Procedure to Apply for Financial Aid
Student completes a need analysis form each year. The FAFSA forms (Free Application for Federal Student Aid) are available around the country from any financial aid office, or a copy of the application may be picked up here in the Office of the Graduate Business Dean (CBA 2.316). The Department of Education provides electronic access to FAFSA Forms at http://www.fafsa.ed.gov/.
The student mails the completed form to the federal processor. Federal Student Aid Programs, P.O. Box 6000, Cahokia, Illinois 62206-6001. (A pre-addressed envelope is available inside the application packet). If completed online, students do not need to mail their FAFSA.
A response (Student Aid Report, or SAR) should come back to the student, and is also received electronically by the student's financial aid officer, in approximately 4-6 weeks time. Some students may be asked to submit a copy of their most recent IRS tax return during this process.
If additional information is needed, the OSFS (Office of Student Financial Services on the UT campus) will send a letter to the applicant requesting the additional information. The OSFS sends Financial Aid Transcript requests to the student's previously attended schools, if those have not already been received.
Upon completion of the file, the OSFS determines the student's financial aid eligibility and then emails an Electronic Financial Aid Notification (EFAN) letter to the student. The student then chooses which awards to accept or decline and names a lender for the loans.
The OSFS communicates with the guarantee agency and lender. The loan application is sent to the student to fill out and return to the lender of his or her choice.
The student may receive pre-loan counseling by calling the in-house financial aid officer at 512-471-7605.
Once a loan is secured, the lender sends the student's disbursement to OSFS. Once the student is registered for classes, the check is processed and mailed or distributed electronically to the student. Loans are based on the expectation that all MBA students enroll in 15 credit hours per long semester. If the student enrolls in fewer hours, the loan check will be reduced by the appropriate amount before being issued to the student.
Budgets are determined annually based upon the reasonable costs estimated for the particular graduate program. The difference between the relevant budget and the amount which the student is able to pay (as determined by the need analysis) is made up with need-based loans, then the rest of the budget is made up of non need-based loans, up to the Federal loan limit.
There are no official deadlines for financial aid applications, but priority is given to students who apply by the recommended mailing date, which is March 31st, preceding the fall/spring academic year.
Fee bills are issued at the beginning of each semester. The bill is due within 10 days of issuance. In cases of financial aid, deferments are available simply by calling the in-house financial aid officer at 512-471-7605. Financial aid must have already been awarded, and it must be enough to cover the full cost of tuition and fees for the current semester. Tuition loans can be set-up by calling the in-house financial aid officer at 512-471-7605. The student must bring the fee bill, along with two types of photo ID, to the cashier's office (Main Building, Room 8) and sign for the tuition loan which will be automatically applied to the outstanding bill.
