If you lot want to go a graduate caste, do yous make full out a FAFSA to receive financial aid, or is that document simply for undergraduates? Does FAFSA cover graduate schoolhouse?

Yes, yous can employ the FAFSA for graduate schoolhouse, but before you begin the process, it'southward important to understand how completing the FAFSA as a graduate student differs from completing it as an undergrad.

In this guide, we'll explain everything you need to know well-nigh completing the FAFSA equally a graduate student, including the cardinal way the process differs from what you did as an undergrad, what financial aid yous're eligible for (and what help y'all're not), likewise as how to consummate the FAFSA and other steps y'all demand to accept to become your fiscal help.

What Is the FAFSA?

In example you need a refresher, here's a cursory overview of FAFSA and how it tin can exist used when applying to grad school. FAFSA is an acronym that stands for the Complimentary Awarding for Federal Student Aid.Colleges use the FAFSA to determine your eligibility for federal, state, and school-sponsored financial help, including grants, educational loans, and work-study programs. If yous're hoping for whatever authorities or school financial assistance for graduate schoolhouse, you should file a FAFSA.

Undergraduates and graduates consummate the same FAFSA course, simply yous need to resubmit the FAFSA each yr, and then even if you lot completed the FAFSA as an undergrad, you'll nonetheless need to complete and submit it every year yous're in grad schoolhouse. 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 by the U.s.a. Department of Pedagogy to calculate your Expected Family Contribution, or EFC, for college/grad school. Your EFC is a dollar amount that reflects how much you tin can afford to pay for higher/grad school for the following bookish year. The lower your EFC, the more aid you're eligible to receive. Your EFC is adamant based on income, assets, and other household data you'll be asked to provide on the FAFSA.

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

If you applied for FAFSA as an undergrad, in general, the process is pretty similar to what yous'll be doing when you utilise as a grad educatee. You'll be gathering the same materials, filling out the same forms, etc. However there are some of import differences you should exist aware of.

You lot'll File as an Contained

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

This means, for the majority of schools, yous'll make full out your FAFSA with simply your financial information, not your info and your parents' info. Some graduate programs (especially law and medical schools) still require some financial data from your parents, so be certain to cheque the policies of the schools you're applying to.

No Subsidized Loans

Another of import difference for graduate students applying for the FAFSA is that they aren't eligible for subsidized loans. Subsidized loans don't start accumulating involvement charges until you're no longer a total-time student. Even so, the loans you'll take out as a grad student will exist unsubsidized, which ways they'll brainstorm accumulating involvement charges immediately, regardless of whether you're a full-time pupil or not.

This interest often causes the balance of your pupil loans to be several chiliad dollars higher by the time you graduate, even if you're only in a two-yr grad programme, so it'south definitely something to be aware of.

Additional Differences

Grad students can oft take out more than loans than undergrads, and the federal interest rate on those loans are typically higher than they are for undergrads. Those additional loans can brand it possible to beget expensive grad programs, just be careful not to have out so much that yous tin can't make your payments after you graduate.Additionally, most graduate students aren't eligible for Pell Grants, which may take been i of the ways y'all paid for your undergraduate instruction.

What FAFSA Graduate School Loans Can You Get?

There are two master federal loans you tin go when yous apply for FAFSA every bit a graduate pupil: Stafford Loans and Grad PLUS Loans. Beneath is some key data on each of them. (Yous may have heard of some grad students receiving Perkins Loans, merely schools stopped existence able to create new Perkins Loans in 2017, and so they are no longer an option).

Stafford Loans (also known as Direct Unsubsidized Loans)

  • Tin borrow upwards to $20,500 a year ($40,500 for med schoolhouse)
  • one.062% fee
  • Fixed interest rate of 6.half dozen% for the 2018/2019 school year

Grad PLUS Loans

  • Can borrow corporeality equal to your school's cost of attendance (tuition and fees, room and board, books, supplies, transportation, etc.) minus any other fiscal help received
  • four.248% fee
  • Stock-still involvement charge per unit of 7.half-dozen% for the 2018/2019 schoolhouse year

Nigh grad students max out their Stafford Loans before taking out any PLUS loans since the Stafford loans have lower interest rates and fees. Still, be aware that, with Stafford and PLUS loans, you can cover the entire cost of attendance of grad schoolhouse with federal loans. So, fifty-fifty if you don't take any money at all set bated to pay for your graduate degree, you tin can cover the entire cost with federal loans (which will patently need to eventually exist paid back, with interest). You may also exist eligible for types of assist besides federal loans, such as school-based aid, work written report packages, and/or scholarships.

How Do Y'all Apply for FAFSA for Graduate School?

