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Going back to school for a graduate degree often starts with one big question: How to pay for it? Chances are you’ve heard about the Free Application for Federal Student Aid (FAFSA) and may be wondering if it can play a role in financing graduate school. Here’s what you need to know.

Any student seeking to use federal student aid must first fill out the FAFSA. Financial aid is available at the graduate level for students who qualify.

One of the most common questions is, “What exactly is the FAFSA?” As Chris Conway, the director of financial education initiatives at 91��Ƭ��, explains, “The FAFSA itself isn’t a grant or a loan. It’s the form you complete to see what aid you’re eligible for.”

Undergraduate and graduate students both complete the FAFSA, but the types of aid they qualify for may differ. Undergraduate students might be eligible for Pell Grants, for example, which typically don’t need to be repaid and are based on need, as well as need-based subsidized federal student loans and unsubsidized loans. Graduate students, meanwhile, tend to use the FAFSA to apply for federal direct unsubsidized loans. This distinction is important because federal funds aren’t the only way to pay for one’s studies.

Once students submit the FAFSA for grad school, colleges put together a financial aid offer. Depending on a student’s eligibility, that could include federal student loans, state financial aid, or non-federal scholarships and grants from the school itself.

Graduate students might assume they earn too much to qualify for financial aid, but that’s not necessarily the case. Federal direct unsubsidized loans, for example, aren’t based on financial need. But to get any federal aid, completing the FAFSA is required, Conway says. “That includes loans.”

Completing the FAFSA for grad school might also feel a little different from what students remember from their undergrad days. Graduate students are considered independent, meaning they don’t report their parents’ income or assets on the FAFSA, even if they live with them or they help financially. Instead, the application looks at a student’s own finances, and, if married, their spouse’s.

For many adult learners returning to school after several years in the workforce, that’s an important difference. A graduate student’s financial circumstances may be very different from those of their parents when they were undergraduate students.

Even students who don’t expect to receive much aid may find it worth completing the application, as colleges may award scholarships and grants based on financial need. “There’s always a chance that there’s something at the state or school level that the FAFSA for grad school can be used to determine eligibility,” Conway says. 

For many students, filling out the FAFSA for grad school can lead to rather than Pell Grants, which are reserved for undergraduate students. Unlike subsidized loans — for which the government covers the interest while the student is in school — unsubsidized loans begin accruing interest as soon as the money is disbursed. Graduate students can currently borrow up to $20,500 per academic year through direct unsubsidized loans.

In the past, students whose educational costs exceeded those limits had an additional option. They could apply for a federal Grad PLUS loan, which required a credit check but allowed eligible graduate students to finance the remaining cost of school after their other financial aid had been applied. In July 2026, however, Grad PLUS loans were eliminated for new borrowers. As a result, students whose education costs exceed the federal direct unsubsidized loan limits may need to rely more heavily on scholarships and grants from their college, employer tuition assistance, personal savings and private education loans. Because many colleges and universities use the FAFSA to award institutional aid, submitting the application early can help ensure a student is considered for every funding opportunity a school offers. Exploring those opportunities before borrowing can help reduce the amount a student needs to finance through student loans.

Once an individual decides to apply for financial aid, completing the FAFSA for grad school is relatively straightforward.

1.    Gather all financial information

Before beginning, students should have their Social Security number and basic financial information ready. The FAFSA can import much of one’s federal tax information from the IRS. “There is the Future Act – Data Exchange (FA-DDX) that pulls your information in,” Conway explains. “So, you don’t have to answer all those financial questions. It’s a lot easier.”

2.    Create or recover a studentaid.gov account

Students can start at studentaid.gov by creating or recovering their account, which serves as a secure login for StudentAid.gov. Students who completed the FAFSA as undergraduates may already have access to studentaid.gov.

3.    List any schools being considered

Students don’t need to worry about narrowing down their college list just yet. Instead, they should include every college or university they’re considering. Each listed school will receive the student’s FAFSA information and use it to determine what financial aid they qualify for.

4.    Review the FAFSA submission summary

Once students submit the FAFSA, they should take a few minutes to review their submission summary to ensure everything is accurate. If a student applies to various schools, they should monitor their email. A school may reach out if it needs additional documentation before finalizing a financial aid offer.

5.    Pay attention to deadlines

The federal FAFSA deadline for each award year is typically June 30, but state and school deadlines may be much earlier. Submitting the FAFSA for grad school early can help make sure a student is considered for available scholarships, grants or state aid.