To be eligible for financial aid, students must be enrolled in a degree-granting program at The University of Texas at Austin, enrolled in prerequisite courses that will allow a student to subsequently enroll in a degree seeking program, or seeking teaching certification as required by the State of Texas. Students who have been denied financial aid because of a non-degree seeking status must submit an Aid Appeal Form for Degree Holders, filled out by them and their academic advisor, to the Office of Student Financial Services.

Students enrolled in a program at UT-Austin which leads to a second Undergraduate, Master's, or Ph.D. degree, can only be eligible for Federal Stafford loans, Federal Parent loans (if the student is dependent), or alternative private loans. Students who are seeking a second degree must submit a Aid Appeal Form for Degree Holders, filled out by them and their academic advisor, to the Office of Student Financial Services.