Many prospective students will just look at the published pricing on the website to figure out the cost of attending the University of Miami. This is a miscalculation, as the University of Miami’s cost of attendance for incoming students depends on a lot of factors, like housing, fees, indirect costs, and financial aid. Net price is a more accurate financial projection for college prices.
Any student who wants to get the most out of their education while spending the least amount of money will want to know the best way to go about it. In this article, you’ll learn more about University of Miami tuition, living expenses, and the net price of an undergraduate degree. You’ll also learn how to reduce your bill through the University of Miami financial aid options, including federal, state, and local grants as well as merit-based scholarships.
University of Miami Rankings and Profile
- Accreditation: Southern Association of Colleges and Schools Commission on Colleges
- Acceptance Rate: 28%
- Graduation Rate: 84%
- US News & World Report Ranking: #55 (National Universities)
- Times Higher Education Ranking: #201-250 (World University Rankings 2022)
More than 19,000 students from across the world attend the University of Miami, a private research university with the mission to educate and serve the people of South Florida and beyond. Undergraduate and graduate students are enrolled across 350 programs in 12 schools, including a medical school, a law school, and a music conservatory.
With an annual research budget of $324 million, this school is one of the largest research universities in the region. Hundreds of studies are conducted by researchers in fields like engineering and the school takes advantage of its location on the coast through specialized marine biology research. US News & World Report ranks the University of Miami as the 55th best school in the nation.
How Much Does the University of Miami Cost?
The University of Miami costs $55,440 in tuition per year for undergraduate students. The fee costs are $1,754. The actual cost of attendance for an undergraduate student is calculated by considering expenses like fees, personal expenses, transportation, housing costs, and meal plan fees, which come to $78,640 per year without financial aid.
University of Miami Tuition, Fees, and Other Expenses
|Expense||University of Miami Cost|
|University of Miami Undergraduate In-State Tuition and Fees||$55,440 per year|
|University of Miami Undergraduate Out-of-State Tuition and Fees||$55,440 per year|
|University of Miami Graduate In-State Tuition and Fees||$20,790 per semester|
|University of Miami Graduate Out-of-State Tuition and Fees||$20,970 per semester|
|University of Miami Books and Supplies||$1,070 per year|
University of Miami’s annual undergraduate tuition is currently $55,440. This is 75 percent more expensive than the average tuition at a four-year private, non-profit college in the US, which was $37,600 in the 2019/20 school year, according to the National Center for Education Statistics. The average college tuition at a four-year school in Florida is $15,059, which makes UM more expensive than other schools in the state.
University of Miami Living Expenses
|Expense||University of Miami Cost|
|University of Miami On-Campus Room and Board||$16,530|
|University of Miami Off-Campus Room and Board||$21,150|
The university provides on-campus housing and meals for $16,530 per academic year, a lower projected cost than off-campus housing. The costs for books and supplies are an estimated $1,070 annually. In addition to tuition and fees, students living off-campus can expect to spend an additional $2,346 on personal expenses.
Cost of Living in Coral Gables, Florida
According to Salary, it is 11.6 percent more expensive to live in Coral Gables, Florida, than the average US city. However, taxes are low in Florida and the state does not collect income tax at all. This makes the average cost of living relatively lower and you can make a good living for yourself if you get a job at one of the largest companies in Florida after graduation.
University of Miami Financial Aid Statistics
There are two types of financial aid at the University of Miami: need-based and merit-based. Students can use financial aid to offset the cost of their education. Seventy-four percent of incoming first-year students received financial aid in 2020, with a total of $58,190,432 distributed to students as scholarships and grants, according to the National Center for Education Statistics.
Financial need is determined by subtracting the expected family contribution from the cost of attendance. First-year students at the University of Miami who qualified for financial aid were granted an average of $35,012 in scholarships and grants in the 2020-2021 school year.
Federal loans and work-study programs are other examples of financial aid that students can use to pay for their education. Federal loans can be attained by any student, regardless of financial need. Finally, students with exceptional grades, sports performance, or artistic ability can qualify for merit scholarships.
