The Federal Perkins Loan program enables eligible students to borrow funds each academic year at a simple interest rate of 5%, with repayment beginning nine months after graduation or less than half-time enrollment for borrowers. The maximum yearly amount is $4,000 for undergraduate students. The aggregate total for a bachelor’s degree is $20,000 with no more than $8,000 to be accumulated during the first two years of attendance.

The Federal Nursing Loan program enables eligible nursing students to borrow funds at a 5% interest rate with repayment beginning nine months after graduation or less than half-time enrollment for borrowers. Awards at the University of Miami vary.

The Subsidized and Unsubsidized Federal Stafford Loans are low interest loans, currently at a 6.8% interest rate, made available for students that attend at least half-time. Students who demonstrate financial need qualify for the subsidized loan. Eligibility for an unsubsidized loan is need-based and interest starts accruing after the loan is disbursed.

The Federal Parent Loan for Undergraduate Students (PLUS) is available to the Parents of Dependent Undergraduate students at an 8.5% interest rate. Applicants and repayment information are available through participating lenders. Borrowers must meet all eligibility criteria, which include being a US citizen or eligible non-citizen. Eligible parents can borrow up to the cost of attendance that is not covered by financial aid.

Alternative Education Loans are available to help finance a UM education. These loans are not subsidized by the federal government, and therefore may be more expensive than other options. We strongly encourage you to evaluate the Federal Stafford loans before incurring debt through an alternative loan. The interest rates are usually variable and monthly payments are extended over several years. Alternative loans are credit based and may require a cosigner.