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Any individual required to provide consent and approval for federal tax information (FTI) along with their signature on the FAFSA form, including the ¾Ã¾ÃÈÈ; the ¾Ã¾ÃÈÈ’s spouse; a biological or adoptive parent; or the parent’s spouse (stepparent).

The Cost of Attendance (COA) consists of the sum of educational costs payable to the school (also referred to as direct or billable costs) and costs paid to others (or indirect, non-billable or discretionary) costs. The Cost of Attendance represents the highest dollar amount of financial aid a ¾Ã¾ÃÈÈ can receive during an award year. Visit our Explanation of Fees page for more information.

• Direct Costs: These costs are paid to the school (also referred to as direct or billable costs) or are any other expenses paid to the school for enrollment. Charges included in the COA that are paid directly to Miami include:
  
  • Tuition/Instructional: Charges assessed for classes and/or coursework
  • Fees: Charges assessed for other University services
    • E.g. Basic General Fees, Transit Fee, Student Technology Fee, Armstrong Student Center Fee, Mental Health Fee, Matriculation Fee
  • Non-Resident Surcharge: Miami receives subsidy from the State of Ohio for ¾Ã¾ÃÈÈs who are Ohio residents, and Non-Ohio residents are required to pay the Non-Resident Surcharge
  • Career Development Fee: Career exploration and professional development services
  • Program and Course Fees: Additional administrative fees associated with specific courses or programs
  • Housing: Residence hall charges for on-campus ¾Ã¾ÃÈÈs
  • Food: The cost of a university meal plan
  • Health Services Fees: Charges for ¾Ã¾ÃÈÈ health insurance (if minimum insurance coverage is not documented) or other services related to the health center
• Indirect Costs: These are costs paid to others (also referred to as indirect, non-billable, or additional costs). They are other expenses not paid directly to the school but associated with receiving an education. These expenses are estimated by the school and may differ from ¾Ã¾ÃÈÈ to ¾Ã¾ÃÈÈ based on their individual circumstances. The estimated expenses in the COA that are not paid directly to Miami include: 
  
  • Transportation: An allowance which may include transportation between campus, residence, and place of work
  • Books, Course Materials, Supplies, and Equipment: Estimated expenses related to books, course materials, and equipment required for a ¾Ã¾ÃÈÈ’s program of study
  • Housing: Rent and utilities for off-campus living
  • Food: The cost of food prepared at home for off-campus ¾Ã¾ÃÈÈs
  • Miscellaneous Personal Expenses: An allowance for a ¾Ã¾ÃÈÈ attending Miami on at least a half-time basis for items such as laundry, clothing, reasonable recreation, personal hygiene, etc.
  • Other costs specific to certain ¾Ã¾ÃÈÈ circumstances related to attendance, such as: dependent care, disability-related expenses, study-abroad expenses, federal ¾Ã¾ÃÈÈ loan fees, etc.

The aid payment process, which typically happens around the time classes start in the form of a credit to your account. Visit our Disbursements page for Miami’s disbursement dates.

A deferment is a temporary postponement of payment on a loan that is allowed under certain conditions and during which interest generally doesn’t accrue on certain types of subsidized loans.

Money borrowed from the federal government, a college or university, or a private source like a bank or financial institution to pay for educational expenses and must be paid back with interest. Educational loans have varying fees, interest rates, repayment terms, and/or borrower protections.

• Federal Loan: Also known as the Direct Loan Program, which allows eligible ¾Ã¾ÃÈÈs and parents to borrow directly from the U.S. Department of Education at participating colleges or universities. Federal ¾Ã¾ÃÈÈ loans include Direct Subsidized, Direct Unsubsidized and the Direct PLUS programs for parents of dependent ¾Ã¾ÃÈÈs and graduate or professional ¾Ã¾ÃÈÈs. There are four types of Federal Loans:
  • Federal Direct Subsidized Student Loan: A Direct Subsidized Loan is an undergraduate federal ¾Ã¾ÃÈÈ loan based on financial need and offers ¾Ã¾ÃÈÈs a reduced, fixed interest rate and flexible repayment terms. Interest is subsidized, meaning it does not accrue to the borrower, while in an in-school, grace, or deferment period. Annual and aggregate limits apply.
  • Federal Direct Unsubsidized Student Loan: An unsubsidized loan offers ¾Ã¾ÃÈÈs a fixed interest rate and flexible repayment terms. It is not based on financial need. Interest begins to accrue when the loan is disbursed and can be paid while the ¾Ã¾ÃÈÈ is enrolled or when loan repayment begins. Annual and aggregate limits apply.
  • Federal Direct Graduate PLUS Loan: Direct Graduate PLUS Loans are federal loans that graduate or professional ¾Ã¾ÃÈÈs use to help pay for education expenses. A credit check for adverse credit history is required for eligibility. Interest begins to accrue when the loan is disbursed and can be paid while the ¾Ã¾ÃÈÈ is enrolled or when loan repayment begins.
  • Federal Direct Parent PLUS Loan (PLUS): Direct Parent PLUS Loans are federal loans that parents of dependent undergraduate ¾Ã¾ÃÈÈs can use to help pay for education expenses. Parents must pass a credit check for adverse credit history to qualify for PLUS loans. Parents of dependent ¾Ã¾ÃÈÈs may apply for this loan at .
• Private Loan: A ¾Ã¾ÃÈÈ or parent loan from a bank, credit union, private company, a nonprofit or state-affiliated lender, or from the college or university directly to pay for educational costs. Interest begins to accrue when the loan is disbursed, and repayment begins while the ¾Ã¾ÃÈÈ is still enrolled in school.

