Descriptions
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 borrowers. The maximum yearly amount is $5,500 for undergraduate students. The aggregate total for a bachelor’s degree is $27,500 with no more than $11,000 to be accumulated during the first two years of attendance.
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The Federal Nursing Loan program enables eligible nursing students to borrow funds at a 5% interest rate with repayment beginning nine months after graduation or less than half-time enrollment for borrowers. Awards at the University of Miami vary.
The William D. Ford Federal Direct Loan (DL) Program enables eligible students and parents to borrow from the U.S. Department of Education. Direct Lending offers:
Private educational loans are a form of assistance that must be paid back. Alternative/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).
Many large lenders process Alternative/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 alternative 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 an Alternative/private educational loan.
Rowe Fund for International Students
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.
LENDING PRINCIPLES - STUDENT LOAN CODE OF CONDUCT
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:
https://www.miami.edu/policies_procedures/General-Business/PDF-Policies/BSF-070.pdf
