Student loan eligibility from federal or private sources must be certified by the university before funds can be disbursed. Please see Tuition and Living Costs for estimated expenses financial aid may cover.
If you're a U.S. citizen or permanent resident, you'll likely be eligible for federal student loans. To determine your eligibility for federal student loans you must complete a Free Application for Federal Student Aid (FAFSA). The FAFSA is available January 1 of each year and has a priority application date of March 15. It is recommended that you have your FAFSA completed at least by June 1.
Once your FAFSA has been successfully processed, you will be offered the Federal Direct Unsubsidized Loan as well as the Graduate PLUS Loan. Graduate students may borrow a maximum of $20,500 in Federal Direct Unsubsidized loans per year. 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).
Private Education Loans
An alternative loan is also available to choose instead of Graduate PLUS. The amount for the alternative loan is the cost of education minus financial aid awards. The federal government does not regulate alternative loans. As a result, the terms of the loan will vary from lender to lender. When you choose a lender, you will fill out a loan application/promissory note directly with the lender you select and, once approved, you will submit the completed Alternative Loan Lender Form to the Financial Aid Team.
If you choose to pursue a private loan, we recommend applying no sooner than a few months before you start the program. Most private loans are credit-based and the approval decision may expire. Check with your lender about the length of time your application will remain valid before you apply.
Loans for International Students
For an international student, there may be more loan options (and better loan terms) if you have a U.S. citizen or permanent resident co-signer. We are not able to recommend any lenders specifically but we work with all banks and lending institutions. We currently do not have a lender that will offer a loan program to an international student that cannot obtain a U.S. citizen co-signer or have three years U.S. credit history in his/her own name. We, as the University of Texas at Austin, cannot be your co-signer.