|Federal Perkins Loan|
|Federal Direct Unsubsidized Stafford Loan|
|Federal Graduate PLUS Loan|
|Private educational loans|
|Rowe Fund for International Students|
|UM's Lending Principles - Student Loan Code of Conduct|
The federal government supports two loan programs based on financial need and the availability of funds.
The Federal Perkins Loan program enables eligible students to borrow funds each academic year at a simple interest rate of 5%, with repayment beginning nine months after graduation or less than half-time enrollment for new borrowers. The aggregate limit for graduate study is $60,000, which includes all undergraduate Perkins Loans.
Non Need-Based Loans
The federal government supports other loan programs that are not based on need.
The Federal Direct Unsubsidized Stafford Loan is available at a 5.41% interest rate. Interest on unsubsidized loans begins to accrue immediately after the loan is disbursed. The student has the option to begin repaying the interest immediately or to defer all repayments until after graduation or less than half-time enrollment. A graduate student may be eligible for an amount up to $20,500 per year.
Federal Graduate PLUS Loan
The Grad PLUS loan is available to graduate students at a 6.41% interest rate. Graduate students can borrow up to the cost of education that is not covered by financial aid.
Private Education Loans are a form of assistance that must be paid back. Private Educational Loans are considered financial aid because cost of attendance and enrollment are certified by the school to the lender, and the loans must be considered as a resource in determining the eligibility for other aid.
Borrow only what is necessary to actually pay for your educational expenses (tuition, fees, supplies, room, board). The Private Education Loan Applicant Self Certification form must be completed and submitted to the lender you select.
Many large lenders process Private Educational Loans. You can perform a web search to assist you in your selection. These educational loans are privately, not federally, funded and managed. Carefully review terms and options before you apply for any Private Education Loan, and be sure to apply for all federal, state, and institutional aid that you may qualify for through the FAFSA before you apply for any Private Educational Loan.
The Rowe Fund grants highly subsidized loans to qualified citizens from Latin America and Caribbean countries to help them finance their higher education or research at accredited institutions in the United States.
These loans are granted on the understanding that recipients agree to repay the loan in full and return to their home countries to apply their knowledge and training as well as continue to promote cultural exchange and development in the region. For more information visit www.oas.org.
The University of Miami recognizes that ensuring the integrity of the student financial aid process is critical to providing fair and affordable access to higher education. Therefore, the University has formalized a Student Loan Code of Conduct. The Code is designed to avoid any potential for a conflict of interest between the University, and its students or their parents, with respect to its interaction with student loan providers, servicers and guarantee agencies. The Code is found in the University’s General Business Policies, BSF-070, found in its entirety at: