The University of Miami is known for its palm trees, vibrant campus life and strong academic reputation. But it’s also known as one of the country’s most expensive colleges. For prospective students, 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. With other essentials like housing and transportation, the total cost of attendance is almost up to $100,000 per year.
UM’s price tag makes the school unaffordable for average families looking to get a quality education.
The university gives scholarships and aid to students who demonstrate financial need on their FAFSA form. But many middle class families are left behind as more generous aid packages are given to lower class families.
“Once a student’s demonstrated financial need is determined, the University provides financial aid offers that include scholarships and grants designed to reduce reliance on loans and minimize student debt,” the University said in a statement to The Hurricane. “Students who do not qualify for need-based grants or merit-based scholarships can qualify for a small Federal student loan by completing the FAFSA; seek loans through the Federal PLUS Loan or through private lenders; or apply for private scholarships.”
The statement also said that all middle-income families with typical assets would qualify for significant financial assistance under University programs. If families experience a significant change in income, students can request a customized review of their financial aid package, according to the statement.
However, not everyone sees the process as smooth or fair.
“As someone who has worked at Cane Central, it is heartbreaking to hear what families have to go through just to prove a financial hardship,” said one anonymous student. “Sometimes a family member dies or a sudden emergency comes up, and the process to have your aid reevaluated still takes a minimum of two months — provided that everything is done perfectly.”
The student also added, “Many people don’t get all the documents in the right order or submit them correctly, which delays things to a point where they lose all chance to even have their aid reevaluated.”
Even still, students report that the numbers don’t always add up. Hardworking middle class families are often forced to take on private, high interest loans — increasing the likelihood of long-term debt.
“I definitely needed more aid, especially after they raised tuition. I had to take out a private loan,” said an anonymous student who responded to a poll posted to the @themiamihurricane Instagram account on Friday, Oct. 31
Complicating things further, the University of Miami 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 can pressure financially vulnerable students into not applying for aid, even when they truly need it.
“The “need-aware” policy feels unfair to me,” said another anonymous student. “It seems like it can discourage or disadvantage students who have financial need, even if they’re capable and motivated. Instead of focusing on whether a student can pay, I think UM should prioritize helping current students who are already doing well but are struggling financially because of changes outside their control—like tuition increases.”
This same student also said that while their financial aid package used to cover enough for the student to afford school, they now have to dip into a savings account that was made specifically for summer classes. The student said that their tuition has increased, but their appeals to increase their aid have been denied multiple times with no real reasoning.
However, another anonymous student said “I guess it’s good based on the description if it awards it to admitted students who need it the most and have potential.”
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.
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 at these institutions can better afford to pay off their education while students at UM often have a harder time paying off theirs.
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, the university is at risk of losing many talented students who want to attend the school but can’t due to financial constraints.
The University of Miami offers a strong education but the cost of attendance creates a major barrier to those who wish to access it. 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.
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.