When Will My Financial Aid Money Disburse?
The time has come to pay for your college costs and money panic may set in. I remember that first tuition bill when my oldest started college. While I was fortunate to have Florida Prepaid, I soon realized there was more to take into account in regard to paying for college. I also found that her bank account did not reflect her Bright Futures Scholarship funds right away. So, when does this money get disbursed? Can financial aid cover books, living accommodations, and even travel until the disbursement comes? Since UM is a private university, things work a little differently than they might at another state of Florida schools. Here are some financial specifics to keep your bottom line in line:
Financial Aid
Financial aid at Miami occurs through a few different programs. The first is gift aid in which scholarships and grants provide financial assistance that does not need to be repaid upon graduation. The primary difference between these types of assistance is that most merit scholarships require a higher academic threshold to remain eligible.
The second is self-help aid, which includes loans and student employment. Every student who applies for financial assistance will have a self-help (job/loan) component added to their financial aid notification. While students are not required to accept any portion of their self-help eligibility, students who decline any portion of their financial aid will not be eligible for additional funds beyond the original determination.
Residents of Florida also have the opportunity to participate in the Bright Futures or Florida prepaid college programs. All of the State of Florida financial aid awards may be disbursed to your student account following the last day to drop a class without a “W.” Students receiving a financial aid refund are required to sign up for a direct deposit. Funds will be delivered within 48 hours to the bank account information listed in CaneLink. In all honesty, a direct deposit does make the process easier. All communication regarding direct deposit and financial aid will be sent to the student’s UM email address.
Bright Futures
The state’s Bright Futures scholarship can be applied towards tuition at UM. For the 2019-2020 academic year recipients of the Florida Academic Scholars received $211 per credit plus a $300 book allowance per term and recipients of the Florida Medallion Scholars received $158 per credit.
Students participating in the Florida Prepaid College Program who are also expecting to receive financial aid (e.g. Bright Futures, Pell, student loans, other scholarships/grants) will have the Florida Prepaid applied first to tuition and applicable fees. Financial aid received will be disbursed and applied to the balance of outstanding charges which may include tuition and fees not covered by the Florida Prepaid Program. Any excess financial aid that remains after debts have been paid will be refunded to the student. The University of Miami requires all students to request FLPP to complete the “Florida Prepaid College Program Authorization Form” each academic year. To check on your FLPP deferment, go to the Account Activity page under Finances on your CaneLink account.
Should you have any questions, do not hesitate to contact UM’s Florida Prepaid Advisor at (305) 284-6430, option #5, or send an email to saccounts@miami.edu with “Florida Prepaid” in the subject line. Financial aid at Miami is typically dispersed 10 days into the new semester. This allows the add/drop period to pass before paying for classes. UM offers an opportunity to make a tuition payment plan to provide additional assistance to families. If students wish to be considered for need-based assistance or federal loans, they will need to complete the CSS Profile and the FAFSA.
UM actually takes the cost of attendance based on educational expenses into account when determining the amount of financial aid that will be granted to a student. They look at:
- Tuition
- Books
- Travel
- Personal expenses
- Loan fees
In this regard; you should know…first-year students who are not deemed commuters must live on campus. Financial aid can assist in covering the cost of living in a dorm as well as an average meal plan.
Appeals
With the 2020 pandemic, colleges were given federal dollars as part of the Education Stabilization Fund. The University of Miami received $8,139,089 of which $4,069,545 must go to students. Some of the money was to cover reimbursements for campus housing, dining, parking, student center, wellness center, health and counseling, student activities, and athletics fees. Fees will be prorated to March when classes transitioned to an online format.
Students have the opportunity to appeal financial aid decisions. If you would like to request a reconsideration of financial aid, you must submit an appeal to the Office of Student Financial Assistance and Employment with supporting documentation of your situation. Only certain circumstances can be evaluated such as loss of income, unusual medical expenses (not premiums), separation/divorce of parents, death of a family member, and/or non-discretionary expenses incurred by the family.
Financial Aid at the University of Miami is far more common than most people realize. Don’t be afraid to ask questions, but many of the answers can be found. If you still have questions you can email Undergraduate Financial Aid at ofas@miami.edu.
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