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Educational Loans

While loans can help finance your education, they are borrowed funds that must be repaid with interest. Before borrowing, explore funding opportunities that generally do not require repayment such as scholarships, grants, and work-study. 

Eligibility 

To be considered for federal student loans, you must:

The amount you may borrow depends on several factors, including your academic level, dependency status, financial need, cost of attendance, and other financial aid received.

Loan Types

Loan Types
Type Available To Highlights
Federal Direct Subsidized Student Loan Undergraduate students with demonstrated financial need. Government pays interest while enrolled at least half-time.
Federal Direct Unsubsidized Student Loan Undergraduate and graduate students. Available regardless of financial need; interest accrues while enrolled.
Federal Direct Graduate PLUS Loan Only eligible legacy borrowers. Available only to students who qualify under the federal legacy provision. Fixed interest rate and credit approval required.
Federal Direct Parent PLUS Loan (PLUS) Parents of dependent undergraduate students. Credit-based loan to help pay educational expenses.
Private Educational Loan Undergraduate, graduate, and parent borrowers. Offered through private lenders; terms vary by lender. Visit the FastChoice website or each specific lender’s website.

Know Before You Owe

Borrow Responsibly

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. 

Estimate Your Future Monthly Payments

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

Understand Student Loan Repayment

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.

Research Career Salary Information

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.
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Federal Loan Changes

Beginning on July 1, 2026, federal student loan borrowing limits and repayment options have changed under federal law. Learn how you may be impacted by these changes at our One Big Beautiful Bill Act page.

Student Loan Code of Conduct

Miami is committed to administering federal student aid programs with integrity and in accordance with all applicable federal regulations. The Student Loan Code of Conduct outlines the University’s standards for ethical conduct and the administration of student loan programs.

Learn More

Contact the One Stop

The One Stop assists Miami students and authorized family members with billing and payment, financial aid, registration, and student records.