Applying for a FAFSA for grad schoolhouse is a pretty straightforward procedure. Follow the five steps beneath and be sure to complete everything by FAFSA's and deadlines and the financial assist deadlines of the schools you're applying to. The FAFSA opens upward on October 1st of each year and can be submitted until June 30th of the following year, merely schools often take earlier submission deadlines, then check with them.

#one: Get a Federal Student Aid ID

Your first step is to become a Federal Pupil Aid (FSA) ID if you don't already take one from applying for FAFSA an undergrad. You can go an FSA ID on the Federal Pupil Aid website. An FSA ID is required to submit the FAFSA, and it'll human activity as your digital signature. You'll need to enter your full proper name, social security number, and date of birth.

#2: Gather the Documents You'll Need

Information technology'south easier and will make the process go faster if you assemble together all the documents you need early on so you have everything y'all need when y'all outset to fill out the FAFSA forms.

You may need info from any or all of the following:

      • Your social security number
      • Your driver's license or another form of ID
      • Your prior twelvemonth'southward taxation returns
      • West-2 forms and other records of current yr income
      • Current bank statements
      • Records of savings, stocks, bonds, trusts, etc.

Remember, you'll be filing independently, not as a dependent of your parents, and then you lot won't need any of their financial information (although, again, check with the school(south) you're applying to since some do require some data from parents).

#three: Select the Correct FAFSA Form

You tin can now begin your FAFSA application. Get to FAFSA.gov and select the correct grade. The form you lot fill up out volition exist based on when you plan to outset grad school. For example, you'll complete the 2018/2019 FAFSA class if you plan to begin grad school between July 1, 2018, and June 30, 2019.

#four: Consummate the FAFSA

Yous tin now complete your FAFSA for graduate schoolhouse. The grade typically takes several hours to fill out, and yous'll demand to enter demographic information, select which schools you lot applied/will apply to, and enter financial information, such as information nigh your taxation returns, income, and other assets.

#5: Sign and Submit Your FAFSA

When you've completed the FAFSA, you'll need to sign information technology using your FSA ID, and and then you can submit it. FAFSA applications are typically processed within three to five days. One time yours has been processed, you'll receive a Pupil Aid Study (SAR) that summarizes the information you entered into your FAFSA application. Your SAR will include your Expected Family unit Contribution (EFC). Afterward you've checked that all the information in your SAR is right, it'll exist sent off to the schools you selected in your FAFSA so they can create your individual assistance package.

What Else Do You Need to Do to Get Loans for Grad School?

A FAFSA is the about important item for getting grad school loans, simply it'southward not the merely thing you need. Here are two other primal steps y'all need to complete.

Sign a Master Promissory Note

Your Primary Promissory Note (MPN) is a legal document where yous hope to repay your loans and whatsoever interest you accrue on them. You lot'll demand to sign it to receive your loan funds. Your MPN besides explains the terms of your loans, such as the involvement rate and when you demand to brainstorm repaying information technology. You'll get an MPN for each type of loan yous have out, so if y'all have both Stafford and PLUS loans, you'll go two MPNs.

Consummate Entrance Counseling

If y'all are taking out a loan different from whatever of the loans y'all took out as an undergrad, y'all'll need to complete archway counseling. During entrance counseling, you'll acquire what loans are and how the loan process works, get advice on managing education expenses, and learn about financial resource to help you lot pay for your education.You'll complete archway counseling either during an in-person meeting or online (based on what the school yous choose to attend decides).

Summary: FAFSA for Graduate Schoolhouse

Does FAFSA cover graduate school? Yes, yous'll still complete the FAFSA to exist eligible for federal pupil loans and other types of financial aid, just information technology's important to know how the FAFSA graduate school procedure differs from what y'all may have had to do in undergrad.

There are fewer federal loans for graduate school than there are for undergrads, and there are fewer federal grants for graduate school also. Additionally, you lot'll exist applying as an independent this fourth dimension, every bit opposed to a dependent of your parents. There are 2 main types of loans grad students are eligible for: Stafford Loans and Grad PLUS loans.

Completing the FAFSA for graduate school is a pretty easy process, only brand certain yous have all the necessary identification and financial documents gathered earlier you begin.

What's Side by side?

Want communication on how to apply to grad school? Check out our guide to the 29 essential tips for applying to grad school!

How should you choose what grad schools to apply to, and when do you need to utilise by? Read more about grad schoolhouse rankings, requirements, and application deadlines.

Not sure if your GPA is good plenty 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 Master'southward from Knuckles University. In loftier school she scored in the 99th percentile on the SAT and was named a National Merit Finalist. She has taught English and biology in several countries. View all posts by Christine Sarikas