UT Austin President Gregory Fenves notified alumni and contributors on April 20 that new, four-year financial aid awards will begin in the fall of 2018 and be distributed to new UT students to help them graduate on time and with less debt. The need-based funds are for in-state students and will benefit almost 3,000 additional UT students per year.
“The Texas Advance Commitment (TAC)ensures that Texas students with family incomes of up to $100,000 (Adjusted Gross Income), who have financial need, will receive guaranteed gift aid,” Fenves said. “Eligible students with family incomes up to $30,000 will receive, at a minimum, enough aid to completely cover their full tuition costs.”
In 2016, UT Austin implemented a $15 million increase in financial aid that benefited thousands of current UT students. “This year, we will make that funding permanent,” Fenves said.
According to the TAC website, the amount of funding a student will receive will depend on how much their family AGI is, as well as how much financial aid they have already received through grants and other scholarships.
“For Texas families with an AGI up to $30,000, awards range from $300 to more than $11,000 per year to ensure that tuition is completely covered.
“For Texas families with an AGI between $30,000 and $100,000, award amounts will range from $300 to $2,000 per year depending on the student’s financial need to cover tuition.”
These are four-year renewable awards. To renew the award and remain eligible, a student must:
- Submit a FAFSA or TASFA every year
- Continue to have a family adjusted gross income of up to $100,000
- Continue to have financial need, as demonstrated on the FAFSA or TASFA
- Maintain a 2.0 GPA and remain in good standing
The most prestigious merit award at UT Austin is the full-ride Forty Acres Scholarship, provided to 14-18 outstanding applicants each year from a list of more than 50 finalists. About 90 percent of the finalists are from the state of Texas. Students in the UT Plan II Honors Program are well-represented.
The extremely competitive Business Honors Program and the Engineering Honors Program also have Forty Acres Scholars, and Engineering Honors also awards more than $5 million in merit scholarships on its own each year. Most of the honors programs at UT can grant a very limited number of OOS tuition waivers.
Other recent aid initiatives include Completion Grants in varying amounts, awarded to students who are close to graduating but have unmet financial need that would keep them from finishing their degrees.
“UT Austin has collaborated with RaiseMe to encourage students to consider the university when they begin their college search. The RaiseMe UT Austin collaboration encourages students early in their high school careers to engage in activities to encourage college-going behaviors, while earning micro scholarships for college. This platform enables students to earn up to $2,000 ($500 per year) in scholarship dollars when they attend UT Austin.”