When should I submit my FAFSA?

[news2yous]

I'm not sure if this is the right section to post this question - please let me know if it isn't.

I'm a graduating senior (undergrad). I got a notice from my undergrad about the FAFSA.

Should I submit one right now and list the graduate programs that I applied to/will apply to? Should I wait until I've been accepted to a program and then submit a FAFSA?

Also, I will be 24 by the time I enter grad school, but as of now I am 23. I receive nothing from my parents and I file my taxes independently, with no one claiming me, but due to the way undergrad financial aid works my aid was calculated as a dependent. Someone told me that for grad school I am automatically considered independent, but I am hearing some contradictory anecdotes - could anyone tell me how it works for MA and PhD programs?

[Mal83]

I don't think there's any harm in doing it now, if the correct form (2012/2013) is available on the studentloan.gov site then it's something you can at least start. But it's also a good idea to know how each of your school handles the financial aid thing by finding out when their deadlines are FAFSA submission. The school that I'm now attending has a deadline of May 1st for graduate FAFSA and priority financial aid processing, which was long after first round decisions went out so you didn't have to bother until you knew you were going, but a different program required earlier submission...if I remember correctly they wanted the FAFSA in March which was even before decisions went out, so I had to get the FAFSA done by the earliest deadline among the schools I applied to. Yeah, you really need to know these deadlines for your programs, they should all be readily available in the financial aid section of the websites.

You're definitely considered an independent for grad school. As a dependent undergrad you're entitled to more in federal loans, but seriously, the maximum you're allowed as an independent grad school is quite enough for the average school. My stafford loans cover tuition for the most part and a little extra is taken out my grad plus loan to make up the difference. So far I've been getting on fine in terms of living expenses, I have a little additional income through a paid internship and I'll be starting a full time job in the summer so I'm not anticipating any major financial issues. When you need to go the financial aid route, it could be a little overwhelming, but as long as you get everything in when you're supposed to it should work out.

I should mention though there is a cap on the amount you can borrow in total financial aid including undergrad, that number is around $138,000. Although maybe it's higher for phD students...not sure. Plus you really want to be sure that you didn't exceed the maximum amount you're allowed to borrow as an undergrad. There is a limit to the amount you can borrow as an undergrad if you decide to borrow for grad school...which I had no clue about until I dove into the process. I'm going to direct you here: http://studentaid.ed.gov/PORTALSWebApp/students/english/studentloans.jsp#02 to scroll down to the chart with particular attention to the last row.

Edited February 9, 2012 by Mal83