FAFSA covers some master's degrees, but not all, and the amount depends on the school and your financial situation

The Free Application for Federal Student Aid (FAFSA) is open to graduate students pursuing a master's degree at schools that participate in federal aid programs. However, FAFSA does not automatically cover graduate study the way it might for undergraduate work. The types of aid available, the amounts, and which programs may have access to all differ from undergraduate FAFSA. You fill out the same form, but the rules on the other end are different.

Graduate students can access federal loans through FAFSA, and some may receive grants, but grants are far less common at the graduate level than they are for undergraduates. The school's financial aid office determines what aid you receive based on your FAFSA information, the program you're entering, and whether that program is may be able to access for federal aid.

Key Takeaways

  • FAFSA is available to graduate students, but federal grants are rare at the master's level—most graduate aid comes in the form of loans.
  • Graduate students can borrow up to $20,500 per year in unsubsidized federal loans, plus additional loans if the school certifies them as having unmet need.
  • Not all master's programs are may be able to access for federal aid; the school must be accredited and the program must meet federal requirements.
  • Your FAFSA results determine your Expected Family Contribution, which the school uses to calculate how much aid you can receive, but graduate students are considered independent for FAFSA purposes.
  • Some employers and states offer grants or tuition assistance for graduate study, but these are separate from FAFSA and vary widely by location and field.

What types of federal aid FAFSA makes available to graduate students

Graduate students who complete FAFSA can access unsubsidized federal loans, which are the main form of federal aid for master's degrees. Unsubsidized means interest accrues (builds up) while you are still in school, unlike subsidized loans available to some undergraduates. You can borrow up to $20,500 per year in unsubsidized loans for a master's program.

Graduate students may also be able to borrow Graduate PLUS loans, which allow you to borrow additional money beyond the $20,500 annual limit if your school certifies that you have unmet financial need. PLUS loans have a higher interest rate than unsubsidized loans and require a credit check, but they can cover costs that other federal loans do not.

Federal grants for graduate students are uncommon. Most federal grants—like the Pell Grant—are reserved for undergraduates. Some schools offer their own graduate grants or scholarships, but these come from the school's budget, not from FAFSA itself. Your FAFSA results may help the school determine whether you may have access to for institutional aid, but FAFSA does not may provide grants.

How to know if your master's program is may be able to access for federal aid

Not every master's program qualifies for FAFSA aid. The school must be accredited by an agency recognized by the U.S. Department of Education, and the program itself must meet federal requirements. Most master's degrees at traditional universities and many at for-profit schools are may be able to access, but some specialized or certificate programs are not.

The fastest way to find out is to contact the financial aid office at the school where you want to study. Tell them you are interested in their master's program and ask whether it is may be able to access for federal student aid. They can answer in one conversation and tell you what loans and aid you might receive.

You can also search the Federal Student Aid website's school lookup tool to confirm the school participates in federal aid programs, though this does not tell you whether every program at that school is may be able to access. The financial aid office is the authoritative source.

How FAFSA calculates aid for graduate students

When you submit your FAFSA, the form calculates your Expected Family Contribution (EFC), now called the Student Aid Index (SAI) as of the 2024–2025 school year. This number represents how much the federal government estimates you can pay toward your education based on your income, assets, and family size.

Graduate students are treated as independent for FAFSA purposes, meaning your parents' income and assets do not count, even if they help pay for school. Only your own financial information is used. This is different from undergraduate FAFSA, where most students must report parental information.

The school's financial aid office takes your SAI and subtracts it from the school's cost of attendance (tuition, fees, room, board, books, and living expenses). The result is your financial need. The school then packages aid—loans, grants if available, and work-study if offered—to cover that need. However, schools are not required to meet 100 percent of your need, so you may still have a gap.

Loan limits and repayment for graduate borrowers

Graduate students can borrow up to $20,500 per year in unsubsidized federal loans, with a lifetime limit of $138,500 in total graduate and undergraduate borrowing combined. If you already borrowed for undergraduate study, that amount counts toward your lifetime limit.

Graduate PLUS loans have no annual limit—you can borrow up to the full cost of attendance minus other aid you receive. However, PLUS loans require a credit check and have a higher interest rate (currently around 8.5 percent, though rates change yearly).

Repayment begins six months after you graduate or drop below half-time enrollment. Graduate students have access to income-driven repayment plans, which can lower monthly payments if your income is low, though these plans may extend the repayment period and increase total interest paid.

Other funding sources for master's degrees outside FAFSA

Many employers offer tuition assistance or reimbursement for employees pursuing a master's degree. Some programs cover partial tuition; others cover the full cost. Check with your employer's human resources department to learn what is available and whether there are restrictions on which schools or fields of study may have access to.

Some states offer grant programs for graduate students in specific fields—teaching, nursing, and STEM fields are common—but these vary widely by state and are not part of FAFSA. Contact your state's higher education agency to learn what may be available where you live.

Graduate schools themselves often offer assistantships, scholarships, and fellowships that are separate from federal aid. These can cover tuition fully or partially and sometimes include a stipend. Ask the school's graduate admissions office and financial aid office what funding is available for your specific program.

Frequently Asked Questions

Do I have to report my parents' income on FAFSA for a master's degree?

No. Graduate students are independent for FAFSA purposes, so you report only your own income and assets. Your parents' financial situation does not affect your federal aid may be able to access, even if they contribute money toward your education.

Can I get a Pell Grant for a master's degree?

No. Pell Grants are for undergraduate students only. Graduate students can access federal loans and, in rare cases, institutional grants from the school itself, but not federal grant programs like the Pell Grant.

What if my master's program is not may be able to access for federal aid?

You will not be able to use federal loans or FAFSA aid for that program. You would need to explore private student loans, employer tuition assistance, school scholarships, or other funding sources. Contact the school's financial aid office to discuss alternatives.

Can I use FAFSA to pay for a master's degree while working full-time?

Yes. FAFSA does not require you to be a full-time student. Many graduate programs are designed for part-time or working students. You can borrow federal loans as long as you are enrolled at least half-time in an may be able to access program, though some programs may have different enrollment requirements.

Do I need to fill out FAFSA every year for my master's program?

Yes. You must complete FAFSA each year you want federal aid. Your financial situation may change, and schools use the most recent FAFSA information to determine your aid package for each academic year.