Know Before You Owe

Borrow only what is needed to cover educational expenses after scholarships, grants, and other aid. Before borrowing, consider:

• How much you need after scholarships, grants, and savings
• Your expected monthly loan payment after graduation
• Your anticipated salary in your chosen career
• Your long-term financial goals

Borrowing responsibly now can help reduce your monthly payments after graduation. Before accepting additional loans, review your current federal student loan balance and only borrow what you need.

You can view your federal student loan history, current balances, and loan servicer information by logging into StudentAid.gov with your FSA ID. You can also view your loans awarded through Miami in your loan summary portal.

Smart Borrowing Tips

Managing your student loans starts with understanding how borrowing affects your future. Use StudentAid.gov’s budgeting tools to help you plan while in school and after graduation.

• Understand Loan Details and Terms: Review your Entrance Counseling and Master Promissory Note (MPN) before accepting loans.
• Borrow Only What You Need: Limit borrowing to direct educational costs such as tuition and fees.
• Be Aware of Loan Costs: Remember loans must be repaid with interest and may include fees in addition to the amount borrowed.
• Borrow Within a Reasonable Future Budget: A general guideline is that your monthly student loan payment should not exceed 8 to 10% of your expected monthly income. 

Before accepting a loan, use the Federal Repayment Calculator to estimate:

• Your expected monthly payment
• Total repayment cost
• Repayment options available based on your loan type
• How additional borrowing may affect your future payments

Borrowers should fully understand the repayment options available to them. For more information, review the “Repayment” areas on our Federal Direct Student Loans and Federal Direct Parent PLUS Loans (PLUS) pages.

Additional information is available at StudentAid.gov.

The U.S. Bureau of Labor Statistics publishes estimated salaries for hundreds of positions and careers around the country. Research expected earnings in your intended career field to help you make informed borrowing decisions. Understanding your future repayment obligation can help you borrow only what you need.