Types of Loans

Loans are funds borrowed by the student and/or parent. In most cases, loans must be repaid with an interest charge and have a time limit for repayment. Students may be eligible to receive one academic year of federal direct student loans during the standard academic year (fall/spring/summer terms).

Federal Loans

Students who complete the Free Application for Federal Student Aid and meet the eligibility criteria may be offered a Federal Direct Subsidized or Unsubsidized Loan in their financial aid award. Students will need to accept the loan through their CaneLink account and, if a first time borrower, complete the Master Promissory Note and Entrance Counseling Session (Click Complete Aid Process) before the loans can be credited to a balance due.

Parents of dependent students may be eligible to apply for a credit based Federal Parent PLUS Loan. The amount of this loan may not exceed the annual cost of attendance less any awarded financial aid. To apply, parents may complete the application online at www.studentaid.gov (Click Applying for Aid).

For more information related to these federal loans visit studentaid.ed.gov.

Private Educational Loans

Although privately funded and managed, 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. The Private Education Loan Applicant Self Certification form must be completed and submitted to the lender you select.

A list of potential lenders can be found by visiting www.elmselect.net, or you can perform a web search. Carefully, consider all your options and review terms and conditions before applying. Borrow only what is necessary to pay for your educational expenses (tuition, fees, supplies, room, board), and be sure to first apply for all federal (including federal loans), state, and institutional aid that you may qualify for through the FAFSA and CSS/Financial Aid PROFILE.

Rowe Fund for International Students

The Rowe Fund grants highly subsidized loans to qualified undergraduate and graduate students who are 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 with 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 to 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. The Student Loan Code of Conduct 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. 

Loan Calculator

Click here to calculate repayment of your federal student loans for the first time or to explore repayment options based on your income.