A Graduate Student’s Guide to FAFSA

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Graduation cap and FAFSA application

When most people think of the Free Application for Federal Student Aid (FAFSA), they often associate it with undergraduate students. However, graduate students can also qualify for federal financial aid through FAFSA, despite common misconceptions. Whether you’re pursuing a master’s degree, doctorate, or professional degree, understanding your financial aid options can make a significant difference in funding your education.

As a graduate student, you are automatically considered an independent student, meaning your financial aid eligibility is based solely on your income—not your parents’! This opens the door to various forms of aid, including:

  • Grants: Free money that doesn’t need to be repaid.
  • Federal Direct Unsubsidized Loans: Low-interest loans with flexible repayment options. Graduate students can borrow up to $20,500 per year. Interest begins accruing immediately, but repayment doesn’t start until after graduation.
  • Federal Graduate PLUS Loans: Covers costs not included in other aid but does require a credit check.
  • Work-Study Programs: Part-time jobs that help you earn money while gaining valuable experience.

Many schools and private scholarships also use FAFSA information to determine eligibility for additional funding.

Applying for FAFSA is simple and free. Below is a list of everything you need to know to help you navigate the application process:

  1. Gather Your Documents: Before you start, have your tax returns, SSN or Alien Registration Number, bank statements, and other financial records ready.
  2. Create an FSA ID: Visit https://studentaid.gov/fsa-id/create-account/launch to create your Federal Student Aid ID, which you will need to electronically sign your FAFSA (You do not need to create a new FSA ID if you submitted a FAFSA as and undergrad student).
  3. Complete the FAFSA Form: Log in at studentaid.gov and fill out the application. Graduate students should mark themselves as independent, meaning parental income is not required.
  4. List Your School Choices: Include all institutions you’re applying to.
  5. Submit Early: Some aid is awarded on a first-come, first-served basis. Applying sooner increases your chances of receiving the maximum available aid.
  6. Review Your FAFSA Submission Summary: After submission, you’ll receive a FAFSA Submission Summary with your financial information. Ensure all information is accurate and update it if necessary. 

Graduate school is a major financial investment, but FAFSA can help ease the burden. By applying early and exploring all available options, you can make informed decisions about funding your education. Don’t let misconceptions prevent you from accessing the aid you deserve. By completing the FAFSA each year, you open the door to a whole new world of possibilities.

The FAFSA application opened on December 1st and the priority date is March 15th, so don’t wait! Apply early for the best chance at aid! Submitting the FAFSA is a no-risk, high-reward move that can help fund your graduate education. Don’t leave free money on the table—start your application at studentaid.gov today!