All semester charges (tuition, room, board and fees) are due by the date on the Registration Billing Notification, unless an established Monthly Payment Plan contract has been finalized with the Office of Student Account Services. Previously unbilled and new charges are due and payable when incurred. A student is responsible for his/her tuition and fees upon registration. Financial registration is considered complete only when all charges are paid or when satisfactory arrangements to pay have been finalized with the Office of Student Account Services.
There are consequences to non-payment. If a student is delinquent in paying his/her tuition and fees statement balance and/or Monthly Payment Plan, the University will not process transcript and/or diploma requests. Also, course selection/modification will not be permitted for any previous, current or future semesters. The student is not considered enrolled during the term in question, which means that certification of enrollment cannot be provided for insurance, student loan deferment or repayment purposes. Non-payment also means the student is ineligible for financial assistance awarded for the term in question.
A late payment fee will be assessed on all delinquent accounts.
Course selection will not be permitted for any past due accounts including Monthly Payment Plans. A late payment fee will be assessed on all delinquent accounts.
No additional charges are imposed on an account once Account Balance payments are received by the payment due date. If, however, payment is received after the payment due date, a Finance Charge is assessed. Finance charges are computed on the average daily account balance at an Annual Percentage Rate of 16%.
If financial aid funds are not available at the time of registration, the student would normally be expected to cover these payments. However, financial aid awards will be automatically deferred under the following conditions:
Veterans Monthly Educational Benefit Checks: An amount not to exceed the total of the checks expected to be received during the semester (for fall and spring, this is typically three checks) may be deferred. Arrangements for this type of tuition deferment must be initiated with a representative of Veterans Affairs through the Office of the Registrar and the Office of Student Account Services. Students with VA benefits are required to sign a promissory note with the Office of Student Accounts in order to defer anticipated payments.
International Students with Government Sponsorships: Payment of all or a portion of charges that can be billed directly to corresponding government agencies may be deferred upon presentation of appropriate documentation from their government or embassy. In addition, international students who receive monthly stipends for living expenses from their government may (if expenses are covered by the student’s sponsor) defer a portion of the payment of their room and board charges. However, no deferment is permitted to an international student having a previous balance at the time of registration or one receiving tuition remission. Arrangements for this type of tuition deferment must be initiated with a Third Party Advisor at the Office of Student Account Services.
The University of Miami will assist with a student’s education expenses by billing for any available Florida Prepaid College Program funding directly to the Florida Prepaid College Board. As a Florida Prepaid participant, you may authorize the University of Miami to request various payment disbursement options that best match your needs and current savings in the plan. We encourage all participants to authorize a payment that will facilitate your overall financial planning objectives for your son or daughter’s enrollment at the University of Miami.
The University of Miami requires new students to have completed the “Florida Prepaid College Program Authorization Form”. In addition to this form, all students who plan to use their prepaid funds must contact Florida Prepaid at 1-800-552-4723 option 2, and request a separate Florida Prepaid “Transfer Form”. Upon your request, Florida Prepaid will mail the Transfer Form to you. The purchaser of the plan must complete this form and return it directly to Florida Prepaid. It is necessary that Florida Prepaid have this Transfer Form on file in order for students to use Florida Prepaid funds at the University of Miami.
Questions in reference to Florida Prepaid should be sent to firstname.lastname@example.org with “Florida Prepaid” in the subject line. The required authorization form for the University of Miami and an example can be downloaded from the following web site: www.miami.edu/osas
Final arrangements for tuition deferments that do not appear on Registration Billing Statements must be made with representatives of the Office of Student Account Services. For further clarification and interpretation of the University’s tuition deferment policy, contact the Office of Student Account Services. You may e-mail Student Accounts at: email@example.com.
The University of Miami may declare due and payable at once the sum of all past due balances. In addition, the student will be responsible for interest accrued on all past due and unpaid amounts at the maximum rate permitted by law and any and all costs incurred by the University of Miami in enforcing its rights. The University reserves the right to withhold transcripts, diplomas, readmission, and future registration for non-payment of outstanding balances. The University’s Collection Department may also disclose the student’s outstanding indebtedness, along with other relevant information, to credit information bureaus. A non-refundable $100 reinstatement fee will be charged to reinstate each unpaid and cancelled semester.
