Determining Your Financial Need
Financial need is defined as the difference between the cost of attendance (COA) and the estimated student/spouse contribution (EFC).
Decisions regarding how much a student/spouse can be expected
to contribute from their income and assets are based on the federal need
analysis formula developed by the federal government and the University
|Cost of Attendance (COA): The cost of attendance includes tuition, fees, room and board costs, plus an additional allowance for books, supplies, transportation and personal expenses.|
|Estimated Family Contribution (EFC): The student/spouse will be expected to contribute to the student’s education. The FAFSA will determine the amount of the student/spouse and/or their family contribution. The student’s/spouse’s financial circumstances are evaluated in a consistent and equitable manner, recognizing any special circumstances that alter a student’s/spouse’s ability to contribute towards the students education.|
|Financial Need: The amount remaining when the EFC is subtracted from the COA.|
Cost of attendance – Student/spouse contribution = Financial need
The graduate student’s need is met primarily through a combination of loans and work programs. The University of Miami awards funds from various programs to meet the demonstrated need of a student if funds are available. This process is called “financial aid packaging.” Students are informed of their financial aid package in a financial aid award letter.