Miami realizes that managing the cost of education is a challenge for most families. In addition to grants, scholarships, and federal work-study funds, several loan options are available.
Most undergraduate and graduate students who file the FAFSA will be awarded a Federal Direct Stafford Loan. Graduates students may be eligible to borrow a Federal Graduate PLUS loan, while the parents of dependent undergraduate students may be eligible to borrow a Federal Parent PLUS Loan. A private loan is another option for both graduate and undergraduate students. The dollar amount of these loans may be based on federal limits, year in school, dependency status, cost of attendance, and other financial aid received.
The funds for a Federal Direct Stafford Loan are provided by the U.S. Department of Education and are credited to your student account. Subsidized loans are need-based; unsubsidized loans are not. The federal government pays the interest on the subsidized Stafford Loan while you're enrolled in school at least half-time.
A Federal Perkins Loan is a low-interest, fixed-rate, subsidized loan for students with financial need. The loan is made with government funds and Miami contributes a share. Miami awards the Federal Perkins Loan to students who demonstrate exceptionally high financial need.
Parents of dependent students may borrow funds through the William D. Ford Federal Direct PLUS Loan program. The borrower must be a natural parent, adoptive parent, or stepparent of the dependent student. The lender is the U.S. Department of Education. Parents may borrow any amount up to the cost of education minus any other financial aid their son or daughter receives.
Miami will certify a private loan from any lender. Terms, fees, and borrowing limits of private loans differ. Private loans are not federally guaranteed and do not require that you file the FAFSA. The yearly amount cannot exceed the annual cost of attendance minus other financial aid and resources. Borrowing a private loan is a decision that should be made with careful consideration.
Types of financial assistance available for graduate students include the Federal Direct Stafford Loan, the Federal Graduate PLUS Loan, a private loan, and campus employment.
For estimated monthly repayment costs, visit the Repayment Estimator.
Student Loan Code of Conduct
The guiding principles for ensuring the integrity of the student aid process and the ethical conduct of employees in regard to student loan practices are provided in the Miami University Student Loan Code of Conduct.