Does FAFSA Cover Master's Degrees?

Many master's students make the mistake of not applying for the Free Application for Federal Student Aid (FAFSA) because they think they will not be eligible as a graduate student. Students interested in master's degrees should apply for the FAFSA, as the FAFSA does cover master's degrees as well as bachelor's degrees.

There are many ways to pay for graduate school, such as:

• student loans
• federal grants
• fellowships
• federal work-study

Learn about all of the ways to lower the cost of your graduate degree and how applying for the FAFSA can benefit you as a graduate student, whether you plan to study as a part-time or full-time student.

Tips for Using FAFSA To Cover Your Master's Degree

Applying for the FAFSA will help you know how much financial aid you are eligible for in grad school and determine your cost of attendance. Here are some of the top tips for completing the FAFSA.

Determine Whether You Meet the FAFSA Eligibility Requirements

Students must meet certain eligibility requirements to receive funding for graduate programs. These requirements are:

• demonstrate financial need
• must be a U.S. Citizen or eligible noncitizen
• must be accepted for enrollment at an eligible university

Submit a FAFSA Application

Colleges and universities will be able to determine your eligibility for funding based on the information you provide in the FAFSA application. Make sure you have all of your information ready when you start your application, such as your social security number and your address. Graduate students are considered independent students, meaning you most likely will not need to provide your parent or guardian's information when completing the FAFSA form.

Review the Student Aid Report (SAR)

Your student aid report will tell you all of the financial aid you can receive at each college or university that you have been accepted for enrollment. The types of aid you may receive include:

• The William D. Ford Federal Direct Loan (Direct Loan) Program (including direct unsubsidized loans and the Direct PLUS loan)
• Teacher Education Assistance for College and Higher Education (TEACH) Grant
• Federal Pell Grant
• federal work-study (FWS) program eligibility
• aid from other federal agencies
• state aid
• school aid

Contact Your School's Financial Aid Office

After receiving your financial aid report, schedule a call with your school's financial aid office to learn more about the available options. They can answer any questions you have about your financial aid package.

Types of Federal Aid Available for Graduate Students

There are many different types of financial aid options for graduate students. Here we will break down some of the most common options.

Scholarships

Students can apply for need-based or merit-based scholarships. A needs-based scholarship supports students who show great financial need, whereas a merits-based scholarship is awarded for things such as grades or athletic performance.

Scholarships do not need to be repaid and are directly applied to tuition costs. Apply to as many scholarships as you are eligible for, as they are a great way to cover your tuition interest-free.

Federal Grants

There are federal grants available to grad students to help cover the cost of tuition. Grants do not need to be repaid, however, they may have specific eligibility requirements.

The TEACH grant provides up to $4,000 per school year to students who plan to go into a teaching career. The Federal Work-Study (FWS) Program matches graduate and undergraduate students with part-time jobs that they can work while studying. The Federal Pell Grant Program is another grant that does not need to be repaid.

Work-Study Programs

Students who qualify for work-study programs can only work the number of hours awarded through the program. Graduate students will be paid hourly or by salary depending on the school.

Loans

The William D. Ford Federal Direct Loan Program is the most commonly used graduate student loan program for students in the United States. Under this program, students take out loans directly from the U.S. Department of Education, rather than borrowing from a bank or a private lender.

Graduate students can access two types of federal student loans. The first is the direct unsubsidized loan, which has a borrowing limit of $20,500 per academic year. Some students may be eligible to receive more depending on their specific program.

Students can also apply for Direct PLUS Loans, the most common being the Grad PLUS Loan. These loans are available for students who need to apply for more than the borrowing limit provided by other loans. Students will need to complete a credit check for PLUS loans and have a good credit score.

Students may also apply for private student loans to cover the cost of tuition. Federal loans typically have lower interest rates than private lenders, so be sure to use the loans with the lowest interest rates first.

Make sure to check the conditions of your loan before signing, such as the interest rate and the repayment plans available.

FAQs About Using FAFSA To Cover Master's Degree

Here are some commonly asked questions about using federal financial aid as a graduate student.

How Much Will FAFSA Give Me for My Master's Degree?

The amount of money the FAFSA will give you for a master's degree will vary depending on factors such as your financial need and eligibility for specific grants and scholarships.

Is the FAFSA Application Process Different for a Master's Degree Program?

The process of filling out the FAFSA as a master's student is almost the same as the process for undergraduate students. Some things that might be different are your dependency status, your borrowing limit, and the aid options available.

Will FAFSA Cover a Second Master's Degree?

Yes, the FAFSA may cover a second master's degree, though some aid options have a lifetime cap on the amount that you can borrow.

Do Graduate Students Need Parent Information for the FAFSA?

Most graduate students are considered independent students, so they will not need parent information for the FAFSA.