If you’re considering going to the University of Miami then we need to have a little talk about tuition. I know finances aren’t everyone’s favorite subject, but it’s important to me that you’re prepared for your college education and money plays a huge role in that. So if you want to learn more about the University of Miami tuition rate and how financial aid is going to be your new best friend, then keep reading.
The Difference Between Tuition and Cost of Attendance
Before we start talking about how much the University of Miami tuition is, I want to make sure you have a solid understanding of what tuition is and how it differs from cost of attendance.
Tuition and its accompanying fees cover the costs of taking classes at the University of Miami. But that’s all it covers. It’s often the number you see talked about the most on college websites and it’s usually the one most associated with how much you’ll pay to go to a specific school.
That’s not the case.
You see, tuition only covers part of the story. Cost of attendance tells you everything. It encompasses not only your tuition, but your room and board, textbooks, and other expenses you might have to pay like gas or supplies. This number can be more difficult to predict depending on if you choose to live on or off campus and whether or not you’re on a meal plan.
Now that we’ve addressed these differences, let’s talk about the University of Miami tuition.
How Much is the University of Miami Tuition?
U of Miami does their tuition a little differently. Instead of charging you per credit hour for the classes you take, you pay a flat fee when you take between 12 and 20 credits. If you take more than 20 credits in a semester, then you pay for each credit hour over that amount. This year, the University of Miami tuition is $22,800. Sounds great doesn’t it?
With this and what we know about cost attendance in mind, here’s what you’re looking at paying to attend the University of Miami for one year:
The reason these two amounts are different is, because when you live on campus, you participate in something called a meal plan where you essentially load money on a card at the beginning of the semester and use it to pay for meals on campus. You can still shop for groceries, but that probably won’t be coming out of the money for your meal plan. Off-campus, you have to provide for all of your meals, rent, and utilities if you choose to live in an apartment or split bills with your family while living at home.
Personal expenses cover things like toothbrushes, clothes, and other miscellaneous items you’ll need while attending college. Books will vary depending on the classes you take, because some subjects require more books or the books are more expensive. Transportation is another variable, because if you commute locally, you may not use as much gas as someone who commutes from an hour or two away.
However, the numbers provided here are great to keep in mind while we talk about financial aid.
Financial Aid at the University of Miami
When we talk about financial aid, we’re talking about money that helps offset the cost of attendance we mentioned earlier. That’s right; you’re typically not expected to pay full cost for your college education, because there is aid available to you. Financial aid comes in many different forms such as:
- Need-based grants for low-income families or those facing financial hardship
- Merit-based scholarships for those with high academic achievements
- Student loans, which you can learn more about here
- Student employment through Federal Work Study or Student Assistant Program
The good news about the University of Miami is that roughly 75% of the student body receives some type financial aid. On average, students are awarded almost $26,500 in scholarships and while they don’t give out as many as other private not-for-profit universities, the University of Miami does award a little over $10,000 more than schools like them.So how does financial aid figure out how much money to give you?
Mostly through your FAFSA and CSS/Financial Aid PROFILE. These two programs evaluate your financial situation and your family’s ability to fund your college education, called the Estimated Family Contribution. Your financial need is determined by taking the Cost of Attendance and subtracting your Estimate Family Contribution. The University of Miami then uses a mixture of scholarships, grants, and loans to help you cover the remaining balance.
The University of Miami also has cool little tool called a Net Price Calculator. The Net Price Calculator is designed to help you figure out how much financial aid you could get as a freshman attending the University of Miami full-time. Keep in mind that this is only an estimate, but it’s a great way to see how much financial aid you could be awarded, which will help you when you’re financially preparing for college.The University of Miami tuition rate is a little bit different compared to how other colleges and universities approach it. But in a lot of ways, paying one flat rate for going full-time is a lot easier to figure out and rely on. If you want more information on how you can improve your chances of earning merit-based scholarships or what schools you can apply to that are similar to the University of Miami, I recommend working with our College Consultants. They will evaluate everything you bring to the table and help identify weaknesses in your application that can be holding you back from the college of your dreams, like the University of Miami.
Financial aid still got you stumped? Share your questions or concerns with us in the comments section below!