Will FAFSA Cover a Second Master's Degree?

Thinking of going back to grad school for a second master's degree? You probably know firsthand that getting a graduate degree can be quite costly. So you're wondering: can you use the FAFSA to cover costs for a second master's degree?

The FAFSA provides financial assistance for students of all degree levels regardless of how many degrees they already have. With this in mind, it is possible to receive federal funding for a second master's degree by filling out the FAFSA.

Does the FAFSA Cover Graduate School?

The Free Application for Federal Student Aid, or FAFSA, awards need-based funds to eligible students studying at the associate, bachelor's, master's, and doctoral levels. Funds may also be used for diploma, certificate, and specialist and professional degree programs.

As long as you meet the eligibility requirements, you can obtain federal funding for your master's degree via the FAFSA. Eligibility requirements include:

• U.S. citizen or eligible noncitizen
• intending to attend an accredited institution
• demonstrating financial need

You can complete the FAFSA using the same FSA account you set up as an undergraduate student. Once you have filled out the form, you will receive a letter detailing the forms of aid you qualify for as well as information on how to claim the available funds.

Can You Obtain FAFSA Funds for a Second Master's Degree?

If you already have one master's degree, then you're probably familiar with the process of applying for federal aid. But you're still wondering if it's possible to obtain funds through the FAFSA for an additional master's degree.

The federal government doesn't stipulate whether FAFSA funds only apply to a single master's degree; therefore, it's safe to assume that these funds can be applied to a second master's degree.

FAFSA funds are granted on a first-come, first-served basis, so as long as you apply early each year, you will most likely receive any funding you're eligible for even if you're working on your second or third graduate degree.

How Is the FAFSA Different for Graduate School?

Filling out the FAFSA is pretty similar for both graduate and undergraduate students. However, there are a few notable differences.

Borrowing Limits

Loans provided through the FAFSA generally have higher borrowing limits for graduate students than for undergraduates. In fact, grad PLUS loans have no maximum limit, meaning you can borrow up to the entire amount of your degree program.

Dependency

The majority of graduate students are considered independent when it comes to financial aid. This means that only their financial situation is taken into account; their family income has no bearing on their financial aid eligibility.

Types of Aid

Graduate students are typically eligible for different types of aid than undergraduate students. This is especially true of loans; the only loans available to grad students are unsubsidized and students are responsible for all interest fees. What's more, the majority of grad students aren't eligible for the Pell Grant.

What Types of Aid Are Available?

Let's take a closer look at the types of aid you can obtain through the FAFSA as a student pursuing your first or second master's degree.

Grants

Federal grants are some of the most common types of aid you can get from the FAFSA. They are similar to scholarships in that you don't have to pay them back, but they are need-based instead of merit-based; you don't have to compete for them and they are rewarded for financial reasons rather than academic excellence.

Work-Study Programs

Work-study programs allow students to cover some or all of their college expenses by working. These are commonly funded by the FAFSA; students may work either part-time or full-time on campus or at a secondary location.

Loans

Finally, student loans can help you defer your expenses until after you begin working. They are funds from the government that have to be repaid with interest. Interest rates are typically high and students end up graduating with large amounts of debt, so loans aren't an ideal solution for paying for college. That said, they often make it possible for students to get their degree who wouldn't otherwise be able to attend school.