Tuition
The program cost for the Texas MBA at Houston for the class entering in August 2011 is expected to be $86,000*. Tuition is divided by five equal payments and includes program tuition, program fees, required books and materials, lodging during the Austin Intensives and lodging during the global trip. Round-trip airfare for the global trip is not covered in the tuition. The residential component during class weekends is optional.
If students opt into the residential component for regular class weekends in Houston, there will be an additional fee of $2,500 for the 2011-2012 school year. The residential cost for the 2012-2013 year is yet to be determined.
*Tuition has not yet been finalized and fees are subject to change and annual increases. Payments for each semester's tuition and program fees are due about four weeks before each semester begins. While expected to remain constant throughout your program, tuition is subject to change by administrative, legislative, or regent action, and changes become effective on the date enacted.
Financial Aid
Office of Student Financial Services (OSFS)
OSFS's Application Guide provides valuable information regarding the application process for financial aid. Applicants can apply for most loans through the University's Office of Student Financial Services (OSFS).
To apply for federal and state assistance, students will need the Free Application for Federal Student Aid (FAFSA). It is available online at www.fafsa.ed.gov. You will need to list UT Austin on the FAFSA along with the school title IV code, which is 003658. The priority application date is March 15, although there are no actual deadlines. Only domestic and permanent residents are eligible for financial aid through the FAFSA form. To check the status of the processing of your FAFSA at the Federal Student Aid processing center, call 1-800-4FED AID and select option #1.
Loans
Under the federal loan categories, there are Federal Direct unsubsidized loans as well as the Graduate PLUS loan available. Graduate students may borrow a maximum of $20,500 in the Federal Direct unsubsidized loan program which is a federal annual loan limit. The unsubsidized loan is a non-need based Direct Loan. The interest rate on the Federal Direct Loans is 6.8% fixed. It is a ten-year loan and repayment begins six months after graduation or the last class day. The Graduate PLUS supplemental loan will be awarded to you to make up the difference between the program cost and the $20,500 in Direct Loans. It isn’t a guaranteed student loan like the Direct Loan, as there is a credit check for the PLUS loan. The Grad PLUS has a 7.9% fixed interest rate. An in-school deferment will be available as long as the student is enrolled in at least half-time. Repayment begins 30-60 days after graduation or the last class day.
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.
Please note that eligibility for the Federal Direct Loans and/or supplemental loans can be different for students receiving VA education benefits or education benefits from an employer.
Assistance for Veterans
The Post-9/11 G.I. Bill, which is designed to provide robust educational benefits to service men and women who have served on active duty for 90 days or more since September 10, 2001, covers a large part of the cost for the Texas MBA at Houston program – but not all. We will be offering additional assistance in the form of a waiver to the Post-9/11 G.I.Bill to offset some of the costs above the amount provided by the Department of Veterans Affairs. Currently a veteran who qualifies for 100% eligibility may receive a waiver to cover the remaining cost of their respective program. Those who qualify at less than 100% eligibility may be given a waiver to cover a portion of their remaining bill. The programs reserve the right to revise the waiver program at the beginning of each academic year.
If you are a veteran, first let us say thank you for your service. Visit the U.S. Department of Veterans Affairs website at http://www.gibill.va.gov to learn more and determine your eligibility under the Post-9/11 G.I.Bill. The Texas MBA at Houston Program office will then work with you to ensure you are getting the proper assistance under this new policy.
Since the Texas MBA at Houston Program does not receive state funding, Hazlewood Act benefits do not apply. However, students who would have otherwise qualified for the Hazlewood Act may qualify for the Texas Military Waiver.
Students who receive the Texas Military Waiver AND the Post-9/11 G.I.Bill will not be eligible for the waiver to the Post-9/11 G.I. Bill.
Scholarships
The Texas MBA at Houston does not provide scholarships for students at this time; however, we encourage you to research and apply for a number of outside fellowship and scholarship funds that are available.
Questions?
If you have specific questions regarding your financial planning, please contact our dedicated financial aid staff at Accounts_Manager@mccombs.utexas.edu.