Texas McCombs MBA Insider

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Exploring Scholarships and
Loan Options

August 26, 2022 / / Comments Off on Exploring Scholarships and
Loan Options

We understand that pursuing your MBA at a top school is a big investment in your future. As you explore ways to further your education and accelerate your career trajectory, we invite you to think about defining your own return on investment (ROI).  Are you looking for a promotion or salary increase?  Or are you searching for a new challenge or a way to align your personal and professional aspirations? It may be all of the above, so define your ROI as you consider an MBA for your academic and professional future. 

To make your MBA future more attainable, Texas McCombs 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 facilitate your personal ROI for your MBA. 

Recruiting Scholarships

scholarship graphic - 75% of admitted students were award scholarships

Texas McCombs offers merit-based recruiting scholarships funded through the generous support of individual donors and corporate supporters. 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-round application deadline as the priority deadline 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, 75% of Admitted Full-Time MBA students received scholarship offers. Scholarships range from $2,000 to full-tuition awards. 

For International candidates, 75% of enrolled students received scholarship offers. 

In tandem with our recruiting scholarships, McCombs partners with Bay Area for McCombs, Consortium for Graduate Study in Management, Teach for America, 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, Full-Time MBA students are invited to apply for a continuing student scholarship for their second year. These awards typically range anywhere from $1,000-$5,000. The 2nd Year Full-Time MBA Scholarship awards are given based on academic performance, leadership, and involvement during their first year in the program, as well as financial need. 

Institutional Scholarships

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 their first year. First-year MBA students 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. 

Federal Loans

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 2022-2023 school year will be available on 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, please reach out to the MBA Admissions Team with any questions.

Visit Texas McCombs MBA to learn more about our programs and upcoming events, or take a peek into student life on Instagram. Check out our Application Process page for more information on application components.

Good luck and Hook ’em!

photo of 4 stacks of gold coins with a grad cap. Words read Funding Your Full-Time MBA

Full-Time MBA Scholarships & Financial Aid

September 17, 2021 / / Comments Off on Full-Time MBA Scholarships & Financial Aid

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 consistently been named a Best Value among Top 20 MBA programs by U.S. News & World Report. Austin has also been named one of the best places to live and work in the U.S. and rated in the Top-5 Best Places to Live by U.S. News & World Report for 5 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.

Recruiting Scholarships

graphic that reads 63% of the Full-Time MBA Class of 2023 received scholarship offers

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-round application deadline as the priority deadline 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, 63% of enrolled 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, 70% of enrolled 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.

Institutional Scholarships

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.

Federal Loans

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 2021-2022 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.

Visit Texas McCombs MBA to find out more about all our programs, submitting your application, and upcoming events. Hook ’em!

Full-Time MBA Rounds

When Should You Submit Your MBA Application?

July 22, 2020 / / Comments Off on When Should You Submit Your MBA Application?

The 2020-2021 Full-Time MBA application will open soon, and the Admissions Committee is accepting applications in four rounds this cycle. We usually receive questions about application deadlines and whether or not it matters when you submit your application– Round 1, 2, 3 or 4.

You should NEVER rush to submit your MBA application simply to take advantage of “more spots.” – The Admissions Committee’s best application round advice

Timing is a key factor in your overall application strategy. A lot of details go into deciding which round to apply, and one answer is not right for everyone. So, let’s break it down by round so you can get a clearer picture of when might be the best time for you to hit “Submit.”

Round One

Round 1 is a good choice for a couple of reasons:

  1. It is our first priority scholarship deadline– If you want to be considered for all merit-based scholarships, Round 1 is your best shot. As each round closes, our scholarship funding pool decreases.
  2.  All of our spots are still available! Plus, historically we’ve received fewer applications in R1 than in R2.

But, the best piece of advice for any round is that you should NEVER rush to submit your MBA application simply to take advantage of “more spots” or “more funding.”  Once you submit your application, you cannot “re-submit” a stronger application in a later round for the same term of entry. If you skip important preparation, including a formal test prep, articulating your “why MBA,” or conducting research just to be able to submit in Round 1, you could end up with a test score and application that doesn’t reflect you at your best.

In any case, submitting in Round 1 might not be a good idea, especially if you know that you can improve a component of your application. Waiting to apply until all aspects of your application are strong is always the best approach.

Round Two

Applying later is okay, too! If we filled up the class in Round 1, the Admissions Committee might be out of a job by February. Round 2 is traditionally our largest round, and receives many strong applicants. Scholarships and fellowships are still available and all information and data included in your application help the Admission Committee allocate scholarship awards. In short: A strong application will stand out in any round.

Round Three

Round 3 tends to be a smaller round. Many applicants in Round 3 simply didn’t realize an MBA was an option or on their radar until later in the application cycle. Historically, we always have spots available in Round 3 (which is why we have a Round 3), but each year the number varies. We can’t say it enough– A strong, complete, well-researched application always stands out.

It’s also worth noting that for international students this is the last round to apply.

Round Four

Round 4 is the newest round– an opportunity for those in a similar situation as Round 3, and for those not wanting to wait until next cycle. Many of the applicants who apply in this round are engaging in the MBA process later due to career, life, and employment changes or goals. Others will apply in this round because they are ready to start in the fall rather than waiting another year. Due to the limited and competitive nature of funding, one can expect a decrease in scholarship availability.

Before you hit “Submit,” points to keep in mind:

  • Submit your application only when you’re 99.9% ready. Supplemental application materials submitted after a round deadline are risky, since there is no guarantee the Admissions Committee will see them. Once your file is read, we will not re-review again based upon new information received post-deadline.
  • Don’t wait until the last minute! We are not able to accept applications submitted after 11:59pm CT on the day of the deadline. Technical difficulties plague applicants every round, every year. Stay aware of deadlines the best you can, so you don’t become a cautionary tale. In the interest of a fair process, we don’t make exceptions to our deadlines, no matter what reason you have for a late submission.
  • Be patient. The Admissions Committee does not begin reviewing applications until the round deadline has passed. In other words, you might be far ahead and submit your application in August, but we won’t begin reviewing any submissions until after the Round 1 deadline in October.
  • The Admissions Committee does not provide individual feedback on applications, out of fairness to all applicants and due to the volume of requests we receive.

If you feel good about your application, we encourage you to apply but if you aren’t ready yet (i.e.: You need to retake your GMAT/GRE, rework your essay, or wait for a promotion at work to come through), don’t risk it– wait until you’re confident in your application before hitting the “Submit” button.

We look forward to reviewing your application this year, and are always here to answer your questions about applying. Hook ’em!

Investing in Your Future, MBA Financial Aid Options

Scholarships & Financial Aid for Working Professional & Executive MBAs

September 17, 2018 / / 2 Comments

This information comes from our Working Professional and Executive MBA Admissions team.

At Texas McCombs, we recognize that pursuing an MBA is a big investment in your future. We are proud to have been ranked among the top 10 part-time MBA programs in the U.S. for the past five years.

#7 Part-Time MBA programs, U.S. News and World Report

To make your MBA future attainable as a Working Professional (WP), Texas McCombs awards financial assistance to many students to help cover the cost of education for our Evening, Executive, Dallas/Fort Worth, and Houston programs. 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 below to help you better navigate this step in your MBA journey.

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