What are the steps to apply for Financial Aid for Graduate School?
The steps to apply for financial aid for graduate school are similar to the same steps you followed for your undergraduate years. The primary difference is that you are not expected to provide any parental data on your FAFSA. When you are admitted to graduate school you are considered an independent student for financial aid purposes regardless of your living situation or whether you are still claimed by your parents. For those students previously considered independent for FAFSA purposes for other reasons (e.g. married, children, 24 years old +, etc.) there is no change in the data you will report on your FAFSA. Follow the steps below to ensure that you are considered for your maximum aid:
- File your FAFSA. This is your first step to any Federal Financial Aid. If you would like to be considered for a work study award you will need to complete your FAFSA by March 1 and submit any missing documentation by April 15. Graduate students are not eligible for subsidized loans as of 2012, the two types of loans that graduate students are eligible for are:
Note: It is important you know your annual loan limits and plan accordingly. Unsubsidized loans are held to an annual loan limit (fall, spring, summer) of $20,500 and Graduate PLUS loans cannot exceed your Cost of Attendance.
- Complete your Financial Aid File. You will need to submit any missing documentation required of you prior to being awarded any type of Financial Aid. Once your file is complete, you will then be awarded financial aid. For new school years (beginning in Fall – August), our office awards as early as the beginning of April.
- View your awards. Once you have been awarded you will be able to view your awards on your MYNMHU account. At this time if you have not been offered a Graduate PLUS loan you can request that you be awarded one. It is also at this time that you will need to inform the Financial Aid Office if you are receiving any outside aid (GA/TA).
- Complete your Loan Documents. Borrowers will need to complete their Loan Entrance Counseling or Financial Awareness Counseling (if you have completed Entrance Counseling before then you will complete the Financial Awareness Counseling). Complete the Federal Direct Stafford Loan Application. Once your loan has been approved complete the Master Promissory Note (if you don’t already have one on file).
5. Ready your Financial Aid file for Disbursement of funds. Initial disbursement begins the third week of classes for the start of a new semester and continually after that every Tuesday and Thursday when aid is released to your student account. If you register for enough credits (you need to inform financial aid if you will be enrolled less than full-time) and you have a complete Financial Aid file, all of your accepted aid will transfer into your Business Office Student Account. In order for your financial aid to credit your NMHU account, your financial aid file must be complete and you must be making satisfactory academic progress (SAP) and be enrolled for enough credit hours. Sign up for Direct Deposit with the Business Office for the quickest refund method.
Non-degree Graduate Students
Non-degree Students and Financial Aid – In general Federal Regulation requires that students be admitted to a degree granting program in order to be eligible for Financial Aid. This means that Non-degree students are NOT eligible for Financial Aid.