The first thing you must do in any quest for post-graduate financial aid is complete a Free Application for Federal Student Aid, or FAFSA. The FAFSA helps schools determine your financial need and create a student aid package for you. To complete the FAFSA you will need your Social Security number, income tax returns, bank statements and records of any personal investments. Because you are applying for a graduate program, you will not need to provide your parents' financial information. Pay careful attention to both state and federal deadlines when submitting the FAFSA,
Student loans are by far the most common type of financial aid for post-graduate study. They also can be the cause of financial uneasiness because they must be repaid. There are three types of loans available. Federal subsidized loans do not accrue interest while you are in school and for a short time after you graduate. Federal unsubsidized loans begin accruing interest immediately. Finally, private loans are not federally guaranteed--you obtain them as you would a car loan or a mortgage, from a private bank.
Unlike loans, scholarships do not need to be repaid. Scholarships are merit-based (as opposed to need-based) funds given to students who earn good grades or who have special talents or skills. Other scholarships are based on student characteristics such as gender, race, religion and sexual orientation. See Fastweb for more information on where to find graduate school scholarships. You have to register to use the program, but registration is free.
Like scholarships, fellowships need not be paid back. In a fellowship, you perform work for the school such as teaching classes or helping with research. In exchange, your books, supplies and tuition are usually covered, and you may even receive a small stipend for living expenses. Check with your university's financial aid office to learn about fellowships available to post-graduate students.
Grants are another form of financial aid that does not need to be paid back. Unlike scholarships, grants are based strictly on financial need. However, the most recognized federal grant, the Pell Grant, is not available at the graduate level. Look for grants at the financial aid office of your college. They will be aware of local and state grants for which you qualify.
Some who have served in the military are eligible to have part of the cost of post-graduate education covered by the GI Bill. The GI Bill pays a percentage of the cost of education based on how long you were in the military and the price of the school you want to attend. You may also be eligible for a yearly stipend for books and supplies and a one-time relocation payment.
If you are employed, your employer may have a program to reimburse you for continuing your education. Some companies will match your education expenditures dollar for dollar; others will pay a percentage of your tuition, books and supplies. Check with your human resources department for more information.