University of Miami Tuition and Fees

University of Miami Tuition and Fees

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    By Susan Guillory

    (Last Updated – 07/2022)

    Total Cost of Attendance

    Founded in 1925, the University of Miami has established a reputation for being a well-respected private research institution. University of Miami tuition for 2021/22 was $54,760. This is above the national average for four-year private universities of $35,807.

    Costs for 2021-22

    Student Type

    In-State

    Out-State

    Tuition & Fees

    $54,760

    $54,760

    Books & Supplies

    $1,000

    $1,000

    Room & Board

    $15,980

    $15,980

    Other Expenses

    $3,590

    $3,590

    Total Cost of Attendance

    $75,330

    $75,330

    Financial Aid

    Most students don’t pay for UMiami tuition out of pocket, but instead take out financial aid in the form of student loans, grants, or scholarships. In fact, 72% receive financial aid of some kind.

    Generally, financial aid is monetary assistance awarded to students based on personal need and merit. Students that qualify for financial aid can use it to pay for college costs like tuition, books, and living expenses.

    The federal government is the largest provider of student financial aid. However, aid can also be given by state governments, colleges and universities, private companies, and nonprofits. The different types include:

    •  Scholarships: These can be awarded by schools and other organizations based on students’ academic excellence, athletic achievement, community involvement, job experience, field of study, and financial need.

    •  Grants: Generally based on financial need, these can come from federal, state, private, and non-profit organizations.

    •  Work-study: This federal program provides qualifying students with part-time employment to earn money for expenses while in school.

    •  Federal student loans: This is money borrowed directly from the U.S. Department of Education. It comes with fixed interest rates that are typically lower than private loans.

    Colleges, universities, and state agencies use the Free Application for Federal Student Aid (FAFSA) to determine financial aid eligibility. The FAFSA can be completed online, but note that state and federal and school deadlines may differ.

    You can find other financial aid opportunities on databases such as:

    •  US Department of Education – Search for grants from colleges and universities by state

    •  College Scholarship Service Profile (CSS) – A global college scholarship application used by select institutions to award financial aid

    Recommended: The Differences Between Grants, Scholarships, and Loans

    Private Student Loans

    There are two types of student loans: private and federal. At the University of Miami, 26% of students take out federal loans and 6% take out private loans. The average private student loan amount is $25,041.

    Private loans are funded by private organizations such as banks, online lenders, credit unions, some schools, and state-based or state-affiliated organizations. While Federal student loans have interest rates that are regulated by Congress, private lenders follow a different set of regulations so their qualifications and interest rates can vary widely.

    What’s more, private loans have variable or fixed interest rates that may be higher than federal loan interest rates, which are always fixed. Private lenders may (but don’t always) require you to make payments on your loans while you are still in school, compared to federal student loans which you don’t have to start paying back until after you graduate, leave school, or change your enrollment status to less than half-time.

    Private loans don’t have a specific application window and can be applied for on an as-needed basis. However, if you think you may need to take out a private loan, it’s a good idea to submit your FAFSA first to see what federal aid you may qualify for as it generally may have better rates and terms.

    If you’ve missed the FAFSA deadline or you’re struggling to pay for school throughout the year, private loans can potentially help you make your payments. Just keep in mind that you will need enough lead time for your loan to process and for your lender to send money to your school.

    Recommended: Guide to Private Student Loans

    Projected 4-Year-Degree Price

    The University of Miami cost for four years, based on 2021/22 numbers, is $301,320. In contrast, the average cost for tuition and room and board for four years at a private college is $217,920.

    Here’s some Florida Student Loan & Scholarship Information for you.

    Undergraduate Tuition and Fees

    Costs for 2021-22

    Student Type

    In-State

    Out-State

    Tuition & Fees

    $54,760

    $54,760

    Room & Board

    $15,980

    $15,980

    Total Cost of Attendance

    $70,740

    $70,740

    In 2021/22, students paid $54,760 for tuition and fees and $15,980 for room and board, for a total of $70,740. The national average is $54,880.

    Graduate Tuition and Fees

    Costs for 2021-22

    Student Type

    In-State

    Out-State

    Tuition

    $39,834

    $39,834

    Fees

    $1,202

    $1,202

    Total Cost of Attendance

    $41,036

    $41,036

    The university offers top-notch graduate programs, too. University of Miami tuition for grad school students was $39,834 in 2021/22, plus $1,202 in fees, totaling $41,036. The national average for grad school was much lower, at $19,493. There is the option to apply for graduate loans available to help with these costs.

    Cost per Credit Hour

    The University of Miami tuition covered above is for a course load of 12 to 20 credits. For students wishing to attend part-time, the cost is $2,213 per credit hour.

    Campus Housing Expenses

    Costs for 2021-22

    Student Type

    In-State

    Out-State

    Books & Supplies

    $1,000

    $1,000

    Room & Board

    $15,980

    $1,854/mo*

    Other Expenses

    $3,590

    $3,590

    *Based on studio pricing. Average rate based on available apartments on University of Miami’s off-campus housing website in 2022.

    Freshmen are required to live on campus at the University of Miami. The school offers five residential colleges and two apartment properties on campus.

    For upperclassmen who prefer to live off campus, there are a variety of affordable options. Living with roommates can bring your costs down. This resource can help you find off-campus housing opportunities.

    University of Miami Acceptance Rate

    Fall 2020

    Number of applications

    40,133

    Number accepted

    13,243

    Percentage Accepted

    33%

    Admission Requirements

    Here’s what’s required with your application to the University of Miami.

    Required:

    •  High school transcript

    •  Letter of recommendation

    •  School report

    Recommended:

    •  SAT or ACT scores

    The deadline for Early Decision I is November 1, with a decision given by late December. The deadline for Early Action is also November 1, with a decision by late January or early February. The deadline for Early Decision II is January 1 with a decision by late February. The deadline for Regular Decision is January 1 with a decision by April 1. You can apply here .

    SAT and ACT Scores

    Through the Fall 2023 term, the University of Miami does not require test scores to be submitted with applications. Here are the 25th and 75th percentile test results.

    Subject

    25th Percentile

    75th Percentile

    SAT Evidence-Based
    Reading/Writing

    620

    700

    SAT Math

    630

    720

    ACT Composite

    28

    32

    ACT English

    29

    34

    ACT Math

    26

    30

    Graduation Rate

    Here are the graduation rates of students who started their studies at the University of Miami in 2014:

    •  4 years: 72%

    •  6 years: 83%

    Post-Graduation Median Earnings

    Graduates of UMiami earn, on average, $67,362 per year. This is more than the national average of $47,891.

    Bottom Line

    The University of Miami is a well-respected school with diverse offerings when it comes to areas of study, and quality educational opportunities. There are student loans available to help with tuition and other costs.

    SoFi private student loans offer competitive interest rates for qualifying borrowers, flexible repayment plans, and no origination fees.

    Learn More

    Photo credit: iStock/Rebecca Todd
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    External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
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    Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. SoFi Lending Corp. and its lending products are not endorsed by or directly affiliated with any college or university unless otherwise disclosed.

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