Does the University of Miami Accept FAFSA?
Yes, the University of Miami accepts FAFSA or the Free Application for Federal Student Aid. FAFSA is used to quantify your or your family’s capacity to pay for college. All need-based financial aid for full-time undergraduate students is determined based on their FAFSA applications.
Does the University of Miami Accept GI Bill Benefits?
Yes, the University of Miami’s Veterans Affairs Office assists active duty service members, veterans, and their families who are eligible for educational benefits. The program tuition and required costs associated with attending school can be paid for by the Post-9/11 GI Bill. This bill guarantees benefits based on the number of months spent on active duty, with full tuition and fees covered for those who served longer than three years.
Is the University of Miami a Yellow Ribbon School?
Yes, the University of Miami is a Yellow Ribbon School. The Yellow Ribbon program can help veterans pay for school expenses that are not covered by the GI Bill. At the University of Miami, the Yellow Ribbon program will cover tuition costs for all undergraduate and graduate students who don’t receive a full GI Bill benefit.
University of Miami Scholarships and Grants
- Stamps Scholarship. This prize is awarded to high school graduates who are exceptional and intellectually accomplished. Stamps Scholars receive full tuition coverage for four years of undergraduate studies at the University of Miami. The scholarship awards additional funds for on-campus housing and meal costs.
- Isaac Bashevis Singer Scholarship. This distinguished fellowship, named for the Nobel Prize-winning author and UM professor Isaac Bashevis Singer, is presented to remarkable and intellectually-accomplished high school seniors. Singer Scholars receive four years of free tuition at the University of Miami.
- Ronald A. Hammond Scholarship. Ronald A. Hammond Scholarship funds are awarded to high school seniors from diverse backgrounds who have exhibited academic excellence and want to pursue graduate studies. Hammond Scholars receive four years of free undergraduate tuition at the University of Miami.
- Marta S. and L. Austin Weeks Scholarship. The Weeks Scholarship is offered to high school seniors who are exceptional and intellectually accomplished. Weeks Scholars receive grants that cover four years of tuition at the University of Miami.
- George W. Jenkins Scholarship. High-performing high school seniors from Alabama, Florida, Georgia, Tennessee, Virginia, or the Carolinas are eligible for the Jenkins scholarship. Four years of undergraduate education at UM are covered in full by this charitable grant along with a meal plan allowance.
University of Miami Average Net Price by Income
|Family Income||University of Miami Net Price|
|$0 to $30,000||$19,275|
|$30,001 to $48,000||$14,160|
|$48,001 to $75,000||$19,088|
|$110,001 and up||$42,497|
Only a small percentage of University of Miami students will pay the full tuition price. Net price is a better estimation of the actual costs that the typical college student pays. Net price is calculated by adding up the expenses associated with attending the University of Miami, including tuition, fees, housing, and cost of food, and subtracting the average amount of financial aid received by each student.
How to Calculate University of Miami Cost
To calculate the University of Miami’s annual cost, the university website has provided a net price calculator to allow students of all kinds to estimate their cost of study. The need-based financial aid amount can be found by subtracting the expected family contribution from the total cost of attendance. The cost of attendance can vary depending on allowances for books, housing, supplies, transportation, and personal costs.
Families are expected to help pay for a student’s education and the expected family contribution is calculated based on their income. If a student is not legally a dependent, the expected family contribution is based on their income and, if relevant, their spouse’s income.
You can use the net price calculator to determine how much money you will be expected to pay out of pocket for your college education. You can also use it to see how much you might need to borrow in student loans to attend the University of Miami.
Is the Cost of College Too High?
College is more expensive than ever, but the cost of college doesn’t have to be too high if you can get scholarships, grants, and make an effort to save money. According to the National Center for Education Statistics, 73 percent of incoming first-year students receive financial aid. The cost of college at UM is higher than the national average, but financial aid is readily available, and studying in Florida will result in lower living expenses than in some other states.
