So you are at the all-important juncture where you have finished your Bachelor’s degree and are about to decide what to do next. In such a scenario, if pursuing graduate school for a Master’s degree is top of your list, then one thing which is very important for you to remember is that getting into graduate school is only half the job done. You still have to pay for your education there, isn’t it?

You may have a great GRE score and your academic transcripts so far may be impeccable. Still there might be a situation wherein you may find difficulty in funding your graduate studies properly. However, that is not to say that it is a very difficult or, as a worst case scenario, an impossible task to fund graduate school. On the other hand, it is quite easy; provided you know where to look for funds. This article aims to help you with information mainly on the various government aided graduate school funding options. Read on to find out the various avenues open for you where you can obtain funding in part or whole for graduate school.

Government funded graduate loans:

The US government keeps nearly $60 billion for funding graduate education. So there is very little chance that your education will happen without funding. Some of the graduate loans that are available through the US government are Perkins, Stafford and PLUS loans. Let us look at them in detail:

• Perkins loans

These loans are graduate school based – that is, they are offered by the grad school you will be getting admits         from. Also, these loans need to be re-payed to the school directly by the student. The amount that a Perkins Loan will provide is up to $6,000 a year with an interest rate of 5 %. The selection criteria is financial need; and your               chances of getting a Perkins Loan as a graduate student increases if you are already the recipient of a Pell Grant           as an undergraduate student.

• Stafford loans

Stafford loans can be obtained without demonstrating financial need. The interest rate is 6.8 %. There are two main types of Stafford loans – direct loan and Federal Family Education Loan(FFEL). While the former is payed by the government and re-payed directly to the government by the student; the latter is payed by a private lender, which the student has the option of choosing. The  loan has to be re-payed to the private lender by the student.

• PLUS loans:

PLUS Loans are federal loans. They are only available to students who will pass a credit check. As with Stafford Loans, PLUS Loans are of two types – direct and Federal Family Education type. The interest rate of the former is 7.9 % and the interest rate of the latter is 8.5 %.

To apply for any of these loans, a student needs to file a FAFSA (Free Application for Federal Student Aid).