The University of Miami is known for its palm tree lined campus, vibrant campus life and strong academic reputation. But it’s also known as one of the country’s most expensive colleges to go to. For some families considering UM, the question isn’t about the quality of education, but about the price tag.
The cost for tuition and fees alone is around $65,000 per year while other essentials such as housing and transportation can balloon up to almost $100,000 per year.
UM’s price tag makes the school unaffordable for average families looking to get a quality education.
UM does indeed give scholarships and aid to students who demonstrate it on their FAFSA form. But even so, many middle class families are left behind as more generous aid packages are given to lower class families.
These middle class families are forced to take out loans that increase the likelihood of these students having long lasting debt in their future.
Complicating things further, UM is a need-aware school. This means that the admissions department takes into consideration the status of a student’s financial needs.
For many applicants, this can create pressure to downplay financial need, as not asking for aid might give them a boost for their chances at admission.
Need-aware admissions unnecessarily targets people who might be financially vulnerable into not opting into financial aid even if it might be beneficial for them.
But beyond the campus, the city of Miami is one of the most expensive areas in the United States. Rent near campus can be upwards of $2500 per month and with limited public transportation, getting around anywhere without a car can be a headache.
With an area as expensive as Miami, the financial pressures might distract students from their overall college experience. Students might have less time to study or join clubs if they feel pressured by their financial situation.
To combat the growing prices in higher education, many universities have implemented free tuition for families making less than a certain amount.
Universities such as Carnegie Mellon and NYU offer families making under $75,000 and $100,000 respectively free tuition to attend their institution. Middle class families that attend these institutions are ultimately able to afford to go to these quality schools while students who chose to go to UM have a harder time paying off their education.
But it’s true that UM’s endowment is smaller than that of other universities offering free tuition. UM has to consider ways to reduce prices or expand its aid for students. Without addressing these issues, UM is at risk of losing many talented students who want to attend UM but can’t due to financial constraints.
Making UM more affordable will attract more talented students to the institution while at the same time not burdening these same students with lifelong debt.
The University of Miami offers a strong education but the cost of attendance creates a major barrier to those who wish to access it.
In order for the university to remain as competitive as possible, it must take meaningful steps to make sure its education is accessible by all and not the few.