Student Loans Financial Aid. Part of. Navigating Aid Issues. Table of Contents Expand. Table of Contents. Undergraduate vs. Types of Student Aid Offered. A personal finance journalist for nearly a decade, she covers consumer credit in addition to her specialization in education debt and financing. She holds a B. Learn about our editorial policies. Reviewed by Marguerita Cheng. Article Reviewed January 27, Learn about our Financial Review Board.
Key Takeaways Whether this is your first time applying or you are renewing assistance, review your financial aid offer and carefully decide which types of aid to accept.
Use any gift aid offered first, such as scholarships and grants, followed by any offer for work-study or a fellowship stipend. This will help limit how much you need to borrow for grad school. Material demonstrating your income and tax statuses — this is gathered via tax returns, s, bank statements and any applicable business records.
In some cases, details about parental income may be requested, even if the student is considered independent. This is most commonly seen in professional programs such as law or medical school. Making sure all the required documentation is easily on hand is important for successfully filling out the FAFSA, but students must also ensure they submit their applications on time or all will be for naught.
Beginning in , the U. Department of Education changed the submission parameters to more closely mirror the school year. The following table outlines the submission periods for students planning to start graduate programs in or As with earlier versions of the FAFSA, applications are accepted on a rolling basis, so learners should submit the form as soon as possible to have the best chance of receiving funding.
As mentioned throughout this guide, one of the biggest considerations that sets undergraduate and graduate students apart is whether they are considered dependent or independent from their parents. The vast majority of the time, graduate students file as independent students, meaning they are not usually required to provide parent information. Prospective graduate students should review the following questions to get a better sense of their statuses:.
Students who answer yes to one or more of these questions are likely considered independent students for the purposes of the FAFSA. Those applying to law or medical schools may still need to provide financial information about their parents, but students should check with the schools to which they apply to learn more. While enrolled as an undergraduate, a student may receive a subsidized federal loan, meaning the U.
When working toward graduate and professional degrees, students can only apply for unsubsidized loans, meaning interest accrues from the time the loan is taken out — and if the loan goes into deferment or forbearance. Department of Education typically awards subsidized loans on the basis of financial need, while those taking out unsubsidized loans can come from any income bracket. As of , the U. Department of Education charges an interest rate of 6 percent for unsubsidized graduate loans.
Federal work-study funds may also be given in exchange for working on campus or in the community. Outside of having access to different types of federal loans, grants and work-study programs, the most significant difference for graduate students lies in whether they apply as dependents of their families or as independent individuals.
The following section outlines each step of the FAFSA completion process to help guide learners along the way. This username and password combination is used as a digital signature, allowing a student to sign the FAFSA application and begin the process of identifying his or her federal funding options.
The information will not only help the DOE decide who qualifies, but what types of aid they are eligible to receive. Some types of financial aid—subsidized loans—are reserved for students that exhibit some financial need. Many states and some colleges also use information from the FAFSA to determine who receives their aid; states and colleges often have their own aid programs that are separate from federal aid.
This fact makes it that much more critical that all students fill out the FAFSA form, and that goes for both undergraduate and graduate students. This includes their income, assets, and liabilities. Basically, it means that you could qualify for subsidized student loans. With subsidized loans, the government pays the interest on the loans while the student is in college, during grace periods, and during periods of deferment—though always check with each deferment program to be sure.
This is not the case for unsubsidized loans. Grad students only have access to unsubsidized loans, which do not have the interest rate perks and come with a higher rate of interest. Additionally, graduate students may qualify for Pell Grants if they are simultaneously receiving a teaching certificate. This includes students in masters, doctorate, law, medical, and PhD programs. This information will not be used to determine federal aid, but a school may use it to determine theirs.
You are considered independent if you answer yes to any of the following questions:. Do you have dependents other than your children or spouse who live with you and who receive more than half of their support from you? At any time since you turned age 13, were both your parents deceased, were you in foster care, or were you a dependent or ward of the court?
Free Resources. If you want to get a graduate degree, do you fill out a FAFSA to receive financial aid, or is that document only for undergraduates? Colleges use the FAFSA to determine your eligibility for federal, state, and school-sponsored financial aid, including grants, educational loans, and work-study programs. Everyone can submit the FAFSA, except those who have drug-related offenses that occurred while they were receiving previous financial aid.
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