What Does It Cost To Attend The University Of Miami?
The University of Miami is a privately funded institution located on 239 acres in Southern Florida. Students enjoy an ideal atmosphere for learning and the opportunity to attend major events such as the ever-popular Cannes Film Festival which is held at the campus every year. It is rich with traditions in which the students can participate such as the annual Boat Burning Ceremony that takes place every homecoming. Since this is a privately funded school, tuition fees are higher than those reported at publicly funded colleges. However, it is highly possible that students do not have to pay such high fees to attain a high-level education here.
When researching prices for a particular university, students will commonly calculate their tuition costs based off of the published prices on the school’s website. This is actually a mistake as very few students will end up paying these prices to go to the school. A better way to get a financial forecast on pricing at a college is to calculate net price. This amount is the published price without the additional federal, state, or local financial aid and any institutional aid, including merit awards.
Net price is a better route to follow when evaluating costs for a university because many variables actually influence the amount a student pays and it rarely adds up to the published prices on the school’s website. Any student serious about making the most for their money while getting an education will want to know the best course of action to attain this goal. If the University of Miami is on the top of your student’s list, keep reading for added insight concerning the cost of going to this school.
What Is The List Price of The University of Miami?
The total list price for both in-state students and out-of-state students is $64,306. This price includes tuition, room, and board. As stated earlier, the majority of UM students will rare pay this amount. Typically, students that come from families with a yearly income greater than $175,000 and are not in the top 30% of accepted students at UM will pay this listed amount.
What Is The University of Miami Financial Aid Net Price?
The average net cost with financial aid only is the same for both in-state and out of state students and is valued at $54,914.
What Is The Family Income-Based Cost of Attending The University Of Miami?
The amount of financial aid a student will receive is largely determined by the amount of their family’s yearly income. Listed in the chart below are the prices associated with a specific yearly income amount.
|Family Income||Average Net Price|
*The University of Miami actually offers more aid on average to students in the $30-48K range than in the $0-30K range.
The average net price for students who do not qualify for financial aid is $59,436; this amount is the same for both in-state and out-of-state students.
How Much Merit Aid Do The University of Miami Students Receive?
The percentage of students without need that receive merit aid is 24.5%. The average merit aid award for a student without need comes to the amount of $4,870.
The University of Miami ranks 546th in the pool of over 1000 schools that College Vine analyzed for merit aid generosity.
How Many University Of Miami Students Take Out Loans?
It is not uncommon for students to take out loans in order to meet the financial requirements for their tuition. Surprisingly, only 33% of undergraduate students take out loans when attending UM. This totals to an average of $4,565 per student.
What are Student Outcomes For The University Of Miami?
The University of Miami can boast a high graduate outcome of 80%. This number reflects the amount of students the school is able to graduate without adding more costs of yearly tuition fees. This is especially attractive to undergraduate students when coupled with the average salary of $60,100 after 10 years of graduating.
Local Area Cost Considerations
The school offers on-campus housing but, for students beyond the freshman level who would rather commute, UM assigns an on-campus representative for the Commuter Assistance Program. The ideal scenarios surrounding living on campus versus commuting is relative to the student’s needs. Here are the numbers students can expect when calculating housing and looking for a job while going to school.
The overall cost of living index for Miami, Florida is 137.1 which is 14% higher than the national average index of 100. This index includes the calculations for utilities, groceries, housing, health, and transportation.
The average cost of a studio or one bedroom apartment for Miami can range between $986 to $1,191 while the average cost of a two or three bedroom apartment can range between $1,510 to $2,007. Oftentimes, it is smart for college students to find roommates to help split the housing bill rather than foot almost $1,000 a month for one bedroom all alone.
If students consider carving out time to work while going to school, they can expect a minimum wage of $10.31 an hour, a higher amount than the national minimum wage of $7.25 an hour. With the convenience of going to school in a city that attracts tourists, students can enjoy ample employment opportunities.
What Are Other Ways To Save On College?
One of the most popular ways students can save on their college tuition is to apply for the school’s scholarships and awards. The University of Miami automatically considers students for academic scholarships upon their application at the school. There is a web page on the school’s website with a list of all the scholarships UM has to offer hopeful undergraduate students.
Another great option to save on college fees is for students to participate in a work study program. This is a unique opportunity for students to earn extra money while gaining valuable experience in a preferred field. Special preference is given to students who qualify for federal financial aid and are placed in the Federal Work-Study Program. This program helps students with financial need to help cover the cost of going to school at UM.
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