We recognize that pursuing an MBA is a big investment in your future. The Texas Full-Time MBA Program is proud to have been named Best Value among Top 20 MBA Programs by U.S. News two years running.
To make your MBA future even more attainable, McCombs awards financial assistance to many Texas MBA students to help cover the cost of education. In most cases, that aid comes in the form of student loans, but there other options that may help fund your MBA. We invite you to review some of these options below to help you better navigate this step in your MBA journey.
McCombs offers recruiting scholarships in the form of cash awards and out-of-state tuition waivers. These awards are offered to domestic and international candidates who have demonstrated a superior record of academic and professional merit. All applicants are automatically considered for recruiting scholarships through the admissions process.
McCombs designates our Round 1 Application Deadline (October 10, 2017) as the priority deadline for scholarships and fellowships.
The Texas MBA Program’s scholarship funding varies from year to year, thus the percentage of students who receive scholarships will also vary from year to year. Historically, 25% – 35% of our incoming class have received a merit-based scholarship ranging, on average, from $15,000-$30,000 per year.
In tandem with our recruiting scholarships, McCombs partners with the Consortium for Graduate Study in Management, Forté Foundation, and Reaching Out MBA to allocate selective Fellowship designations to top admitted candidates.
For students interested in entrepreneurship, the Texas MBA Program and Texas Venture Labs (TVL), host the annual TVL Scholarship Competition each year in February. The winner of the TVL Scholarship also receives consideration for admission of their company into the TVL Accelerator upon graduation, consideration for a post-graduate position as a Venture Partner, as well as continued support from TVL throughout the development of their company.
2nd Year Student Scholarships
At the end of the first year, students may apply for a 2nd Year MBA Scholarship. These awards, given by the McCombs School of Business through the generous support of individual donors and corporate supporters, typically range anywhere from $1,000-$5,000. The 2nd Year Scholarship awards are given based on academic record in the first year of the MBA program, student leadership and involvement at McCombs, and financial need.
The UT Austin Office of Financial Aid administers several private scholarships to entering and continuing students. You may be eligible to apply for some of these awards, but please review the specific criteria and application procedures carefully and reach out to the Office of Financial Aid with any questions.
There are also many private websites that include scholarship search engines to apply for lesser-known scholarship awards. Please be aware that these sites are not endorsed by or affiliated with the Office of Financial Aid or The University of Texas at Austin. When exploring private scholarships, we encourage you to do your research and be aware of scholarship scams.
Many students are eligible for federal student loans and in some cases, grants. To determine your eligibility you must complete a Free Application for Federal Student Aid (FAFSA). The FAFSA for the 2018-2019 school year will be available October 1, 2017, and UT Austin has a priority deadline of March 15. At the latest, it is recommended that you have your FAFSA completed by June 1. Students who are eligible to complete the FAFSA are U.S. Citizens, Permanent Residents and other eligible non-citizens. Please watch this two-minute video for help with the financial aid application process.
Private Education Loans
Private/alternative loans are not offered by federal or state governments. As a result, the terms of the loan will vary from lender to lender. If pursuing a private loan, check with your lender about the length of time your application will remain valid to ensure your approval won’t expire before you actually start the program. Our Financial Aid team cannot recommend any specific private loans but will work with all banks and lending institutions once you’ve been approved.
Loans for International Students
For international students, there may be private loan options, with or without a U.S. citizen or permanent resident co-signer. (Note: We, as The University of Texas at Austin, cannot be your co-signer, nor can we recommend any specific lenders.) The student-run International MBA Student Association (IMBASA) is a good resource for information about pursuing an MBA as an international student. You are encouraged to reach out to IMBASA with any questions.
Ultimately, most students finance their MBA education using multiple sources— a combination of personal savings and loans, and in some cases, scholarship funding. Before you apply to business school, do your research, and let us know if you have any questions. The best time to start planning your financing is now!