Does FAFSA Cover a Master’s Degree?

Understanding FAFSA for Graduate Students: Financial Aid for a Master’s Degree

If you are considering going back to school for your master’s degree, you may be wondering how to pay for it. Graduate education is an investment, and the sticker price can seem daunting. Thankfully, the Free Application for Federal Student Aid (FAFSA) is not just for undergraduate students. Completing the FAFSA for graduate school opens the door to financial assistance that can make your master’s journey much more affordable.

Does FAFSA Help Pay for a Master’s Degree?

Yes, FAFSA does cover master's degree students. When you fill out the FAFSA as a graduate or professional student, you become eligible for several federal financial aid programs. However, the options differ from those available to undergraduates.

Graduate students are considered independent. This means your federal aid eligibility is based largely on your own finances, not your parents' income. Here’s what you need to know about FAFSA and financial aid for a master’s program:

• Federal student loans: Most graduate students receive unsubsidized federal loans.
• Federal work-study: Some programs offer federal work-study opportunities for grad students.
• Federal grants: Unlike undergrad, grants like the Pell Grant are typically not available for master’s degrees.
• State aid: Some states offer grants or loans for graduate students who complete a FAFSA.
• Institutional aid: Individual schools may use your FAFSA to award scholarships or assistantships.

Types of Federal Financial Aid for Master’s Degrees

Each type of federal aid has its own requirements and benefits. For master's students, these are the main options the FAFSA unlocks:

Direct Unsubsidized Loans for Graduate Students

The Direct Unsubsidized Loan is the most common federal student loan for graduate students. Here are key points:

• You do not need to demonstrate financial need to qualify.
• For the 2024-25 academic year, the annual loan limit is usually $20,500.
• Interest accrues while you are in school.
• The fixed interest rate for new graduate unsubsidized loans for 2024-25 is 8.08%.

Grad PLUS Loans

If you need more than the unsubsidized limit, you can apply for a Direct PLUS Loan for Graduate and Professional Students after completing the FAFSA. Highlights include:

• You must pass a credit check.
• You can borrow up to the cost of attendance minus other aid received.
• The fixed interest rate for Grad PLUS Loans (2024-25) is 9.08%.

Federal Work-Study

Some master’s programs offer federal work-study jobs. The FAFSA determines your eligibility. These are part-time positions—often related to your field—that help you earn money for living expenses.

Can You Get Federal Grants for Graduate School?

Unfortunately, federal Pell Grants and most need-based grants are only available for undergraduate students. However, certain advanced programs, like teaching or social work, may offer specialized federal grants such as:

• TEACH Grant: For students planning a teaching career in a high-need field or underserved area. For 2024-25, the maximum award is $4,000 per year.
• Fulbright Grants and Fellowships: For study, research, or teaching abroad after graduation.

How to Apply for FAFSA as a Graduate Student

To receive financial aid for your master’s degree, follow these steps:

1. Collect required documents, like your tax returns and W-2s.
2. Visit studentaid.gov and complete the FAFSA form for the upcoming academic year.
3. Include your selected graduate schools’ federal school codes.
4. Check your Student Aid Report (SAR) after submission for errors.
5. Contact the financial aid offices of your chosen schools for additional forms or steps.

Eligibility for Graduate FAFSA Financial Aid

To get federal aid for your master’s, you must:

• Have a bachelor’s degree or higher.
• Be enrolled in an eligible graduate program at an accredited institution.
• Be a U.S. citizen or eligible non-citizen.
• Maintain satisfactory academic progress as defined by your school.
• Have a valid Social Security number (with limited exceptions).

Other Financial Aid for Master’s Degrees

While the FAFSA provides federal student loans and sometimes work-study, there are additional ways to reduce your out-of-pocket costs:

• School-based scholarships: Many universities offer merit or need-based scholarships for graduate students.
• Graduate assistantships: These roles offer tuition waivers, stipends, or both, in exchange for research or teaching duties.
• Private scholarships: Foundations, professional associations, and businesses offer scholarships for master’s students in fields like business, STEM, nursing, and more.
• Employer tuition reimbursement: Some employers help pay for advanced degrees related to your job.

Tips for Maximizing Your Graduate Financial Aid

Boost your graduate financial aid and reduce student debt by following these tips:

• Complete the FAFSA as soon as it opens (October 1 each year).
• Contact your school’s financial aid office to ask about school-specific aid.
• Apply for scholarships and assistantships early. Deadlines vary by program and school.
• Consider attending part-time so you can work and spread costs over more semesters.
• Evaluate all loan options. Consider federal loans first for more flexible repayment plans.

Frequently Asked Questions about FAFSA for Master’s Students

Can you get FAFSA for graduate school international students?

FAFSA is only available to U.S. citizens and eligible non-citizens. Most international students are not eligible for federal student aid. However, some schools may offer separate scholarships or assistantships for international master’s students.

Is there an age limit for FAFSA for graduate school?

There is no age limit for FAFSA eligibility. As long as you are admitted to an eligible graduate program and meet the other requirements, you can apply for federal student aid at any age.

Does FAFSA cover online master’s programs?

Yes, if the online master's program is offered by an accredited institution that participates in federal student aid programs, you can receive federal aid through FAFSA for your online graduate degree.

Will FAFSA pay for a second master’s degree?

You may apply for FAFSA for a second master’s degree, but loan limits from your first degree may affect your eligibility. Check with your school’s financial aid office for guidance on your specific situation.

Do graduate students qualify for Pell Grants or SEOG?

Most graduate students do not qualify for Pell Grants or Federal Supplemental Educational Opportunity Grants (FSEOG). These grants are reserved for undergraduate students working toward their first degree.

Can you receive financial aid for a professional doctorate through FAFSA?

Yes. Students in professional doctorate programs (such as JD, MD, or PharmD programs) can qualify for federal student loans and some work-study through FAFSA, similar to master’s students.

Explore Your Options and Take the Next Step

Filling out the FAFSA is one of the best first steps toward funding your master’s degree. Between federal student loans, work-study, and additional school and state aid, you have more support available than you might think. Each school and program have unique resources, so reach out to their financial aid offices early in your search. Investing in your education can open new doors—let FAFSA help you take that next step.