Title IV Financial Aid or Title IV Programs refers to the following awards:
Students who have advised the appropriate University department of their withdrawal, through 60 percent of the semester, will receive credit for tuition and eligible financial aid refunds using a pro-rated calculation based on the percentage of the semester attended by the student. Unearned Title IV funds will be returned in accordance with the refund policy established in Section 484B of the Higher Education Act of 1965, as amended (HEA) and provided for through the Student Assistance General Provisions regulations enacted on October 7, 1998. Fees are not refundable and will not be pro-rated.
The University refund schedule does not apply to students in the following on-campus and off-campus programs: The Executive MBA, the MBA Program for Working Professionals, and the Master of Science in Professional Management. Unless the student has completed official withdrawal procedures in writing with the Graduate Business Program office prior to the beginning of a course/term, tuition will be refunded on a prorated basis based on the number of class meetings attended through the effective date of withdrawal.
No tuition refund will be granted when class attendance has exceeded 50% of class meetings. This policy supersedes any information stated in the Graduate Bulletin and other university publications.
The amount of earned tuition and financial aid will be calculated on a daily pro-rated basis. Unearned tuition will be credited to the students account. Unearned, disbursed financial aid will be charged to the students account and refunded to the appropriate financial aid programs. Students who have not completed the verification process are ineligible to receive any financial aid and therefore no financial aid will have been earned. All disbursed financial aid will be charged to the students account and refunded to the appropriate financial aid program.
The return of financial aid will be refunded to the following sources used in the specific order as noted below until the total amount of the school’s responsibility has been satisfied:
- Unsubsidized Federal Stafford Loans
- Subsidized Federal Stafford Loans
- Federal Perkins Loans
- Federal PLUS Loans (Graduate Student)
- Federal PLUS Loans (Parent)
- Federal Pell Grant
- Federal Supplemental Opportunity Grant (SEOG - Federal Portion Only)
- Any other Title IV Assistance
- State financial aid
In the event of an overpayment of unearned Title IV grants, the University will send the student a notification letter requesting payment in full or the establishment of a satisfactory payment arrangement with the University or the Debt Collection Services of the U.S. Department of Education. This notification letter will be processed within 30 days of the date of the University’s determination that the student withdrew.
If the student does not respond to the request for repayment within 15 days, the University will notify the Department of Education of any Title IV grant overpayment. If the student does not make satisfactory repayment arrangements for the repayment of Title IV grant aid, the student will then become ineligible for federal assistance on the 46th day from the date of the University’s repayment letter.
A student notifies the Registrar of withdrawal on the 50th day of the semester. If the total number of calendar days in a semester were 108, the earned tuition and financial aid ratio would be 50 divided by 108 or 46.3 percent. The University would have earned 46.3 percent of the semester tuition and the student would have earned 46.3 percent of the approved federal aid that the student was originally scheduled to receive for the term. The remaining 53.7 percent of unearned tuition would be credited to the student’s account. The 53.7 percent of the student scheduled or disbursed aid remains unearned and must be returned to the Federal Program. If a student remains in school until the percentage of earned financial aid is 60% or more, then federal regulations consider the student to have earned 100% of their federal aid.
POST WITHDRAWAL DISBURSEMENTS
If the University determines that a student is eligible for Title IV funds that have not been disbursed, grant funds that the student is eligible for will be disbursed first. Federal aid that the student is eligible for will be credited to the students account and applied against any outstanding charges.
In cases where tuition is assessed on an annual rather than semester basis (except for special contracted programs), the refund will be treated as though tuition were assessed in two equal halves, one for each of two semesters.
Classes are subject to cancellation if the student fails to complete Financial Registration at the start of the semester. A non-refundable $100.00 Reinstatement Fee will be assessed on the student account in order to reinstate canceled classes.
If the student does not reinstate his/her canceled classes prior to the end of the semester, the student will not be allowed to register for subsequent semesters. The student will be allowed to register only when he/she has paid the student account balance in full, with certified funds, and has reinstated all canceled classes.
Important Note: Students who are receiving financial assistance and have had their classes canceled for the semester may lose all or part of their financial aid for that semester. Students who wish to reinstate a canceled semester must first meet with an Advisor from the Office of Financial Assistance Services to determine the aid they are eligible to keep from the canceled semester. Once the aid has been determined, and the student knows what their out-of-pocket expenses will be, final arrangements for reinstatement of canceled classes can be made with a representative of the Office of Student Account Services.
Students must be reinstated into all classes in which they initially registered. Partial semester reinstatements will not be authorized.