Thanks lilo, Bostongirl and nepal_ko_lato for your suggestions. Lilo, Yes I have considered the option of quitting after two years (if I am enrolled in a PhD program). Like you said, I might even like my program a lot and stick around till I get a PhD. I am going to be applying to few PhD programs and some Masters program (if I find a possibility for support). I am just worried my credentials don't make me a strong enough candidate for application to a PhD program. I have a GPA >3.5. But I have very less research experience. Couple of schools that I have looked into have very early deadlines (as early as first week of December). I am worried that I might not have enough time to apply. I have started with the applications and am also taking GRE pretty soon. I am just looking at different options right now. Bostongirl, The only place that I have looked to find if there is support availabe for Masters is in the University's website. I have also talked with quite a number of people and they've told me that its not as easy to find support for Masters as opposed to PhD programs. I am not aware of any other external sources of funding (unlike social sciences and the likes where there's lot of support from different foundations). Please enlighten me if you know of any such sources that provide support for a masters degree in Life Sciences. Yes, its definitely true that I have done as much research into it as I should have. I will do so. In the mean time any help/suggestions/direction/guidance would be much appreciated. Also, I'd rather go for a Masters program that is fully supported than consider joining a PhD just for the heck of getting the money. Nepal-ko-lato, I have been looking at both Masters and 5-yr PhD programs. I have done some research and have started my application to few schools. One more question for you guys. Is it important to get in touch with a professor who's involved in research area of your interest before you actually submit the application? My advisor is asking me to do some research about different profs and their area of study and then choose my program. Is it ok if I get in touch with them after I have submitted the application.