FAFSA for Graduate Studies

The Free Application for Federal Student Aid (FAFSA) is likely familiar to you if you pursued undergraduate studies.

But what about graduate school? The good news is, the FAFSA is still relevant for graduate programs, even though the process differs slightly.

FAFSA for Graduate Studies

While the main function remains the same: determining your eligibility for federal student aid, there are some notable differences between using the FAFSA for graduate studies and undergraduate studies.

Here’s what you need to be aware of:

  1. Dependency Status: In most cases, graduate students are considered independent for FAFSA purposes. This means you won’t need to provide your parent’s financial information on the application. You’ll use your own income and assets to determine your financial need.
  2. Loan Options: The types of federal loans available to graduate students differ slightly from undergraduate options. Graduate students qualify for Direct Unsubsidized Loans and Grad PLUS Loans. Unlike subsidized loans, interest accrues on unsubsidized loans from the time they are disbursed. Grad PLUS Loans are unsubsidized loans for students with adverse credit history and can be borrowed for the full cost of attendance minus any other financial aid received.
  3. Grant Options: While less common, some federal grant programs are available to graduate students, such as TEACH Grants for those who plan to teach in high-need fields.

How to Apply for FAFSA for Graduate Studies

The application process for the FAFSA is similar for graduate and undergraduate students. This is a step-by-step guide:

  1. Collect your Social Security number, tax return information (yours and your spouse’s if married), and records of any untaxed income or assets.
  2. Create an FSA ID: An FSA ID is a username and password that allows you to electronically sign your FAFSA and access federal student aid information. You can create one at [studentaid.gov/fsa-id/create-account].
  3. Head to the Federal Student Aid website and complete the FAFSA form. Select “Graduate School” as your program level and choose the schools you’re planning to attend.
  4. The FAFSA application period opens on October 1st for the following academic year. While applications are accepted until June 30th, federal financial aid is awarded on a first-come, first-served basis. So, submit your FAFSA as early as possible to increase your aid eligibility.
  5. After submitting your FAFSA, you can track its processing status and view your Student Aid Report (SAR) on the Federal Student Aid website. Your SAR summarizes the information you provided and determines your initial Expected Family Contribution (EFC).
  6. Once you receive your SAR, connect with your chosen schools’ financial aid offices. They can help you interpret your FAFSA results, explain additional financial aid options specific to your program and school, and guide you through the next steps.

FAFSA for Graduate Studies Deadlines 2024

The FAFSA for Graduate Studies application period (2024-2025 academic year) opened on October 1st, 2023, and will continue until June 30th, 2024.

However, to better your federal aid eligibility, it’s highly recommended that you submit your FAFSA much earlier, ideally by the end of December or January.