To be eligible for financial aid, students must either be enrolled in a degree-seeking 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 Financial 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, are only eligible for Federal Direct student loans, Federal Direct Parent loans (if the student is dependent), or alternative private loans. Students who are seeking a second degree must submit a Financial Aid Appeal Form for Degree Holders, filled out by them and their academic advisor, to the Office of Student Financial Services.