Going to graduate school can be a huge step. If you've been out of school awhile, it's likely to mean a dramatic change in your lifestyle, both personally and financially. And while getting a postgraduate degree often means you'll make more money down the road, you'll still need to finance your education while you're in school.

If you depended on financial aid to pay for college, you'll be familiar with some of the procedures. But you'll find some new things to deal with as well.

Regardless of your financial situation, your first step should be to fill out the Free Application for Federal Student Aid (FAFSA). It determines your eligibility for federal Stafford Loans, as well as many grants, scholarships, and other non-federal aid. Filling out the FAFSA can be incredibly time-consuming, and you're asked all sorts of personal financial information, which you may have to research the answers to. The federal deadline usually isn't until July of the year for which you'll need funding, but the sooner after January 1 you get your application in, often the better chance you'll have of getting federal money. Most graduate programs require that you submit your FAFSA in early spring to qualify for their own financial aid programs. You can complete the application online at www.fafsa.ed.gov or on paper.

If you encountered the FAFSA when you applied for undergraduate aid, you'll find one welcome change: You aren't required to report your parents' income or assets. That might improve your chances of qualifying for assistance.

Stafford Loans are the most common form of federal aid, and most graduate students are eligible. You can borrow as much as $18,500 a year, and up to $138,500 in total. The interest rate is adjusted to reflect the cost of borrowing, but capped at 8.25%.

There are two kinds of Stafford Loans. Subsidized loans require that you demonstrate financial need. If you're in school at least half time, or if your loans are in the grace period or in deferment, the government pays the interest on them. You can take unsubsidized loans regardless of your financial situation, but you'll be responsible for all of the interest that accumulates.

Based on your income, you may also be eligible to take a Lifetime Learning Credit when you file your federal income tax return, reducing the amount you owe. The credit in 2004 is $2,000.

Assistantships are another way to finance graduate education. The opportunities they provide for research or teaching can enrich your resume as well as your bank account.

Assistantships are almost always competitive positions, and they can often cover a substantial part of your tuition and living expenses. In recent years, full-time students with assistantships have earned an average of $8,700 a year. Because you're earning, not borrowing, there's no payback with interest later on. But you do owe federal income tax on this income.

Your employer may agree to pay for part or all of your education. But this free schooling isn't exactly free. Typically, you've got to agree to go back to your job for at least a few years after you get your degree.

If you've been happy at the company, and you want to stay in the same line of work, this can be a great deal. But be sure it's really what you're looking for. You don't want to get locked into a job or career path that looks a lot less exciting at the end of graduate school than it did at the beginning. And pulling out of an agreement with your employer can result in penalties and fees, as well as education costs you weren't expecting.

Students in different graduate programs often finance their educations in different ways. While students in PhD programs can often get assistantships and grants as well as loans, medical and law students usually can't work while they're in school and depend more heavily on loans.

But it always pays to ask what's available. A state university might offer you a reduction to in-state tuition rates even if your home is elsewhere. Or a private university may have discretionary funds it can make available to select students.

If more than one school seems interested in you, you may be able to coax some more help out of the one you prefer by mentioning what another school is offering you.