How are monthly payments calculated?
The University will add all charges (tuition, fees, room, and board) and subtract all financial assistance (except College Work-Study, Miami Commitment, and any other aid that does not pay directly into student accounts) for the academic year. A 3% non-refundable Participation Fee is added to this amount to arrive at a total contract amount. The contract amount is divided by ten months for fall and spring; five months for the fall; and by five months for spring to determine the monthly payment. Adjustments, such as adding dorm or meal charges not previously entered in the MPP or loss of financial aid will cause changes to the plan and to the monthly payments, but you will not be required to sign a new contract. Anyone on ACH (electronic check) will have the ACH adjusted to reflect the new payments at the time the adjustment is processed.
The University will add all charges (tuition, fees, room, and board) and subtract all financial assistance (except College Work-Study, Miami Commitment, and any other aid that does not pay directly into student accounts) for the academic year. A 3% non-refundable Participation Fee is added to this amount to arrive at a total promissory note amount. The promissory note amount is divided by ten months for fall and spring; five months for the fall; and by five months for spring to determine the monthly payment. Adjustments, such as adding dorm or meal charges not previously entered in the MPP or loss of financial aid will cause changes to the plan and to the monthly payments, but you will not be required to sign a new promissory note if the payments go down. Anyone on ACH (electronic check) will have the ACH adjusted to reflect the new payments at the time the adjustment is processed.
