Key Takeaways
- 74% of graduate students received some form of financial aid.
- Submitting the FAFSA is necessary to qualify for grants, work-study programs, and student loans as a graduate student.
- Graduate students must follow the same state and federal submission deadlines.
If you plan on enrolling in graduate school, you’ll be part of a select group. According to the U.S. Census Bureau, just 14% of Americans hold a master’s or doctoral degree. Also, those with advanced degrees tend to earn higher salaries; the median earnings of those with a master’s degree was 20% higher than the median earnings of those with a bachelors.
However, the cost of graduate school can be intimidating. Luckily, there is financial aid available. To qualify for aid, you must complete the Free Application for Federal Student Aid (FAFSA) for each year of graduate school.
What Financial Aid Is Available for Graduate School?
The FAFSA is a financial aid application that helps you qualify for federal, state, and institutional aid. As a graduate student, you may be eligible for one or more of the following forms of financial aid after submitting the FAFSA:
Grants
Grants don’t have to be repaid, and they’re usually awarded based on financial need. Federal grants, such as Pell Grants and TEACH Grants, are available to students pursuing post-baccalaureate teaching certifications, but other grants from states, schools, and non-profit organizations may be available.
Scholarships
Scholarships aren’t just for undergraduate students. Graduate students can qualify, too. Scholarships are usually awarded based on your academic merit or accomplishments. And, like grants, they don’t have to be repaid.
Federal Work-Study
Work-study programs are a form of aid with an employment requirement. Students work part-time — usually in a role connected to their major — and they can use their income to pay for some of their education costs.
Federal Student Loans
As a graduate student, you may be eligible for Direct Unsubsidized Loans or Grad PLUS Loans. Direct Unsubsidized Loans have caps on how much you can borrow per year, but they have lower rates than PLUS Loans.
[Note: The Grad PLUS Loan program will end in 2026 thanks to the One Big Beautiful Bill; no new loans will be issued on or after July 1, 2026.]
Private Student Loans
Private graduate loans may have better rates and longer repayment term options than federal loans, but you usually need good credit and a stable source of income to qualify for a loan.
How to Complete the FAFSA for Graduate School
To fill out the FAFSA and qualify for financial aid for your graduate program, follow these steps:
1. Gather the necessary documents
When you fill out the FAFSA, the form will ask for a variety of details, so you’ll need to collect the following information ahead of time:
- Copies of your recent tax returns
- Your Social Security number
- Records of child support you received, if applicable
- Financial information, including current income and current balances of your bank accounts
- Net worth of your investments or businesses
2. Create a StudentAid.gov account
Next, if you don’t already have one from your undergraduate program, create an account at StudentAid.gov. Your account will be how you fill out the FAFSA, check on the application progress, and view loan details.
3. Start the FAFSA
Visit FAFSA.gov to fill out the FAFSA online; it takes about 30 minutes to complete. The form will ask about your dependency status. Since you’re in graduate school, you are always considered “independent,” even if you live with your parents or receive financial support from your family.
The form will also prompt you to enter information about your income and assets.
4. List potential universities
The FAFSA will ask for a list of schools you’re applying to, so enter the names of any graduate schools you’re considering. The system will automatically send your FAFSA details to those schools so they can use the information to create your financial aid packages.
5. Sign and submit the FAFSA
Review the information you entered and double-check it for accuracy. If it all looks correct, sign it electronically and submit the FAFSA form. You’re finished!
What to Do If You Need Additional Aid for Graduate School
Schools use the FAFSA to determine your financial aid eligibility. If you find that the financial aid package offered to you isn’t enough to cover your education costs, you have a few options:
Contact Financial Aid Office
The first step is to contact the financial aid office. You may be able to appeal the school’s decision if your circumstances changed (for example, if a member of your household lost their job or had a medical emergency), so you may be eligible for additional aid.
Apply for Third-Part Grants and Scholarships
You can apply for additional grants and scholarships on your own through platforms like FastWeb and Scholarships.com.
Take Out Private Student Loans
If you need additional funds for a graduate degree program, a private student loan can be a helpful tool for graduate students. You can usually borrow up to the total cost of attendance for your program with private loans, and have as long as 15 years to repay the loan.
You can use ELFI’s Check Your Rate tool to view your loan options without affecting your credit score.
FAQs
Can graduate students get FAFSA aid?
Yes, graduate students can complete the FAFSA and qualify for federal financial aid, including grants and student loans.
Do I need a new FAFSA for graduate school?
Yes, you must complete a new FAFSA for every academic year you’re in graduate school.
Can graduate students get Pell Grants?
In most cases, Pell Grants are only for undergraduate students pursuing a bachelor’s degree. However, some students enrolled in postbaccalaureate teacher certification programs may be eligible for Pell Grants.
Can I use the FAFSA for a master’s degree?
Yes, students attending graduate school can use the FAFSA to apply for financial aid to help cover the cost of their master’s degrees.
