Let's face it -- Graduate School is not for kids. But did you know that the sheer fact of your independence significantly improves your odds of qualifying for need-based  

Financial Aid

 ? As long as no one can claim you as a dependent, your calculated financial need will be based solely on your income and assets. And unless your last name is Trump, that's good news.
Let's take a look at the variety of financial aid options for advanced degree seekers.

At the core of need-based financial aid are federal loans, including Perkins Loans, Stafford Loans, and PLUS Loans. If a one-size-fits-all federal loan is not for you, you might consider private loans customized for graduate students, like the CitiAssist Graduate Loan. Some lenders, such as Access Group Key Education Resources and The Education Resource Institute, also offer loans tailored specifically to MBA, law, and medical students.

Of course, free money is the preferred financial aid option for graduate school. And it is possible to get it -- according to the 2003-2004 National Postsecondary Student Aid Study, graduate students received $548 million in fellowships that academic year, with an average fellowship amount of $3,557.10. The Jack Kent Cooke Graduate Fellowship Program, for instance, awards about 35 fellowships of up to $50,000 per year for up to six years.

Another opportunity to offset the cost of your advanced degree is the lifetime learning tax credit offered by the Internal Revenue Service. This tax credit can reduce the amount of income tax you pay by up to $2,000 each year that you're funding your education. And the credit is available for all years of postsecondary education, for an unlimited number of years.

For the ambitious, cooperative education is an excellent way to make graduate school more affordable. This education model combines academic study with an off-campus job related to your advanced degree. There are currently about 900 participating colleges, 50,000 participating employers, and 200,000 enrolled students who earn a total of $1.3 billion each year.

Don't forget to scour your graduate school for financial aid opportunities. You may be considered for a departmental grant, which is controlled by the department chair rather than the financial aid office. Research assistantships and paid internships can pay your way through graduate school and provide fantastic experience as well. Or, by getting a job at the university you plan to attend, you could qualify for discounted tuition.

If you already have a job, your employer may offer tuition reimbursement. Many companies will pay part or all of the tuition for successfully completed courses, especially if the course directly relates to your work.

Go ahead -- exercise your adult independence, and choose the graduate school financial aid options that work best for you.

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About the author:
Robyn Tellefsen is a frequent contributor to The CollegeBound Network. Learn more about finding a school that's right for you.

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