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Financial aid disproportionate as tuition grows Scholarships sometimes come up short
University of Miami tuition and financial aid from 2000-2011
BY JOSEPH CERVONE CONTRIBUTING NEWS WRITER
2009-10 2008-09 2007-08
Years
Sophomore Andrew Bowker remembers when he received his financial aid package along with his admission to UM two years ago. “When I first saw it, I immediately thought this was the school that I was going to because they had made it the most affordable, ” Bowker said. “I felt with the financial aid, and because I am a Foote Fellow, that they really wanted my academic contributions. ” For many students, the cost of tuition and financial aid are becoming bigger determinants for where they attend college. Many students like Bowker are finding generous financial aid packages too enticing to pass up. The recession forced many families and individuals to reevaluate their spending. Tuition for top universities throughout the United States is one expense that has continued to rise during trying times, but it is a cost that most families find important.
2010-11
2006-07 2005-06 2004-05 2002-03 Tuition 2001-02
Avg.Financial Aid Package
2000-01
$0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 Rising tuition at UM Tuition Recently propelled to the top 50 of U.S. SOURCE: University of Miami, miami.edu GRAPHIC BY DEMI RAFULS News and World Report ’s college and university rankings, UM is becoming one of the eral forms: merit-based aid and need-based aid out across the board to applicants, ” to 75.6 percent and in 2010 it was back up to nation ’s elite universities. aid. The Office of Admissions determines a said Kevin McCray, an associate director 81.6 percent. Currently at No. 47, UM has climbed prospective student ’s merit-based aid during at UM ’s Office of Financial Assistance SerBeyond admission, it is clear that finanmore than 20 spots from its No. 67 ranking the acceptance process. vices. “Some applicants get more or less de- cial aid and the amount that is offered can in 2000. significantly impact an individual ’s ability to “There ’s no additional application, so pending on their need-based eligibility. ” In the last decade, just as UM ’s pres- when you apply once for admission, you ’re attend an expensive university. tige has risen, so has its tuition. Each year also applying for academic, or merit-based “I think financial aid is a pretty strong The bigger picture the cost of attendance has scholarships, ” admission ofWhile UM ’s tuition may seem steep, factor for not only the University of Mibecome pricier for the incomficer Brandon Gross said. the institution attempts to cover students ’ ami, but for most schools, ” Gross said. “As ing class. The average finanthe cost of tuition continues to rise, a lot of For the upcoming fall needs as much as possible. cial aid package provided to students have to wait until they receive a 2011 semester, prospective This past year, 5,433 unundergraduates at UM has merit-based scholarship or freshmen are eligible for dergraduates applied for needsimultaneously increased, In the last decade, any need-based aid before merit-based aid ranging from based financial aid and 4,432, helping to somewhat allevijust as the University they ’re able to make their fia Collegiate Scholarship of approximately 81 percent of ate the burdens of tuition. In 2000, 85.9 $8,000 annually to a Singer the pool, received some type of Miami’s prestige nal decisions. ” According to the UniThe trend of rising tuScholarship that covers a stu- of aid. percent of those has risen, so has its versity of Miami, the 2000ition has not shown signs dent ’s full tuition each year. “We are what is called tuition. Each year the who applied for 2001 academic school year Prospective scholarship re- a ‘blind institution, ’ ” Gross need-based aid cost of attendance of slowing down, so the cost of tuition was $20,960, question remains: Are unicipients are considered based said. “Whether a student received some form has become pricier while the average financial versities doing enough to on their SAT/ACT scores, checks ‘yes ’ they ’ll be applyof aid. In 2005, that for the incoming provide financial aid to their aid package provided to unGPA and ranking within ing for need-based aid or ‘no ’ figure decreased to class than the one students? dergraduates was $21,049. A their high school class. on the Common Application, 75.6 percent and in decade later, tuition for the that preceded them. “Providing financial The second form of fi- it will not factor into whether 2010-2011 academic school 2010 it was back up aid is critical because our nancial aid, need-based aid, they are admitted into the year has risen to $37,836 to 81.6 percent. university is too expensive, ” is through the Free Applica- university. So we encourage but the average financial aid said UM President Donna tion for Federal Student Aid all students to check that they package has increased to just E. Shalala. “We need to (FASFA), which is regulated would be applying for need$32,310. To put the numbers in perspective, by the Office of Financial Assistance Servic- based-aid. ” raise a lot more so we can tuition has risen 80.5 percent and the aver- es. Separate from applying for admission, the cover all our students ’ needs. The number of students age financial aid package has risen only 53.5 needs of FAFSA applicants are determined receiving need-based aid has Students take out too many percent. loans already. ” by the following formula: cost of attendance barely wavered in the last decade, despite risminus estimated family contributions equals ing costs. In 2000, 85.9 percent of those who Merit-based vs. need-based financial need-based aid. applied for need-based aid received some Joseph Cervone may be contacted at jcervone@ Financial aid at UM comes in two gen “We try to give as much need-based form of aid. In 2005, that figure decreased themiamihurricane.com.
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THE MIAMI HURRICANE
April 18 - April 20, 2011