Financial Aid and Scholarship Information

General Information

McCombs is increasing its recruiting scholarships annually and, for the class entering in 2004, will be offering cash awards to entering first-year students in addition to out-of-state tuition waivers. All applicants are automatically considered for recruiting scholarships during the admission process; no additional paperwork needs to be submitted. Scholarships are offered to students who demonstrate a superior record of academic and professional accomplishment in their application materials.

Financial aid usually comes in the form of student loans for first-year students. Applicants can apply for most loans and scholarships through the University’s Office of Student Financial Services (OSFS). To apply for federal, state, and institutional assistance, students will need OSFS’s Application Guide: Steps to financing Your Education and the Free Application for Federal Student Aid (FAFSA). Interested applicants should contact OSFS:

Office of Student Financial Services

University of Texas at Austin

P. O. Box 7758, UT Station

Austin, TX 78713-7758

e-mail: finaid@www.utexas.edu

http://www.utexas.edu/student/finaid

The recommended deadline for most financial aid applications is March 31. Additional information is available through the Business School's in-house financial aid officer at 512-471-7698.

Financial Aid is awarded on the basis of the average cost of education. Costs include: tuition and fees, books and supplies, living, transportation and some personal and miscellaneous expenses. The vast majority of cash awards from McCombs and its corporate sponsors are provided in the amounts of $2,000 to $18,000 to both international and domestic students and may be accompanied by out-of-state tuition waivers.

All graduate students who meet the following criteria are eligible to apply for financial aid:

Admitted to the MBA Program at UT

US citizen or permanent resident

Enrolled full-time for each semester that aid is received

Good scholastic standing 3.0 or better GPA

Financial Aid Officer

The MBA Program Office houses a financial aid officer assigned to work specifically with MBA students. Please call 512-471-7698, or email FinancialAid@mccombs.utexas.edu

Financial Aid for Domestic Students

Financial aid is available in several forms. Students may apply through the Office of Student Financial Services for loans and grants. Students applying for financial assistance must complete the Federal Application for Federal Student Aid (FAFSA). You may obtain this form at www.fafsa.ed.gov. Additional information is available from the Office of Student Financial Services, (512) 475-6282, http://finaid.utexas.edu.

Financial Aid for Minority Students

McCombs is a member of The Consortium for Graduate Study in Management, the country’s preeminent organization for promoting diversity and inclusion in American business. Through an annual competition, The Consortium awards merit-based, full-tuition fellowships to America’s best and brightest diverse candidates. In conjunction with our member schools, sponsoring companies, and our elite group of MBA students and alumni, The Consortium has built a forty year legacy of fostering inclusion and changing the ethnic and cultural face of American business. For more information, see Procedures for Consortium Applicants, or contact the Consortium for application materials:

The Consortium for Graduate Study in Management
5585 Pershing Avenue, #240
St. Louis, MO 63112
phone: 314-877-5500

Financial Aid for International Students

All applicants, internationals included, are automatically considered for recruiting scholarships at the time of application and during the admission cycle following. No special application is needed. In addition during the first semester, international students may apply for Current Student Scholarships. Scholarship application forms are available starting in April of the spring semester in the MBA Program Office. However, such scholarships are extremely limited and should not be relied upon. Therefore, international students should be prepared to meet all expenses two full calendar years from their own resources. We would recommend that you contact the International Office (phone: (512) 471-1211) for more advice on financing your graduate education.

International students interested in loans should contact the in-house Financial Aid Officer at 512-471-7698, FinancialAid@mccombs.utexas.edu.

Recruiting Scholarships

For the fall 2006, McCombs will offer over $500,000 in cash awards distributed as recruiting scholarships. Cash awards range from $2,000 to 10,000 and consist of one - and two-year awards. In addition, approximately half of these awards are accompanied by out-of-state tuition waivers which save the student an additional $16,000 per year. The total amount of tuition differential reduction distributed annually at McCombs currently exceeds $675,000.

Tuition Assistance for Mexican Students

TAMS is a waiver of non-resident tuition for a limited number of Mexican students who have demonstrated financial need or who are participating in a reciprocal exchange program. In order to be eligible for this scholarship, you must first be admitted to a degree program. For more information please visit http://www.utexas.edu/international/isss/students/financialaid/. For any additional questions, contact Louise Donnell in the International Office at louised@austin.utexas.edu.

Good Neighbor Scholarship

Students holding residency status of any country in the Caribbean and North, Central, or South America (except the U.S. and Cuba) that have completed one semester of academic study on a valid non-resident visa and plan to return to their home country upon completion of the academic program may be eligible for additional financial aid. For more information please visit http://www.utexas.edu/international/cs/finaid.html. For any additional questions, contact Louise Donnell in the International Office at louised@austin.utexas.edu.

