If yous want to get a graduate degree, practise y'all make full out a FAFSA to receive financial aid, or is that certificate just for undergraduates? Does FAFSA encompass graduate school?

Yes, you can utilize the FAFSA for graduate school, only earlier you begin the process, it's of import to understand how completing the FAFSA as a graduate student differs from completing it every bit an undergrad.

In this guide, nosotros'll explain everything yous demand to know about completing the FAFSA every bit a graduate educatee, including the key manner the process differs from what yous did equally an undergrad, what financial assist you lot're eligible for (and what assist y'all're not), as well equally how to complete the FAFSA and other steps you lot need to take to get your financial help.

What Is the FAFSA?

In case you need a refresher, here'south a brief overview of FAFSA and how it tin be used when applying to grad school. FAFSA is an acronym that stands for the Costless Awarding for Federal Student Aid.Colleges apply the FAFSA to decide your eligibility for federal, state, and schoolhouse-sponsored financial aid, including grants, educational loans, and work-study programs. If you're hoping for any authorities or schoolhouse financial aid for graduate school, you lot should file a FAFSA.

Undergraduates and graduates consummate the same FAFSA course, just you need to resubmit the FAFSA each year, and then even if you completed the FAFSA as an undergrad, you'll still demand to complete and submit it every year you lot're in grad school. Everyone can submit the FAFSA, except those who take drug-related offenses that occurred while they were receiving previous financial assist.

The FAFSA is used past the US Department of Education to summate your Expected Family Contribution, or EFC, for college/grad schoolhouse. Your EFC is a dollar amount that reflects how much you can beget to pay for college/grad school for the following academic year. The lower your EFC, the more aid you're eligible to receive. Your EFC is determined based on income, assets, and other household information you'll be asked to provide on the FAFSA.

How Is Financial Aid for Grad School Different Than for Undergrad?

If yous practical for FAFSA equally an undergrad, in full general, the process is pretty similar to what y'all'll be doing when you apply as a grad student. You lot'll be gathering the same materials, filling out the same forms, etc. However in that location are some important differences you should be aware of.

You'll File as an Independent

The biggest difference is that, as a grad student applying for FAFSA, y'all are considered an independent, compared to when y'all completed the application as an undergrad and were likely considered a dependent of your parents. If you lot're going to be working towards a degree that'due south considered graduate or professional person level, you're automatically considered an independent, regardless of other factors like your historic period or if you lot're living with your parents.

This ways, for the bulk of schools, you'll fill out your FAFSA with merely your fiscal information, not your info and your parents' info. Some graduate programs (especially constabulary and medical schools) notwithstanding crave some fiscal information from your parents, then exist sure to cheque the policies of the schools you're applying to.

No Subsidized Loans

Another important difference for graduate students applying for the FAFSA is that they aren't eligible for subsidized loans. Subsidized loans don't start accumulating interest charges until yous're no longer a total-time student. Still, the loans you'll take out as a grad student will be unsubsidized, which ways they'll begin accumulating involvement charges immediately, regardless of whether you lot're a full-time student or non.

This interest oft causes the rest of your student loans to be several thousand dollars higher by the fourth dimension you graduate, even if you lot're only in a two-year grad programme, so it'south definitely something to be enlightened of.

Additional Differences

Grad students can ofttimes have out more loans than undergrads, and the federal involvement rate on those loans are typically college than they are for undergrads. Those additional loans tin make it possible to beget expensive grad programs, but be careful not to take out so much that you can't brand your payments afterward you graduate.Additionally, virtually graduate students aren't eligible for Pell Grants, which may have been one of the ways you paid for your undergraduate teaching.

What FAFSA Graduate Schoolhouse Loans Can You Get?

There are two main federal loans y'all can get when you apply for FAFSA as a graduate student: Stafford Loans and Grad PLUS Loans. Below is some key information on each of them. (You may take heard of some grad students receiving Perkins Loans, but schools stopped being able to create new Perkins Loans in 2017, then they are no longer an pick).

Stafford Loans (too known as Direct Unsubsidized Loans)

  • Can infringe up to $20,500 a year ($xl,500 for med school)
  • 1.062% fee
  • Fixed interest charge per unit of vi.half-dozen% for the 2018/2019 school year

Grad PLUS Loans

  • Can borrow amount equal to your school's toll of attendance (tuition and fees, room and lath, books, supplies, transportation, etc.) minus any other financial assistance received
  • four.248% fee
  • Stock-still involvement rate of 7.half dozen% for the 2018/2019 school year

Most grad students max out their Stafford Loans before taking out any PLUS loans since the Stafford loans accept lower interest rates and fees. However, be enlightened that, with Stafford and PLUS loans, you can comprehend the entire cost of attendance of grad schoolhouse with federal loans. So, fifty-fifty if you don't have any money at all set bated to pay for your graduate caste, you can comprehend the entire toll with federal loans (which will obviously need to somewhen be paid back, with interest). You may besides be eligible for types of help besides federal loans, such as schoolhouse-based aid, work study packages, and/or scholarships.

