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.
Although students may choose any lender they would like, a list of preferred lenders can be found below or by visiting www.elmselect.net. 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.
Preferred Lenders (Private Education Loans)
Following the recent changes to federal student loan programs introduced through the One Big Beautiful Bill Act (OBBBA), including the William D. Ford Federal Direct Loan Program, the University of Miami has entered into Preferred Lender agreements with the following private loan companies:
Private Education Loans are credit-based loans provided by private educational lenders. These loans are not issued, insured, or guaranteed by the federal government. The Preferred Lenders options allow students to compare private loan options, as rates and terms may vary by borrower and lender. Rates and loan repayment terms are always subject to approval.
Methodology
Our Preferred Lender list is compiled using neutral, student‑centered criteria, including total borrower cost, repayment flexibility, approval times, customer service, and co‑signer release options. All three lenders responded to the University’s Request for Information (RFI) for Alternative Lending Partners and were selected upon review of loan terms and conditions; loan program offerings providing the greatest flexibility to borrowers including parents and graduate students; and highest levels of borrower support, including repayment flexibility post-graduation.
Students and families are not required to select a lender from the Preferred Lenders list and may choose any lender of their choice. There is no requirement to utilize a Preferred Lender, nor are there any penalties imposed by the University if a different lending institution is selected.
The University shall review the Preferred Lender List on an annual basis in accordance with the Student Loan Code of Conduct.
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.
