How Does FAFSA Work For Grad School?

FAFSA still applies, even in grad school.

More people are deciding to return to school for a graduate degree. Enrollment is expected to increase 6% by 2031 for master’s doctoral, and professional degrees, according to the National Center for Education Statistics (NCES). While graduate school can be expensive, most students don’t realize they can still fill out a FAFSA (Free Application for Federal Student Aid) for grad school.

To access any kind of financial aid, filling out the FAFSA is a must. It’s the same form you filled out when you were getting ready to head off to college as an undergraduate student, but there are a few key differences for grad students that you need to know about.

Can you get FAFSA for grad school?

Woman in graduation cap holding up her diploma

Yes, you’re still eligible to fill out the FAFSA, even as a graduate student. You might be worried, however, about the high cost of attending graduate school. The average annual tuition is around $20,000 per year for full-time grad students. The FAFSA opens you up to all kinds of aid options, though.

The most recent statistics (2019-2020 award year) show that:

  • 74% of graduate students received some kind of financial aid
  • 43% of graduate students received grants, averaging around $11,300 per student
  • 12% of graduate students received assistantships, with an average value of $18,800
  • 39% of graduate students took out direct unsubsidized loans
  • 11% of graduate students took out direct PLUS loans

How does the FAFSA work for grad school?

FAFSA application form

The entire FAFSA process as a grad student is very similar to the process for undergrads. Here’s all the information you’ll need on hand when filling out the FAFSA:

  • Federal Student Aid ID (FSA ID)
  • Social Security number or Alien Registration number
  • Account statements for both checking and savings accounts
  • Information about investments
  • Federal income tax returns
  • Records of untaxed income

There are a few key differences, however, that graduate students need to be aware of.

  • Dependency status: Most grad students are considered individuals on the FAFSA rather than dependents.
  • Aid options: Graduate students have different loan and aid options than graduate students. The only loans you qualify for are direct unsubsidized loans and grad PLUS, meaning you’re responsible for all interest on your loan. Most grad students are also often ineligible for Pell Grants.
  • Borrowing limits: While undergraduate students have annual and aggregate borrowing limits, grad students and their unsubsidized loans have borrower caps. Grad PLUS loans, however, have no borrower maximum.

Grad School FAFSA Steps

1. Create your FSA ID

This is your digital signature when you complete the FAFSA. Your FSA ID is automatically generated when you create an account at studentaid.gov. This serves as your login information.

2. Fill out the FAFSA

Once you log in, head to the FAFSA page and fill out the application. You’ll have to enter personal information like your name, date of birth, address, and phone number. You’ll be required to submit your social security number, driver’s license number, and records of untaxed income.

3. List all schools you’re considering

You can list up to 10 schools on your FAFSA. This can be schools you have or haven’t applied to, or even schools you haven’t been accepted to yet. Once you formally accept an offer from a school, all other schools will disregard your FAFSA information.

4. Choose your dependency status

Like we said before, FAFSA lists graduate students as independent, meaning you don’t have to provide your family’s financial details. You’ll only need to submit information about your income and financial assets. If you’re married, your spouse’s information also needs to be included in the application.

5. Provide your financial information

The easiest way to do this is to use the IRS DRT (data retrieval tool). The IRS pulls all your tax information and automatically transfers it to the FAFSA form, meaning all of your information is 100% correct.

6. Submit your FAFSA

Double check your application to make sure all the information you provided is accurate, sign the application using your FSA ID, and then click submit.

Grad School FAFSA Eligibility

Thankfully, the FAFSA eligibility requirements for potential graduate students are the same as when you applied as an undergrad. In case you need a refresher, they are:

  • You must be a U.S. citizen or eligible non-citizen
  • You must have a valid social security number (SSN)
  • You must be applying to or enrolled in an eligible degree program at an accredited college or university
  • You must be able to demonstrate financial need for most programs

What To Do After You Submit Your FAFSA For Grad School

Remember, you have to submit your FAFSA every year you plan on attending grad school. Once submitted, you’ll receive your SAR (Student Aid Report). This summarizes all information included on your FAFSA and explains how much financial aid you’re eligible to get. This is also known as the FAFSA Submission Summary.

Be sure to also contact the school you’re attending to see if you need to complete any additional steps. Some schools require their own financial aid applications, and you may have to send in other documents or information to be considered for scholarships, grants, or other aid.

The school will then review your FAFSA to determine your financial aid. They will send you a financial aid award letter detailing what forms of aid you’ll receive and the steps you need to complete to accept it.

Once you’ve gotten your letter form the university and are enrolled (minimum as a half-time student), any federal or student loans you have from your time as an undergraduate student should be deferred.