You can definitely qualify for financial aid for a first master's degree and even a second master's degree. To find out which types of financial aid you can qualify for, including federal student loans, scholarships, and grants, you'll want to fill out the Free Application for Federal Student Aid (FAFSA) each year you're in school. That said, Farrington says many people who pursue a master's degree get help through employers via their tuition assistance programs. "Many employers will pay some or all of your degree as long as you work for them, or sometimes commit to work for them for a period of time," he says. "This can be a great option to pay for your master’s degree."