When the U.S. House of Representatives recently voted to halve interest rates on some student loans, it left out an entire class of borrowers: graduate students.

Twentysomethings considering going to grad school should also know that there is less federal grant money available than for undergraduates.

Still, there are various types of financial assistance available:

Scholarships, Etc.

Much of the aid that comes directly from grad schools is based on merit rather than need. And many scholarships, fellowships and assistantships -- which may involve teaching or other duties -- are awarded at the departmental level.

Networking with professors and having a defined focus for your studies and your career goals is important. "Grad schools want a very clear idea of what you are going to do in school," says Mark Kantrowitz, publisher of Web site FinAid.org.

To apply, head to the financial-aid office, where staffers may also have information about outside scholarships and fellowships that other students have received. For a list of such programs, go to FinAid.org, click on "Scholarships" and then click on "prestigious scholarships and fellowships."

The Lowdown on Loans

According to 2006 data from the College Board, graduate and professional students use loans to fund 69% of their education costs, while undergraduates rely on loans for 52% of their funding. Students who received master's degrees in 2004 graduated owing an average $27,000 in debt, while undergraduates weighed in just above $19,000, says the National Center for Education Statistics.

One plus: As a graduate student, you are automatically independent in the eyes of the federal government. So not making much money may help you qualify for more aid than some undergraduates who must also factor in their parents' income and assets.

For grad school, as for undergraduate study, there are generally three types of federally backed loans and also private loans. Among the U.S. loans, there are subsidized Perkins loans for needy students, both subsidized and unsubsidized Stafford loans and unsubsidized Plus loans.

One key benefit of the subsidized loans is that the government covers the interest for the period you are a student.

This year, graduate students who demonstrate financial need may qualify for up to $8,500 in subsidized Stafford loans; they and others can receive up to $12,000 in unsubsidized Stafford loans.

(The pending legislation, which faces uncertain prospects in the Senate, would over time trim the rate on new subsidized Stafford loans, for undergraduates only, to 3.4% from the current 6.8%.)

Grad students who qualify can borrow $6,000 in Perkins loans, at 5%. And since last year, graduate and professional students have been eligible for 8.5% Plus loans, which previously were limited to parents borrowing to help pay for their children's undergrad studies.

Private loans typically have variable rates rather than the fixed rates of government-backed loans; current rates range from 7.25% to 16% or more.

The first step in applying for federal student loans and many other kinds of aid is to file the Free Application for Federal Student Aid, which is available at fafsa.ed.gov. File as soon as possible if you're applying for the fall.

Thanks, Boss

Your employer may help pay for your classes. Telecom giant Qualcomm, for example, will reimburse employees up to $10,125 a year for the cost of tuition, books, and parking for courses toward a graduate or post-graduate degree.

Typically you'll need to receive a grade of C or above and be a full-time employee to qualify. And there may be some strings.

Qualcomm requires employees to repay 100% of the tuition assistance if they leave the company within one year and 50% if they leave within two years.