Office of Financial Assistance | Enrollment Management

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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 July 1, 2013.

The Direct Stafford Loan fee will increase from 1.0 % of your loan amount to 1.051 %. For example, the fee on a $5,500 loan will increase by $2.80 from $55.00 to $57.80. The Direct PLUS Loan fee will increase from 4.0 % of your loan amount to 4.204 %. For example, the fee on a $10,000 PLUS loan will increase by $20.40 from $400.00 to $420.40.

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

Termination of Direct Loan Borrower Repayment Incentives

Effective, July 1, 2012, the up-front rebate that has been provided to Direct Loan borrowers at the time of their loan disbursement will no longer be offered. As a result, the 0.5% origination fee for the Direct Stafford Loans will be 1% and the 2.5% origination fee for the Direct PLUS Loans will be 4.0%.

Requirements for Florida Financial Aid

All recipients of FL Bright Futures (FBF) scholarships and the FL Resident Access Grant (FRAG) must complete an annual Free Application for Federal Student Aid (FAFSA). The FAFSA can be completed online at www.FAFSA.gov.

For further information regarding annual funding amounts visit the Florida Aid Programs section of our website.

Current News:
Last Day to Apply for 2012-2013 Federal Direct Loans:
May 1st, 2013

FAFSA Info

In the School Release section of your FAFSA, you must indicate:

University of Miami, Coral Gables

Federal school code 001536

Preferred Filing Dates

Freshmen: Feb. 1
Continuing: Feb. 1
Transfers: March 1
Graduates: March 1

Our office awards financial assistance for Undergraduate and Graduate students. The University of Miami Law School and the Miller School of Medicine each have their own office of financial assistance to assist students in applying for and receiving financial aid.

Students who want to be considered for need-based financial aid must complete and submit the Free Application for Federal Student Aid (FAFSA)

We communicate with our students mainly through the CaneLink system regarding any information we might need in order to complete the financial aid process so it is very important that students visit the financial section of their CaneLink account often and their University of Miami e-mail address.

For questions about billing and payments, visit the Office of Student Account Services in room 158 of the Ashe building.

For information regarding the admissions process visit the Office of Undergraduate Admission.

Our Student Consumer Information can be viewed at www.miami.edu/hea.

Click here to review our Non-Discrimination Policy