The number of credits, clock hours, or classes the ¾Ã¾ÃÈÈ is enrolled in, or whether they have withdrawn, graduated, etc. Enrollment status affects eligibility for and the amount of financial aid a ¾Ã¾ÃÈÈ may receive. It also affects when ¾Ã¾ÃÈÈ loans enter repayment status. Miami’s enrollment status criteria is as follows:

Enrollment Status Criteria

Enrollment	Undergraduate (credit hours)	Graduate (credit hours)
Full time	12+	9+
3/4 time	9-11.99	7-8.99
1/2 time	6-8.99	5-6.99
Less than 1/2 time	Less than 6	Less than 5

 explains the obligations a ¾Ã¾ÃÈÈ agrees to meet as a condition of borrowing a Direct Loan. ¾Ã¾ÃÈÈics include: Understand Your Loans, Manage Your Spending, Plan to Repay, Avoid Default, and Make Finances a Priority.

The ¾Ã¾ÃÈÈ’s output document that offers a summary of data input on the FAFSA form.

The Family Educational Rights and Privacy Act (FERPA) is a federal law that protects the privacy of ¾Ã¾ÃÈÈ education records, both financial and academic. It limits release of your record information without your written consent. However, it also gives your parent(s)/guardian(s) the right to review those records, without your consent, if the parent(s)/ guardian(s) claim you as a dependent on their Federal Income Tax Return.

The Pell Grant is a federal grant program designed to assist undergraduate ¾Ã¾ÃÈÈs in low- and moderate-income households to pay for college. The award amount is based on the cost of the institution, SAI, and enrollment status, and is subject to an aggregate limit.

Federal Tax Information (FTI) is sensitive data from the IRS, including tax returns and related details, securely transferred through the Direct Data Exchange to determine financial aid eligibility for the FAFSA. FTI replaces manual income entry for most filers, requires explicit consent from ¾Ã¾ÃÈÈs and contributors, and includes specific tax elements like income, filing status, and allowances, protected by strict confidentiality laws.

FSEOG is a federal grant provided by the institution to qualified undergraduate ¾Ã¾ÃÈÈs who demonstrate exceptional financial need and does not need to be repaid. The amount of funding from this program varies by institution. Students must complete a FAFSA each year for consideration.

Federal Work-Study provides funding for part-time jobs for undergraduate and graduate ¾Ã¾ÃÈÈs with financial need. Unlike grants and loans, FWS is paid to ¾Ã¾ÃÈÈs as they earn the funds by working. Students are responsible for finding qualified employment. For consideration, ¾Ã¾ÃÈÈs must complete a FAFSA each year.

A financial aid offer is a document sent by a postsecondary institution to a ¾Ã¾ÃÈÈ that outlines the amounts and details of the financial aid being offered to the ¾Ã¾ÃÈÈ, which may include scholarships, grants, loans, employment, or other forms of financial assistance to pay for college expenses.

The ¾Ã¾ÃÈÈ’s Cost of Attendance minus their Student Aid Index.

Students have financial need when their cost of attendance (COA) is greater than their Student Aid Index (SAI), which is the amount the government estimates they can pay. This is calculated using the formula: Financial Need = COA – SAI. The SAI is determined by a federal formula based on the financial information on the FAFSA form, and a lower SAI indicates higher financial need.

To be considered for all available need-based financial aid and scholarships, the  (FAFSA) must be submitted each year. The FAFSA becomes available on October 1 each year. For more information about how to file the FAFSA, visit our FAFSA page.

Any money provided to ¾Ã¾ÃÈÈs that does not have to be repaid. They can be called grants, scholarships, tuition remissions, gift aid, or tuition waivers. Grants and scholarships are provided based on many different factors.

A loan expense charged for the use of borrowed money. Interest is paid by a borrower to a lender. The expense is calculated as a percentage of the unpaid principal amount of the loan.

