Financial Aid Census Date
Effective Fall 2014, 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. 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.”
Special Announcement for Recipients of the Florida Resident Access Grant
CSS / Financial Aid PROFILE Required for New Freshmen and Transfer Applicants Entering for the 2014-2015 Academic Year 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 by clicking here
. The University of Miami school code is 5815
In addition, the Free Application for Federal Student Aid (FAFSA) should be completed in order to determine eligibility for Federal Student Aid.
Deadlines for 2015-2016 CSS / Financial Aid PROFILE Applications:
• Early Decision: November 1
• Early Action & 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.
Federal Direct Loan Interest Rates Changes
Effective July 1, 2014 the interest rate of the Federal Subsidized and Unsubsidized Stafford Loans for undergraduate students is 4.66%. The Federal Unsubsidized Loan for graduate students is 6.21%. The interest rate for Federal Direct PLUS Loans (for parents of dependent students and graduate students) is 7.21%.
Effects of Sequester on Federal Direct Loan Origination Fees
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 Stafford Loan or the Direct Plus Loan (for both parent and graduate student borrowers) it does increase the loan fees on these loans whose first disbursement is on or after December 1, 2013.
The Direct Stafford Loan origination fee will increase from 1.051 % of your loan amount to 1.072 %
. The Direct PLUS Loan origination fee will increase from 4.024 % of your loan amount to 4.288 %
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. For more information, please click here