How Do You Apply for FAFSA for Graduate School?

Applying for a FAFSA for grad schoolhouse is a pretty straightforward process. Follow the five steps below and be sure to consummate everything by FAFSA's and deadlines and the financial aid deadlines of the schools you're applying to. The FAFSA opens upward on October 1st of each twelvemonth and tin be submitted until June 30th of the following year, but schools oftentimes accept earlier submission deadlines, and then cheque with them.

#1: Get a Federal Educatee Help ID

Your get-go step is to get a Federal Educatee Aid (FSA) ID if you don't already have ane from applying for FAFSA an undergrad. You lot can go an FSA ID on the Federal Student Assist website. An FSA ID is required to submit the FAFSA, and it'll human action as your digital signature. You'll need to enter your full name, social security number, and date of birth.

#two: Gather the Documents Y'all'll Need

It's easier and volition make the process go faster if you gather together all the documents you need early on so you have everything you lot need when you start to fill up out the FAFSA forms.

Yous may need info from whatever or all of the following:

      • Your social security number
      • Your driver's license or another course of ID
      • Your prior twelvemonth's tax returns
      • W-two forms and other records of electric current year income
      • Current depository financial institution statements
      • Records of savings, stocks, bonds, trusts, etc.

Think, y'all'll be filing independently, not as a dependent of your parents, so you won't need any of their fiscal data (although, again, check with the schoolhouse(south) you're applying to since some do require some information from parents).

#three: Select the Right FAFSA Form

Yous tin now begin your FAFSA application. Go to FAFSA.gov and select the correct course. The class y'all fill out will be based on when you program to start grad school. For example, you'll complete the 2018/2019 FAFSA form if you programme to begin grad school between July ane, 2018, and June 30, 2019.

#4: Consummate the FAFSA

Y'all can at present consummate your FAFSA for graduate school. The form typically takes several hours to fill out, and yous'll demand to enter demographic information, select which schools you applied/volition apply to, and enter financial data, such every bit information nigh your revenue enhancement returns, income, and other assets.

#five: Sign and Submit Your FAFSA

When yous've completed the FAFSA, you'll need to sign it using your FSA ID, then you tin can submit information technology. FAFSA applications are typically processed inside three to five days. One time yours has been processed, you lot'll receive a Student Aid Report (SAR) that summarizes the information yous entered into your FAFSA application. Your SAR will include your Expected Family Contribution (EFC). After you've checked that all the information in your SAR is correct, it'll be sent off to the schools you lot selected in your FAFSA and so they tin create your individual aid parcel.

What Else Exercise Y'all Need to Practise to Get Loans for Grad School?

A FAFSA is the most important item for getting grad school loans, just information technology's not the but thing you need. Here are two other central steps y'all demand to complete.

Sign a Master Promissory Note

Your Master Promissory Note (MPN) is a legal document where you lot promise to repay your loans and any interest y'all accumulate on them. You'll need to sign it to receive your loan funds. Your MPN also explains the terms of your loans, such equally the interest rate and when you demand to begin repaying it. You'll get an MPN for each type of loan you lot take out, and then if you have both Stafford and PLUS loans, you'll go two MPNs.

Complete Entrance Counseling

If you are taking out a loan dissimilar from any of the loans you lot took out every bit an undergrad, you'll need to complete entrance counseling. During entrance counseling, yous'll acquire what loans are and how the loan procedure works, get advice on managing education expenses, and learn near fiscal resources to aid you lot pay for your instruction.You'll complete entrance counseling either during an in-person meeting or online (based on what the school you choose to attend decides).

Summary: FAFSA for Graduate School

Does FAFSA cover graduate school? Yes, you'll still consummate the FAFSA to exist eligible for federal student loans and other types of financial help, only it's of import to know how the FAFSA graduate school process differs from what you may have had to do in undergrad.

At that place are fewer federal loans for graduate school than there are for undergrads, and there are fewer federal grants for graduate school as well. Additionally, y'all'll be applying every bit an independent this fourth dimension, as opposed to a dependent of your parents. There are two main types of loans grad students are eligible for: Stafford Loans and Grad PLUS loans.

Completing the FAFSA for graduate schoolhouse is a pretty easy procedure, merely make certain you have all the necessary identification and financial documents gathered before you brainstorm.

What's Side by side?

Want advice on how to apply to grad school? Bank check out our guide to the 29 essential tips for applying to grad school!

How should you lot choose what grad schools to apply to, and when do you lot need to apply by? Read more nearly grad school rankings, requirements, and application deadlines.

Not sure if your GPA is good enough for graduate school? Read our guide!

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Christine graduated from Michigan State University with degrees in Environmental Biology and Geography and received her Main's from Duke University. In high school she scored in the 99th percentile on the Sat and was named a National Merit Finalist. She has taught English language and biology in several countries. View all posts past Christine Sarikas