Guide To Using FAFSA To Cover Your MBA

You're about to finish your bachelor's program, but you want to go a step above so you can really dig into what it means to succeed in business. Fortunately for you, a Master of Business Administration (MBA) is within your reach.

Unfortunately, a master's program is a whole different beast to apply for, attend, and pay for.

Luckily, that's what this guide is for - to teach you how to use the FAFSA for MBA to pay for your graduate degree so you can take one more thing off your plate as you pursue your education.

Here's everything you need to know to make it happen.

How to Use FAFSA to Pay For Your MBA Program

Below, you can learn what the FAFSA is, what kind of aid it provides to graduate MBA students, and how to use it.

What is the FAFSA?

The Free Application for Federal Student Aid, or FAFSA, is an application offered through the U.S. Department of Education's Federal Student Aid website. This application is used by most state agencies and schools to determine the college aid a student is eligible to receive and is based on income reported through federal income tax filings.

The FAFSA for a given year is released in December of the year before and must be completed by June of the year you intend to attend classes; for example, the 2024-2025 FAFSA will be released in December 2023 and must be filled out by June 30th, 2024 in order for a student to receive aid for that year.

Financial aid offered through the FAFSA is need-based, meaning the aid you get is determined by your or your family's ability to pay for college and includes a few different types of aid.

Types of Financial Aid You Can Recieve Through the FAFSA

The types of federal aid that are determined by and offered through the FAFSA are:

• grants
• federal loans
• work-study opportunities

Grants are a type of aid that is offered by the federal government, your state government, your college, or a private or nonprofit organization to help you pay for your MBA tuition, books, and other fees associated with your graduate program. Most of the time, these don't have to be paid back.

Federal loans are a type of aid in which the government is your lender, and you're expected to pay back the money you borrowed after completing your program.

Types of federal loans offered by the U.S. Department of Education's William D. Ford Federal Direct Loan (Direct Loan) Program include:

• Direct Subsidized Loans
• Direct Unsubsidized Loans
• Direct PLUS Loans
• Direct Consolidation Loans

The type of loan that's best for you will be determined by your needs and program type.

Finally, work-study opportunities are part-time jobs for undergraduate and graduate students that help them pay for education expenses while taking into consideration their needs as students. These jobs are often offered by your college or a local nonprofit and encourage community service work or work related to your field of study.

Tips for Filling Out the FAFSA for MBA Students

Here are some tips that can make filling out the FAFSA easier.

Have Your Last Tax Return Handy

With a physical copy of your most recent tax return or the ability to access it through the IRS Data Retrieval Tool, you'll have a good bit of what you need to fill out your FAFSA at your fingertips. Get it ready before you start to avoid having to search for it midway through applying.

Fill Out the FAFSA Online

By filling out your FAFSA online, you only see forms and questions relevant to your situation and get to use the built-in app to catch errors.

You Can Include an Explanatory Letter With Your Application

If there are circumstances that change your ability to pay for college, such as medical debt or the recent loss of a job, you can include a letter explaining those circumstances with supporting documentation and have your unique situation considered alongside your aid application.

Double-Check Your Application Before Submitting

Check back before you submit the FAFSA to make sure all the fields are filled out and everything is correct. By doing so, you ensure there are no problems that delay your application being processed and ensure it only takes a couple of weeks for you to receive your aid report.

Accepting and Using Your Financial Aid

Now that you've filled out the FAFSA for your MBA program and received your aid report showing that you're eligible for aid, it's time to find out what aid you have, accept it, and put it to use.

The first step is to talk with your school's financial aid office to discuss your aid package. With their assistance, you can determine what aid you want to accept for use in your MBA program and what aid will apply to what needs.

Some aid can go to you, meaning you can decide whether you want to buy books or pay for your room and board with it. Other aid goes directly to your college, meaning they'll apply it to your tuition only.

Either way, you can use the FAFSA aid you receive to pay for your MBA program and just focus on your classes going forward.

Get Started on Your MBA Today

Now that you know how to fill out and use your financial aid through the FAFSA for MBA programs, it's time to start your graduate education today so you can rise to the top of the business world tomorrow.