A Financial Aid Timeline for Graduate Students

Picture this: You've just opened your acceptance letter. After the excitement comes a second thought: How am I going to pay for this?

If that sounds familiar, you're not alone. Most graduate students piece together scholarships, loans, and savings to fund their education. The good news is that paying for grad school gets much easier when you know what's coming and when.

This financial aid timeline walks you through each step, from your application to your first day of class and beyond. Whether you're applying, admitted, or already deposited at Mass General Brigham University of Health Professions, you'll know what to do next.

Why a Financial Aid Timeline Matters for Grad School

Financial aid for graduate school works differently than it did in undergraduate. Graduate students aren't eligible for need-based federal loans, and federal loan rules changed in 2026. That makes planning ahead more important than ever.

Missing one step can delay your aid or put a hold on your account. Following a clear timeline helps you avoid surprises. It also lets you focus on what matters most: preparing for your future in healthcare.

Your Financial Aid Timeline at a Glance 

Step 1: While You Apply — Know Your FAFSA Deadlines

The Free Application for Federal Student Aid (FAFSA) is your first step toward federal loans. The 2027–28 FAFSA is now open at StudentAid.gov. If you plan to start classes during the 2027–28 academic year, this is the form you need.

When you complete the FAFSA, use Mass General Brigham University's school code: G22316. Graduate students should indicate they're completing a graduate or professional degree.

A few more tips for this stage:

• Gather your tax information and a StudentAid.gov account before you start.
• Ask the Financial Aid Office which FAFSA year covers your start term, especially for summer starts.
• Explore tuition and fees for your program.
• Check for ways to save on tuition, including discounts for Mass General Brigham employees.

If you're selected for FAFSA verification, respond right away. Your aid can't be finalized until verification is complete.

Step 2: After You're Admitted — Review Your Aid Offer

Your acceptance letter is also your first look at scholarship support. All students accepted into entry-level programs at the University are automatically considered for the University Scholarship. There's no separate application. If you receive one, it's noted in your acceptance letter.

Next, take time to understand your full cost of attendance (COA). Your COA includes tuition, fees, and a living expense allowance. For graduate students, the estimated living allowance is about $30,022 for two semesters. It covers housing, food, books, transportation, and personal costs.

Your COA is the maximum aid you can receive. It isn't a target. Many students borrow less by budgeting carefully and sharing housing.

Questions to Ask Before You Accept Aid

• Do I need to accept the full amount offered?
• What will my interest rate be?
• When does repayment begin?
• Can I cover some costs another way, such as savings or outside scholarships?
• How long will it take to repay what I borrow?

Step 3: After You Deposit — Complete Your Loan Steps

Once you've deposited, you'll get access to IOnline, the University's student portal. This is where you'll view your aid and your bill.

For most graduate students, federal aid comes as a Federal Direct Unsubsidized Loan. Here's how to secure it:

1. Complete your FAFSA if you haven't already.
2. Sign your Master Promissory Note (MPN) at StudentAid.gov. This legal agreement explains your loan terms.
3. Complete entrance counseling on StudentAid.gov. Allow at least 30 minutes. Your loans are held until this step is done.
4. Accept your loans in IOnline. Select "Financial Aid," then "My Awards."

What Changed With Federal Graduate Loans

Under the One Big Beautiful Bill Act (OBBB), new borrowers can no longer receive Grad PLUS loans after July 1, 2026. Students starting in Fall 2026 or later who need to borrow beyond federal limits can apply for private loans. Private loans are credit-based, and you can borrow up to your COA minus other aid.

Learn more on the University's Federal Financial Aid Updates page, which includes recorded financial aid town halls., which includes recorded financial aid town halls.

Step 4: Before Classes Start — Understand Your Bill

Your semester bill appears in IOnline, and all billing notices go to your University email. Check it often.

*Summer due dates are May 25 for Doctor of Physical Therapy (DPT) and Doctor of Occupational Therapy (OTD) students, and June 24 for Doctor of Audiology (AuD) students.

By the due date, your balance must be paid or covered by pending aid, a payment plan, or a sponsor. If your account isn't settled one week before classes, you'll be placed on a financial hold. That means no class attendance or course access until it's resolved.

You have several ways to pay:

• Pending financial aid covers charges once your loan steps are complete.
• An interest-free monthly payment plan through Nelnet requires a $50 deposit.
• ACH transfer is available through IOnline.
• College savings plan (529) funds can take up to 30 days, so start at least four weeks early.

Don't forget health insurance. Massachusetts requires all students to have coverage, and you'll be billed automatically. If you have your own plan, submit a waiver. If you want the student plan, you must enroll. Visit the Bursar's Office page for details.

Step 5: The First Week of Classes — Disbursement and Refunds

Loan funds typically disburse around the first week of classes. If your aid exceeds your bill, the difference comes to you as a refund. You can use it for living expenses.

Refunds usually arrive within a week of disbursement. Add your bank account information in IOnline ahead of time to speed things up.

One budgeting tip from our Financial Aid Office: If you receive a refund, consider paying your rent for the whole semester up front.

Step 6: Every Year — Renew and Reassess

Financial aid doesn't renew automatically. You'll need to file a new FAFSA for each year of your program. The good news is that returning students' information is prefilled, so it goes faster.

Each year, also check:

• Your enrollment status. You must be enrolled at least half-time — 4.5 credits in fall and spring, three in summer — to receive federal loans.
• Your budget. Adjust what you borrow based on what you actually spent.
• Your future plans. Learn about loan repayment assistance programs for healthcare professionals.

Your Financial Aid Checklist

Save or print this financial aid checklist to stay on track:

• File your FAFSA using school code G22316.
• Respond quickly to any verification requests.
• Review your acceptance letter for scholarship information.
• Estimate your cost of attendance and personal budget.
• Sign your Master Promissory Note.
• Complete entrance counseling.
• Accept your loans in IOnline.
• Review your bill and pay by the semester due date.
• Enroll in or waive student health insurance.
• Renew your FAFSA every year.

You Don't Have to Figure It Out Alone

Paying for graduate school is a big investment in yourself, your career, and the patients and communities you'll serve. Our Financial Aid Office administers about $8 million in scholarships and $50 million in loans each year. We're here to help you build a plan that works for you.

Have questions? Contact the Financial Aid Office at financialaid [at] mghihp.edu (financialaid[at]mghihp[dot]edu) or (617) 724-6332. For billing questions, reach the Bursar's Office at bursar [at] mghihp.edu (bursar[at]mghihp[dot]edu) or (617) 643-4940.

Ready to take the next step? Apply today, request information, or explore financial aid and billing.