FAFSA after undergrad - how does it really work?

Started by beebee0
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beebee0

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I know that for undergrad, depending on your and your parents' financial information, they give you a lot of grants that don't need to be paid back. Then some loans if you need. It is completely different for graduate/professional school, right?

I heard that for grad chool, they give out only loans based on FAFSA, but has 0 need-based grants or anything like that (of course merit-based scholarships are separate). I worked full time this past year (the only year that I've worked full time in my life), so I have some savings, but not much. Would that affect my financial aid?