<p>Hi everyone,
I recently toured the []_[] and fell in love with it. The campus is like a resort, the atmosphere feels great, it's safe, and the educational opportunities seem amazing.
During the info session, my jaw dropped when I saw the price tag of ~ $60000 a year! When the admissions officer explained the scholarship opportunities, they seemed pretty generous with them, having the Presidential of $5000-$30000 a year and the premier scholarships for full tuition and full cost of attendance.
However, with all these good scholarships, it still isn't enough to cover the price to attend. If I managed to get $30000 a year, I'm still paying ~ $120000 to go for four years. And getting a premier scholarship is a long shot at best. And I most likely won't qualify for financial aid.
So how can I afford to go here? I'll have enough money in my 529 to pay for 3 semesters at UM, and that's all my parents will give me (which is fair I suppose). I don't really want to take out loans for undergrad considering I'll go onto a masters degree.
So if anyone could tell me how they paid to go here and any advice they have, I'd really appreciate it!</p>
<p>You should clarify why you won’t qualify for aid, yet can’t afford it. If your parents are the issue, some cases may qualify you to be independant (eligible for aid since you, yourself can’t afford to pay)</p>
<p>it is a hit when you find out that a very generous scholarship still doesn’t cover half the cost of a school, isn’t it? We underwent that epiphany when one my kids got a $30K a year award which I think is a great scholarship. Then I saw the COA. It’s very scary, I agree. Half tuition awards still put some private school over our affordable range. It depresses me terribly–I’m a parent who had hoped to be able to pay for any college to which my kids were accepted. We don’t qualify for financial aid.</p>
<p>First of all, you need to run some numbers and find out what you and your family are expected to pay. Getting your parent’s latest tax return, or having them do this exercise, and a list market value of assets, follow the directions of the EFC estimators to get that figure. That amount is likely the lowest you will paying before you are eligible for federal aid, by law, and for most school aid. To get more than that you need a merit award that exceeds it. Then also run some NPCs of schools on your list and see what they specifically say they are likely to expect someone like you to pay.</p>
<p>As for merit awards, you do need to be in the upper echelon of the accepted pool to get them. Find out what % of kids get those scholarships and then check if you are in that upper percentage so in the running for them. </p>
<p>The other very important factor is how much your parents are willing to pay each year for your college. You have your 529 which can pay $90K of the cost, from what you have indicated, which is about $22K a year. What have you saved for college? How much can your parents give you? How much can you earn? You can borrow $5500 in your own name freshman year, and a little more than that in subsequent years. </p>
<p>Also look at other schools, like your state schools and those to which you can commute, those with merit money that you are likely to qualify for. Make sure you do have some schools on your list that you know you can afford and will take you.</p>
<p>Thanks for your helpful response 
@cptofthehouse
My parent were very generous with the 529 and opened it when by older brother was born, 3 years before I was born. That is all they will contribute and they’ve told me that it’s my choice with how I spend it, whether I’d like to use it for undergrad or grad.
I’m going to have three sources of income by July. I will start giving a middle schooler clarinet lessons ($15 a week), I do a lot of yard work ($35 a week), and I will have a part time job in July. The lessons and yard work I will keep for expenses (gas, etc.) and the money from my part time job will be split 50-50 between my college fund and savings account. My parents have agreed to match what I put into each account (I put $15 in savings and they’ll put in an additional $15).
Financial aid is very unlikely. My brother did not receive any aid, so I don’t see why I will either. UM’s calculator said we will be expected to pay the full cost of attendance (I’m not including scholarships). And I don’t want to have to take out loans.
So right now UM seems unrealistic because of the cost. There is one state school I’m considering. Although it’s not one on the top of my list. The University of Florida and Florida State are my other options. I’m out of state, but their prices are a lot more affordable than Miami’s. The only thing is that there’s such a large gap between how much I want to go to Miami and how much I want to got to IF and FSU. Oh well.
I’m going to be a junior this fall ad have two more years to earn and save money and figure this out. And I’m also applying to scholarships ($500-$1000) that I’ve found online.
Thanks again for your response. </p>
<p>I didn’t see your response @muhammad9211. My father’s income is pretty high. I don’t want to say on here what it is. But my brother didn’t receive any aid when he applied to schools. I guess I assumed I wouldn’t get any from UM though lol. The reason I couldn’t afford to go there is because we would have to take out a lot of money in loans which I don’t want to do. If it’s just a little bit it’d be okay. But I don’t want to be thousands of dollars in debt when I graduate. </p>
<p>Try also talking to your guidance counselor. Most high schools have a list of local, small-name scholarships that you wouldn’t find online, and a lot of them can be pretty lucrative. For example, I received scholarships from the Maryland Saltwater Sportfishing Association and a local nature lodge that I found out about through my school that added up to a pretty considerable chunk of change. Also keep in mind that there are scholarships you can apply for during your undergrad years that are also pretty good. If all else fails, when you apply and get your financial aid package and merit scholarships, if they aren’t enough to justify going, talk to the school. They are typically pretty good with addressing financial need, and if you express enough interest and drive to go to Miami, they’re very good at helping to find a way to get you there. Other than that, my only other suggestion would be to spend a year or two at a state school and try to transfer later. I know that’s a tough pill to swallow, but you’re right, you really don’t want to have to take out loans (especially if you’re considering grad school after undergrad). Hope this helped!</p>
<p>Thank you @Marinebio444! I’ll look into the local scholarships for sure. I’ve done a lot of digging online on tons of websites, and it’s tough to find small local ones. And I’m considering doing dual enrollment to try to get general ed classes out of the way to save some money (my local community college is free). And I’ll try to be open to transferring. It’s not ideal, but if I can transfer there and keep all of my credits, etc. than it’s better than not going to UM at all </p>
<p>Dual enrollment is an excellent idea. My D took a lot of AP courses, duals, and even some summer courses. When starting her sophomore year in August she will already have 72 credits towards her degree. She can easily finish in three years if she so desires. Graduating in 3 or even 3 and a half years will save a considerable amount. </p>
<p>Thanks @READYTORETIRE. I’d like to do it. I’ll probably have to do it during the summer term because I’m so busy during the school year. </p>