Educational Loans

Educational loans are a type of financial aid that must be repaid, typically with interest. Loans have varying fees, interest rates, repayment terms, and/or borrower protections. To be considered for federal loans, the Free Application for Federal Student Aid (FAFSA) must be completed each year and the student must be enrolled at least half-time. 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. Families should borrow only what is needed to finance their student’s education. Visit our Know Before You Owe page to learn more about responsible borrowing.

Miami University recognizes 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.

Responsible Borrowing

Borrowing responsibly means borrowing only what you need to pay your education expenses and what you can realistically afford to repay when you leave school. ​Current students can see information about their estimated educational loan debt from Miami at our Know Before You Owe page. Visit StudentAid.gov to find more information and tips for being a responsible borrower.

Smart Borrowing Tips

Not sure how to handle your finances and student aid while you’re in school? StudentAid.gov provides helpful information on why budgeting is important, how to create a spending plan, and how to budget after you graduate. In addition, make sure you:

• Understand Loan Details and Terms: please read and understand your student loan Entrance Counseling and MPN details before accepting your loan(s).
• Borrow Only What You Need: reduce education costs by only borrowing what you need to cover direct costs (e.g., tuition, fees) billed to you by Miami.
• Be Aware of Loan Costs: total loan costs include principal (the amount you borrow), fees and interest, which all must be repaid.
• Borrow Only What You Can Repay: your student loan payment should not be more than 8-10% of your future monthly income.

Loan Repayment

Understanding how to repay your federal student loans can save you a lot of time and money. StudentAid.gov’s Understanding Student Loan Repayment page has helpful information about finding the right repayment plan, as well as learning how to make payments and how to get help if you cannot afford your payments.

We do not provide investment, legal, or tax advice. The information provided is for general educational purposes only, and is not intended to substitute for the advice of investment, legal, and/or tax advisors. If you need investment, legal, and/or tax advice, please consult a professional. Current students can see information about their estimated educational loan debt from Miami by visiting our Know Before You Owe page.

Spending Plan

Not sure how to handle your finances and student aid while you’re in school? StudentAid.gov provides helpful information on why budgeting is important, how to create a spending plan, and how to budget after you graduate.

First-time Borrowers

First-time loan borrowers must complete the following at StudentAid.gov:

1. Entrance Counseling, which is a mandatory online counseling session you must complete before you can access the loan funds.
2. Master Promissory Note (MPN), which is your promise to repay your loan(s), fees, and interest.

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 Student Loan Code of Conduct.

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