Financial Aid for Female Students

Fellowships, Grants and Awards through the American Association of University Women

Scholarships

Recruiting Scholarships

The SYLFF Fellowships

Applicants seriously interested in the international double-degree programs are eligible to be considered for the SYLFF Fellowship that pays $5,000 per semester in the first year of the program and $10,000 in the second (study-abroad) year provided certain conditions are met. Two scholarships are awarded each year during the admissions cycle. All applicants who demonstrate strong interest in the double-degree program in their application essays are automatically considered.

MBA Current Student Scholarships and Awards

During the first year, current students may apply for a number of scholarships and awards given by the McCombs School of Business through generous support of individual donors and its corporate supporters. Applications are available online at the beginning of the spring semester of the first year. Over $50,000 will be awarded through MBA Current Student Scholarships with amounts ranging up to $5,000.

Who Can Apply?

A current full-time McCombs MBA student is one who is currently enrolled in the McCombs School of Business for the 2007-2008 academic year and will be enrolled in 2008-2009.

Selection Process

Scholarship decisions are made on the basis of each student's academic record during the first year in the program, student leadership and involvement in the McCombs Community, and financial need. A rotating faculty committee reviews each application as part of the awarding process. Given the limited scholarship funds and the well qualified applicant pool, the selection process is very competitive. Historically, the average GPA of scholarship recipients has been above 3.5 overall. The decision not to receive a scholarship is not necessarily a reflection of your ability, but is indicative of the degree of competition within a very large and diverse application pool of exceptionally well talented individuals.

Application Information

Beginning April 14, 2008, applications are available online through UT Direct. You must use your UT-EID to login to the secure application. The application deadline for the Current Student Scholarship is 5:00 p.m. on May 2, 2008.

External Scholarship Opportunities

Scholarship programs that come to the attention of the MBA Program Office from other sources are posted in the MBA Program Office. Questions about outside scholarships can be addressed to Cindy Benton, Director of Student Services.

Teaching Assistantships and Research Assistant Positions

The five individual academic departments within the School of Business handle Teaching Assistantship positions: Accounting, Finance, Management, Management Science and Information Systems, and Marketing. Each department has its own application process. Please contact the area in which you would be interested. Also check with the Ford Career Center (phone (512) 471-7748, fax: (512) 471-5309) for information on additional assistantship positions. Please be aware that these opportunities are limited and that it is very difficult to obtain a position during the first year. MBA students cannot take on TA-ships within the McCombs School of Business for more than 15 hours per week and do not gain in-state tuition by virtue of a TA-ship. Students should take into account their mandatory 15-hours-per-semester course load when considering any TA-ship.

All AIs (Assistant Instructors), TAs, and RAs must be admitted unconditionally to McCombs, maintaining a GPA of 3.0 or higher, while making satisfactory progress toward the degree. They must be registered for at least nine credit-hours of course work in the long semesters and three semester hours each summer term while employed. All exceptions must be petitioned through the dean of the MBA Program Office.

Loans

Start Smart, Start Federal

If you are a U.S. citizen (as well as some U.S. permanent residents) you will likely be eligible for federal student loans. To determine your eligibility for federal student loans you must complete a FAFSA (Free Application for Federal Student Aid). You can complete your FAFSA as soon as January 1st each year, via www.fafsa.ed.gov. It is recommended that you have your FAFSA completed by June 1st, however the priority deadline is March 31st.

Under the federal loan categories, there are the standard Stafford Subsidized and Unsubsidized Loans as well as the Graduate PLUS Loan. Beginning July 2007, graduate students may borrow a maximum of $20,500 in Stafford loans per year (of which up to $8,500 may be Subsidized, which means the interest is paid for you during school and during your six month grace period). Upon credit check approval, you may be eligible to borrow the Federal Graduate PLUS Loan to cover the remaining costs within your cost of attendance/budget (minus other loans and financial aid).

Again, start smart with federal loans and complete your FAFSA each year.

International students interested in loans should contact the in-house Financial Aid Officer at 512-471-7698, FinancialAid@mccombs.utexas.edu.

Other Sources of Financial Aid and Scholarship Resources

Private foundations and agencies offer fellowship and grant funds for graduate education. Contact the following offices for more information:

The Graduate Student Grants Services is a self-help library in the Office of Graduate Studies.

The Hogg Foundation at the Lake Austin Center.

The Perry-Castañeda Library has publications in the Reference Section that list private sources of financial aid.

The Ex-Students Association has information on scholarships available to students.

The University of Texas is a member of The Consortium for Graduate Study in Management. The Consortium offers merit-based scholarships to minority students. Prospective students apply to the UT MBA Program and the Consortium - completing two applications. To be eligible for these scholarships, a student must apply and be admitted to the MBA Program. The student then applies directly to the Consortium for scholarship consideration. Both applications can be submitted simultaneously.

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