help you learn about the payment options and resources available to you such as the monthly payment plan which can help you satisfy educational expenses at UM. The Power Point Document for the presentation can viewed here
Direct Loan Interest Rates are Changing
Effective July 1, 2015 the interest rates on Direct Federal Loans will be:
Undergraduate Subsidized and Unsubsidized Loans 4.29%
Graduate Unsubsidized Loans 5.84%
Graduate and Parent PLUS Loans 6.84%
Continuing Undergraduate Financial Aid Awards for 2016-2017
Undergraduate continuing financial aid awards, for those students who have submitted their financial aid applications and supporting documentation prior to the April 15th deadline, will be available to view on CaneLink early to mid June. Late applicants will be processed in the order in which they were received thereafter.
Non-UM Study Abroad - No Longer Eligible for Financial Aid
Effective beginning Spring Semester 2015, the University of Miami will no longer participate in non-UM consortium agreements; therefore, there will be no financial aid available for these programs (including, but not limited to, private education loans).
Scheduled Academic Year Loans
Effective Fall of 2014 students will only be eligible to receive one academic year of federal direct student loans during the scheduled academic year (fall/spring/summer terms). Therefore, if a student received the annual aggregrate limit during the fall and spring terms and wants to attend classes during summer their loan eligibility will be limited to PLUS or Private Education Loans.
On August 2, 2011, Congress passed the Budget Control Act of 2011, which put into place automatic federal budget cuts, known as the “sequester.” While this law does not otherwise change the amount, terms, or conditions of your Direct Loans it does increase or decrease the loan fees on these loans whose first disbursement is on or after December 1, 2014.
Effective October 1 2015, the Direct Subsidized or Unsubsidized origination fee will decrease from 1.073 % of your loan amount to 1.068 %
. The Direct PLUS Loan origination fee will decrease from 4.292 % of your loan amount to 4.272 %
Financial Aid Census Date / Enrollment Freeze
Financial aid awards will be set according to a census date or date of fixed enrollment. All financial aid awards will be set according to the enrollment in effect at the close of business on the last day of the drop/add period each regular term semester. Students must be enrolled full time at the census date to be eligible to receive UM scholarship and institutional need based funding for that term. No adjustments will be made to the financial aid awards for any enrollment changes (increases or decreases) made after this date with two exceptions:
• Bright Futures awards will continue to be adjusted (increased or decreased) according to any change in the enrolled credits.
• The aid award package for students with federal financial aid and who completely withdraw (drop to 0 credits enrolled) will be adjusted according to the regulatory required “Return To Title IV Calculation.”
CSS / Financial Aid PROFILE Required for New Freshmen and Transfer Applicants to Apply for Institutional Need-Based Financial Aid
The University of Miami will begin requiring Undergraduate students entering the University during the Fall 2014 and later (including readmitted students) to complete the CSS / Financial Aid PROFILE each year in order to be considered for institutional need based financial assistance. The application may be completed online at profileonline.collegeboard.org
. The University of Miami school code is 5815
Deadlines for 2016-2017 CSS / Financial Aid PROFILE Applications:
• Early Decision I and Early Action: November 1
• Early Decision II: January 1
• Regular Decision: February 1
• Transfers: March 1
• Continuing Students: April 15 (who entered during the Fall of 2014 and later, including readmitted students).
• Noncustodial Parent PROFILES should be submitted as early as possible. We will not review PROFILE Applications that have not satisfied this requirement for those students for whom it is required. Institutional need based funding is limited and awarded based on availability.
In addition, the Free Application for Federal Student Aid (FAFSA)
should be completed in order to determine eligibility for Federal Student Aid.
• New Freshmen: February 1
• New Transfers: March 1
• Continuing Students: April 15
Time Limitation of Direct Subsidized Loan Eligibility for First-Time Borrowers Effective July 1, 2013
There is a limit on the maximum period of time (measured in academic years) that a student can receive Direct Subsidized Loans. In general, students may not receive Direct Subsidized Loans for more than 150% of the published length of their program. For more information regarding this 150% limitation on Direct Subsidized Loans please click here
Lifetime Limit to the Federal Pell Grant Program Beginning 2012-2013
Effective beginning the 2012-2013 award year a student’s eligibility for receiving the Federal Pell Grant will be limited to 12 full-time semesters (or its equivalent). This change applies to all Federal Pell Grant eligible students. It is not limited to students who receive their First Federal Pell Grant on or after 2008-2009 award year. We will calculate the Pell Grant duration for a student by adding together each annual percentages of a student’s scheduled award that was actually disbursed to the student. For example, a student whose 2011-2012 Federal Pell Grant award was $5,550, but who received $2,775 because she was only enrolled for one semester, will have used 50% of that award year’s schedules award. Similarly, a student who was enrolled three quarter time (9 credits) for the 2011-2012 award year would have used 75% of their scheduled award. www.studentaid.ed.gov/pell-limit