There are a many different financial aid programs graduate students can apply for to help pay for college. These include grants, loans, and scholarships. While loans are to be repaid with interest, scholarships do not have to be paid back. Masters scholarships are awarded to students who have an impressive academic track record. Some of these scholarships may be need based and only require a student to demonstrate financial need. To apply for these scholarships, students can either fill out a FAFSA form online, or get in touch with their institute's financial aid office. Scholarships are a great way to fund education and pursue graduate studies.