The University Cashier accepts cash, personal checks, traveler’s checks, cashier’s checks, certified checks, money orders, and checks drawn against lines of credit. Personal check and credit card payments are accepted on line via myUM. Bank wire transfers are also accepted.
Web Checking Account (ACH) Payments: Free on-line checking account payments are accepted through the myUM system. Students must sign onto myUM and select the “Student” tab. The “Financial” link from the drop down menu should then be selected followed by clicking on the “Billing and On-Line Payment” link. Subsequent on-line instructions will then be provided. Once payment is processed, a confirmation email will be sent to the student’s email address noted in the University’s database. The student’s account will then be systematically updated with the payment. Please note that this option is only available on the myUM system and is at no charge to the student.
On-Line Credit Card Payments: Students must sign onto myUM and select the “Student” tab. The “Financial” link from the drop down menu should then be selected followed by clicking on the “Billing and On-Line Payment” link. Subsequent on-line instructions will then be provided. Once payment is processed, a confirmation email will be sent to the student’s email address noted in the University’s database. The student’s account will then be systematically updated with the payment. Please note that a non-refundable 2.5% convenience fee will be added to the amount charged by our credit card service provider.
Payments must be in U.S. Dollars and drawn on a U.S. bank. Payments must be made payable to the University of Miami and include the student’s identification number to ensure credit to the student’s account. Post-dated checks are not accepted.
IMPORTANT NOTE: Foreign drafts must be sent through a collection process requiring a 30-day process for collection purposes. Accounts will only be credited once confirmation of deposit has been received by the University’s bank. Collection fees, charged by the bank for processing these checks, will be charged to the student’s account.
Returned checks policy
All returned checks are deposited twice, automatically, and without notice. A Returned Check Fine will be assessed to the student’s account, as listed below, after the second attempt. Check cashing privileges will be canceled for those students who have three (3) or more returned checks.
A notification letter will be mailed to the maker of the check by the University’s Collection Department detailing the amount and fine for the returned check. Check cashing privileges will be restricted until cash or certified funds (money order or cashier’s check) are presented for payment. A personal check will not be accepted to replace a dishonored check.
Returned check fines (includes on-line check payments through myUM):
| Check < or = $800.00 | $20.00 fee |
| Checks over $800.00 | 2.5% of the check amount |
| Checks for Monthly Payment Plan | $25.00 Fee |
Wire transfer of funds for payment on an account at the University of Miami may be processed through any full service bank. Please direct the transfer to:
Bank of America, N.A.
1500 South Dixie Highway
Coral Gables, Florida 33146
ABA Routing Number: 026009593
For Credit to: University of Miami Account 5508319094
For Further Credit to: Student Name and I.D. Number
The student’s name and the student’s identification number (C#) are required in order to properly credit funds to the student’s account.
The Office of Student Account Services offers several tuition payment options to assist students and parents. The University’s payment options are designed to provide convenient alternative plans of budgeting and paying educational costs whether or not a financial assistance award is granted.
MONTHLY PAYMENT PLAN (MPP)
Purpose: This plan allows you to divide all or part of your annual educational expenses (tuition, fees, on-campus housing, and meal plan less financial assistance) into ten convenient monthly payments for a fall/spring combined plan; five months for a fall-only plan; and five months for a spring-only plan.
Contract length: This plan is offered on an annual basis for the fall and spring semesters combined, and the fall and spring separately as noted above. The minimum annual contract for any of these plans is $2,000.
Fee: A 3% non-refundable participation fee of the amount financed is charged and included in the established monthly payments.
Conditions: Payments are due on the 1st of each month with the exception of the first payment which is due upon signing the Monthly Payment Plan Agreement.
The Monthly Payment Plan is completed online at www.miami.edu/osas/mppapp.html.
This online process guarantees faster processing for financial registration purposes and automatically updates applicants via email notifications.
TUITION STABILIZATION PLAN (TSP) (Undergraduates Only)
The University of Miami Tuition Stabilization Plan (TSP) allows you to pre-pay up to four years of tuition at the current tuition rate. The TSP relieves students and parents of concerns relating to future tuition increases and may also offer substantial savings in future tuition expenses. This plan does not include mandatory fees.
The TSP is a sensible alternative for families and independent students paying for tuition from existing savings or investment accounts. With increases in tuition rates at most Universities running above current inflation rates, a participant’s savings in tuition increases may more than make up for the loss of investment income.
The TSP is designed to be used by full-time students for a minimum of two consecutive academic years and a maximum of four consecutive academic years; if a student withdraws from the University, the unused tuition will be refunded without penalty as outlined in the TSP agreement.
The TSP is designed to be used by students who are (a) are enrolled in a degree-seeking four-year program on a full-time basis and (b) do not receive any financial aid.
TSP Contract Amount and Terms
2-year contract . . . . . . . . . . . . . . . . . . . .$ 79,960.00
3-year contract . . . . . . . . . . . . . . . . . . . .$ 119,940.00
4-year contract . . . . . . . . . . . . . . . . . . . .$ 159,920.00
TUITION GUARANTEE PLAN (TGP) (Freshmen Only)
The University of Miami Tuition Guarantee Plan (TGP) is a four-year budgeting plan for families. The TGP allows families to plan for “tuition and mandatory fees” over a four-year period.
The TGP guarantees a pre-determined tuition rate increase for each of the four years and schedules payments over 44 months without interest or finance charges. A non-refundable participation fee of 3% of the plan amount is charged and included in the monthly payments. This payment plan also requires consecutive semester enrollment.
The TGP is designed to be used by students who are (a) first semester freshman; (b) are enrolled in a degree-seeking four-year program on a full-time basis and (c) do not receive any financial aid.
Note:
2012 – 2013 TGP Rate
TGP Contract Amounts and Terms
2012 – 2013. . . . . . . . . . . . . . . $ 41,220.00
2013 – 2014. . . . . . . . . . . . . . . $ 43,281.00
2014 – 2015. . . . . . . . . . . . . . . $ 45,445.05
2015 – 2016. . . . . . . . . . . . . . . $ 47,717.03
TOTAL.. . . . . . . . . . . . . . . . . $ 177,663.08
3%. . .. . . . . . . . . . . . . . . . . . $ 5,329.89
Total Financed. . . . . . . . . . . . $ 182,992.97
(43 payments of $ 4,158.93 each starting 9/1/2012 and one last payment of $ 4,158.98 ending 4/1/2016)