Once a student's awarded financial aid is actually received and posted any credit balance that results from this aid will be refunded. If the student prefers to maintain a credit on the student account for future charges, the student must notify a Student Accounts Advisor. Authorization to keep the funds in the student's account must be addressed in writing via email to firstname.lastname@example.org.
Students are encouraged to consider opting for the direct deposit program for overages (refunds from financial aid). Instead of receiving a paper refund check, an automatic transfer will be processed to the student's personal checking account. Once this process is completed, funds are then available immediately instead of being required to visit a banking institution and generally wait until a check clears. Students may easily apply for the direct deposit program on myUM.
If a student chooses the paper refund check process, an email will be sent to the student with information indicating when the check will be available for pick-up at the Check Distribution window in the Ashe Building. The Check Distribution area is located in room 129 of the Ashe Building.
Contact the Office of Financial Assistance Services immediately. Students may need to complete additional forms or provide additional information in order for the Office of Financial Assistance Services to complete the financial aid package. You may have been selected for Financial Verification and may need to provide additional documentation to the Office of Financial Assistance in order for your awarded aid to be processed. This generally affects any federal and institutional aid. The Office of Student Account Services provides a promissory note that will result in temporary credits on a student's account until the verification process is completed by the Office of Financial Assistance. This promissory note is sent to the student as a Registration Billing Statement that can be signed on the bottom of the billing statement as noted on the statement itself. Two copies are sent, one should be kept by the student and the other mailed, faxed, or brought to the Office of Student Account Services for processing.
These types of awards are not credited directly to students' accounts. Instead, students will be paid bi-weekly for actual hours worked at an hourly rate negotiated with the campus employer.
The Parent Loan for Undergraduate Students(PLUS) is a loan program sponsored by the federal government to provide an alternative means of financing for dependent college students. Parents may borrow up to the annual cost of education less any financial aid offered for each dependent student. Repayment on the PLUS loan begins approximately 45 to 60 days after disbursement. It can be deferred until six months after the date the student ceases to be enrolled at least half-time. For applications and complete information about the PLUS loan program, please contact the Office of Financial Assistance Services at (305) 284-5212. The PLUS loan can be applied for on-line at the following site: www.miami.edu/ofas. If a student is denied a PLUS loan, the student will be eligible for an additional unsubsidized Stafford Loan. A student must be denied a PLUS loan in order to be eligible for an unsubsidized Stafford loan.
As a result of recent changes to the manner in which the office of financial assistance processes loans, students are now required to either "Accept" or "Decline" the awarded student loans on myUM.
If a student has been selected for Financial Aid verification, it is extremely important to submit all required forms on time and to respond to all requests for information from the Office of Financial Assistance Services. Failure to comply with requests for information on behalf of the Financial Aid verification process may result in cancellation of a student's awarded aid.
To begin this process, please log into myUM and select "Financial" option from the "Student" tab. Next, click on the "Current Awards" link under the heading "Financial Aid Information". from the drop down menu select "Fall & Spring 2009-2010" and click on submit. Any loans which are pending a decision will be listed towards the bottom of the page and will have two buttons next to them labeled "Decline" and "Accept". You must also complete the entrance interview which can also be completed on myUM.
To complete your Entrance Counseling session, please log into myUM and select the "Financial" option from the "Student" tab. Next, click on the "Documents/Action Required" link under the heading "Financial Aid Information". From the drop down menu select "Fall & Spring 2009-2010" and click on submit. The Federal Student Loan Counseling will be listed, click on the link and continue to complete your Entrance Counseling session.