Does FAFSA cover expenses for a master’s degree?

General
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Does FAFSA cover costs for a master’s degree?

FAFSA covered all my undergraduate expenses, and my EFC was zero, so I didn’t have to pay anything out of pocket.

So, will FAFSA also cover an MBA or similar graduate programs, or is it only for bachelor’s degrees?

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FAFSA is just the application form for federal student aid. It helps you access both need-based aid (like Pell Grants and Subsidized loans) and non-need-based aid (such as Unsubsidized loans and PLUS loans).

Graduate students aren’t eligible for need-based aid, but you should still complete the FAFSA to determine the amount of non-need-based aid you might qualify for.

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Many state and federal grant programs (such as Pell Grants and NYS TAP) are only available to students who haven’t yet completed a bachelor’s degree (i.e., undergraduates). For second bachelor’s degrees and graduate programs, you won’t be eligible for need-based aid, so even with an EFC of zero, you might still have to pay the full amount.

If you were a strong student, now is the time to look for scholarships, apply for TA/RA positions, and explore other opportunities.

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Graduate students can apply for federal financial aid. Just like for undergrad, you can get grants, scholarships, and loans like Direct Unsubsidized and Direct PLUS Loans.

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Yes, FAFSA can be used to apply for financial aid for graduate school, but the landscape is significantly different compared to undergraduate studies.

Key Differences:

  • Limited Grants: Unlike undergraduate programs where Pell Grants are available, graduate students typically don’t qualify for many grants.
  • Predominantly Loans: Most financial aid for graduate students comes in the form of loans.
  • EFC Impact: Your Expected Family Contribution (EFC) will still be calculated, but it might have less impact on your eligibility for grants.

While you might have received significant grant aid as an undergraduate, it’s less likely for graduate school. Prepare for a higher reliance on loans to finance your education.

Additional Financial Aid Options:

  • Scholarships: Many graduate programs offer scholarships based on academic merit or other criteria.
  • Graduate Assistantships: These offer tuition waivers and stipends in exchange for teaching or research work.
  • Private Loans: These can be an option if federal loans aren’t sufficient.

To maximize your financial aid, it’s crucial to:

  • Submit the FAFSA on time: This is the first step to accessing federal aid.
  • Explore scholarships: Research and apply for scholarships relevant to your field of study.
  • Consider graduate assistantships: Check if your desired program offers these opportunities.