This Insider info comes from our Full-Time MBA Admissions Team.
We understand that pursuing your MBA at a top school is a big investment in your future. Our Full-Time MBA is proud to have been named Best Value among Top 20 MBA Programs by U.S. News two years in a row. Our affordability among premier business schools is due, in part, to the relatively lower cost of living in Austin for two years compared to other cities. And Austin has been named the number one place to live three years in a row!
To make your MBA future even more attainable, the Texas McCombs MBA provides financial assistance to many students to help cover the cost of education. The most common financial assistance comes in the form of student loans, but other options may help fund your MBA. We invite you to review the options below to help you navigate your MBA application process.
Texas McCombs does offer some recruiting scholarships, including cash awards and out-of-state tuition waivers. All applicants are automatically considered for recruiting scholarships during the admissions review process. Recruiting scholarships are offered to domestic and international candidates who demonstrate a superior record of academic merit and professional accomplishments.
Texas McCombs designates the first and second round application deadlines as the priority deadlines for scholarships and fellowships.
The 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. This past admissions cycle, 62% of admitted Texas McCombs MBA students received scholarship offers, and those who accepted merit-based recruiting scholarships received awards ranging from $5,000 to full tuition.
For International candidates, 66% of admitted students received scholarship offers.
In tandem with our recruiting scholarships, McCombs partners with Bay Area for McCombs, Consortium for Graduate Study in Management, Forté Foundation, and Reaching Out MBA to allocate selective scholarship and Fellowship designations to top admitted candidates.
2nd Year Student Scholarships
At the end of the first year, students are invited to apply for 2nd Year MBA Scholarships. 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 performance, leadership and involvement during their first year in the program, as well as financial need.
The UT Austin Office of Financial Aid administers institutional endowed scholarships for continuing students that first year MBAs may qualify for, beginning in November of your first year. You may be eligible to apply, but please review the specific criteria and application procedures carefully and reach out to McCombs Financial Aid with any questions.
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 2019-2020 school year will be available October 1, and Texas has a priority deadline of January 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.
The Texas McCombs MBA Financial Aid team cannot recommend any 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.
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 research on how to finance your education and let us know if you have any questions.