The  (MPN) is a legal document in which the ¾Ã¾ÃÈÈ/parent or guardian promises to repay their loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of their loan(s).

Financial assistance provided to ¾Ã¾ÃÈÈs based on their financial situation, determined by completing the FAFSA. Need-based financial aid can take different forms, including grants, scholarships, work-study programs, and low-interest loans, like the federal direct subsidized loan.

The Student Aid Index (SAI) can be a negative number (down to -1500) which can be used by institutions in determining ¾Ã¾ÃÈÈs who have the most financial need. Note that when packaging a ¾Ã¾ÃÈÈ for Title IV need-based aid, a negative SAI is converted to a 0 SAI in the packaging formula. For more information, see the below Student Aid Index definition.

The difference between the cost of attendance and all grants and scholarships. Net price reflects what the ¾Ã¾ÃÈÈ is expected to pay for their education on their own and can be covered through a variety of sources, including savings, ¾Ã¾ÃÈÈ employment, institutional payment plans, or education loans.

Funding options outside of grants and scholarships that a ¾Ã¾ÃÈÈ and their family may use to pay any remaining costs or expenses. This may include loans, ¾Ã¾ÃÈÈ employment, institutional payment plans, or personal savings.

For a dependent ¾Ã¾ÃÈÈ whose parents are divorced or separated, the primary or custodial parent is the parent who provides the greater portion of the ¾Ã¾ÃÈÈ’s financial support and is required to provide their information (and if applicable their spouse’s information) on the FAFSA form.

The authority of a school’s financial aid administrator to make adjustments to the data elements on the FAFSA and to override a ¾Ã¾ÃÈÈ’s dependency status or Student Aid Index.

Level of the degree-granting program in which you are enrolled. Program levels may include:

• Undergraduate: Students seeking an associate degree, an undergraduate certificate, or a baccalaureate degree
• Post-Baccalaureate: Such as teacher certification
• Graduate: Students working on a master’s degree, graduate certificate, doctorate, or professional degree.

The amounts and types of financial aid for which you are eligible is determined, in part, by your program level.

If a ¾Ã¾ÃÈÈ indicates they have unusual circumstances or indicates for the first time they are unaccompanied and homeless, or at risk of being homeless (without a designation from a specified entity), the FAFSA Processing System (FPS) will consider the ¾Ã¾ÃÈÈ to be provisionally independent and will allow them to fill out the FAFSA form as an independent ¾Ã¾ÃÈÈ. The SAI will remain provisional and not official until the ¾Ã¾ÃÈÈ’s college or career school makes a final determination. The ISIR will have a specific reject code that will require the financial aid administrator (FAA) to review, and if applicable, confirm the ¾Ã¾ÃÈÈ’s independent status. The FAA will determine if the ¾Ã¾ÃÈÈ’s circumstances make them eligible to apply independently and, if so, make any necessary updates to formally make the ¾Ã¾ÃÈÈ independent.

Schools use Satisfactory Academic Progress (SAP) Standards to determine if you are meeting all of your educational requirements and if you are on target to graduate on time with a degree or certificate. This process may vary across schools. 

 

Refers to special or extenuating situations (such as the loss of a job) that impact a ¾Ã¾ÃÈÈ’s financial condition and support a financial aid administrator adjusting data elements in the COA or in the Student Aid Index calculation on a case-by-case basis.

The Student Aid Index (SAI) is the eligibility index used to determine your eligibility for federal, and in some instances, state and institutional need-based ¾Ã¾ÃÈÈ financial aid. Generally, ¾Ã¾ÃÈÈs with a higher SAI are eligible for less need-based financial aid. It is based upon the information provided by the ¾Ã¾ÃÈÈ and their family on the FAFSA.

TEACH Grants are federal grants for undergraduate and graduate ¾Ã¾ÃÈÈs, awarded in exchange for specific future teaching service in designated high-need fields and low-income elementary and secondary schools. If you do not complete the required teaching service, the grant becomes a Federal Direct Unsubsidized Student Loan that must be repaid.

Your Cost of Attendance, minus your Student Aid Index, less any need-based aid received, such as Gift Aid, Federal Work-Study or Federal Direct Subsidized Loans.

Refers to conditions that justify a financial aid administrator making an adjustment to a ¾Ã¾ÃÈÈ’s dependency status, commonly referred to as a dependency override, based on an unusual situation (e.g., human trafficking or parental abandonment).

A federally mandated process to confirm the accuracy of data provided by selected FAFSA applicants. To complete the federal verification process, the ¾Ã¾ÃÈÈ, their parent(s), or spouse, if applicable, are required to provide certain documents to the school for review. If the documentation provided to Miami doesn’t match what was reported on the FAFSA, verification can result in changes to the ¾Ã¾ÃÈÈ’s financial aid eligibility, and/or financial aid offers.