University of Miami Student Debt
- Students Receiving Federal Loans: 27%
- Median Debt After Graduation: $17,500
- Average Monthly Loan Payment: $175
The amount of student debt you accrue can have a long-lasting impact on your financial well-being. In an ideal situation, your total student loan debt should be less than your anticipated starting salary after graduation. With this, you should try to reduce your overall cost of tuition through scholarships and grants before applying for student loans.
At the University of Miami, the average federal loan debt for undergraduate degree recipients is $17,500. If repaid over 10 years with an interest rate of 5.05 percent, the average monthly federal loan payment is $175. Twenty-seven percent of University of Miami graduates took out federal loans.
University of Miami Tuition Payment Plans
The Office of Student Accounts at the University of Miami provides students and parents with alternative tuition plans. With a monthly payment plan, students are able to divide their cost of tuition per semester into smaller payments, paying it in monthly installments rather than in one lump sum at the beginning of the semester.
University of Miami Graduate Salaries and Outcomes
According to data compiled by the University of Miami Toppel Career Center, 98 percent of graduates in 2021 secured post-graduate plans within six months. Sixty percent of graduates got full-time jobs, while one percent got part-time jobs or other jobs including military and full-time volunteer positions. Thirty-eight percent of them opted to continue with their studies at UM or elsewhere.
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The data also shows that 89 percent of UM graduates used the services of the Toppel Career Center to find jobs and 81 percent gained work experience during their studies through internships or campus jobs. This means that the school offers great student support outside of academics, setting them up for success as they enter the job market.
How to Save Money in College
- Don’t buy new textbooks. Buying sets of textbooks can be an expensive proposition. Check with a friend or the university library to see if you can borrow books before you go to the campus bookshop. If you cannot afford new textbooks, you can buy or rent secondhand ones, either through the bookshop or online.
- Make a student budget. Many students find it difficult and time-consuming to analyze where their money is going, but you can start saving money by creating a financial plan or budget. It’s up to you how much detail you want to go into, but at the most basic level, you want to make sure you’re not overspending.
- Use student discounts. Student discounts are one of the best perks of being a student. You should always check to see whether there are student discounts available before making a purchase. There’s no harm in asking for discounts, even if there is nothing advertised.
- Save money on your bills. Students in on-campus housing won’t have to worry about bills, but if you’re living in an apartment you will have to pay your first utility bills. Reducing your power consumption can save you money and help the environment in the process.
- Travel economically. While many campuses offer on-campus parking, you can save money by using public transport, especially in a big city like Miami. Affordable transportation isn’t just for going to class though. There are many travel websites that are dedicated to getting students discounts and you can save a lot of money if you book in advance.
Is the University of Miami Affordable?
Yes, the University of Miami can be affordable if you subsidize your education expenses with need-based aid, merit-based aid, and cutting costs through the money-saving tricks discussed above. The University of Miami provides financial assistance to 74 percent of the first-year undergraduate students who apply for it, so you shouldn’t let the sticker price deter you from applying.
University of Miami Cost FAQ
Even though the University of Miami tuition is high, the cost can be worth it with the many financial aid options available. Student life at UM is made more enjoyable by the wide range of courses available, the wealth of expertise among the university’s professors, and general campus atmosphere.
University of Miami is competitive, with an acceptance rate of 27.1 percent. This means that only 27 people out of every 100 applications are accepted. This hints at the school’s high admissions standards. GPA, SAT/ACT scores, and other application components are taken into consideration by the university when deciding whether or not to accept a candidate.
The students at University of Miami represent a wide range of income levels. Thirteen percent of UM undergraduates come from families earning more than $1 million annually, according to Politico, but the university also enrolls more low-income students than other schools in Florida.
Yes, University of Miami is a prestigious school. It’s a well-known institution that prides itself on providing students with high-quality college education. University of Miami students are competitive and the school has a well-deserved reputation as Florida’s premier university and a leading research institution.
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