You may already be familiar with the Free Application for Federal Student Aid (better known as FAFSA) from your days as an undergrad. It’s the most popular method of financing graduate school, providing over $150 billion each year to millions of students, according to the U.S. Department of Education.
FAFSA is a great option if you need to finance your master’s degree, but the deadline for the 2017-2018 school year is approaching faster than you might think.
WVU is here to share the top three things you need to know about applying for FAFSA before the deadline.
1. Federal student aid comes from five different programs.
When you apply for federal student aid, your source of funds will come from a mix of programs:
- The Direct Loan Program – the Department of Education funds this loan, and you can qualify for direct unsubsidized loans (letting you borrow up to $20,500 per school year) and direct PLUS loans (in case you need to borrow beyond what you receive from the $20,500 direct unsubsidized loan, subject to a credit check).
- The Perkins Loan Program – Your school will fund this loan based on your eligibility and demonstrated need for extra financial aid. You can qualify up to $8,000 for a Perkins Loans per academic year, depending on need and other factors.
- TEACH Grant – You can get a grant of up to $4,000 a year if you’re completing courses to become a teacher. You’ll have to take certain classes and become employed to be a teacher – otherwise this grant turns into a loan.
- Federal Work-Study Program – You can work part time and earn money to pay for your master’s degree and other education expenses. You’ll likely have a job focused on community service or related to your field of study.
- Federal Pell Grant – These grants are for grad students in teacher certification programs. Pell Grants do not have to be repaid.
As a side note, the aid doesn’t stop there: You can also consider financial aid offered by your state, your school, foundations, organizations, and other federal agencies outside the Department of Education.
Note: You can read more about scholarships available to grad students here.
2. It’s easy and fast to complete the FAFSA.
When you were applying to undergrad, you may have handed the FAFSA over to your parents to fill out. After all, the questions pertained more to your parent’s or guardian’s financial information than your own. Now that you’re an independent student and likely on your own, you will need to complete the FAFSA yourself.
It’s a simple (and free!) form that can be completed online – and most independent students can finish it on an average of 17 minutes.
You can also hold onto your completed FAFSA to apply for some private loans. It depends on the private financial aid provider, but some of them accept your FAFSA as an application for private financial aid.
3. Pay attention to multiple deadlines for FAFSA.
While it may take on average 17 minutes to complete the FAFSA form, that doesn’t mean you should wait until the last minute. The federal deadline to submit your FAFSA for the 2017-2018 school year is midnight (CT), June 30, 2018.
Your state may have a different deadline, so make sure you check with every school’s financial aid office. Also check with the colleges you’re interested in attending and when they need to receive your FAFSA.
Here at West Virginia University, we recommend you file the FAFSA as early as possible after January 1 for the next academic year. Priority deadline is March 1, and it takes at least eight weeks to process your FAFSA.
Financing graduate school doesn’t have to be complicated. If you make the process a priority, you should receive the funds you need to start your master’s degree program worry-free.
We’re happy to help you with the financial aid process. Check out A Guide to Financing Graduate School to get more information on the FAFSA for master’s students and how to finance your graduate degree.
