This work brings forward the geographically-based classification scheme for the public Master's Colleges and Universities sector. Using the same methodology developed by Katsinas and Hardy (2005) to classify community colleges, this work classifies Master's Colleges and Universities. This work has four major findings and conclusions. First, a geographically-based classification system is possible for the 266 publicly-controlled Master's Colleges and Universities. The publicly-controlled Carnegie classified Master's Colleges and Universities can be classified as 61% rural-serving, 21% suburban-serving, and 17% urban-serving--a percentage breakdown that nearly matches the Associate's Colleges classifications. Second, significant differences exist across all three geographical types by enrollment size, bachelor's degrees awarded, and student race and ethnicity. Approximately 61% of 2,507,879 undergraduate students enrolled in public Master's institutions in academic year 2006-07 were White, with 13% Black, and 11% Hispanic--a finding that has tremendous policy implications. Third, significant differences exist across all three geographical areas with respect to student financial aid and student loan indebtedness. Student loans represent the single largest category of all financial aid awards across all three geographical types of public master's institutions. In total, nearly 45% of all students enrolled in a public master's institution require student loans to finance their educations. Fourth and finally, this classification scheme will allow for community college scholars to more accurately compare MCUs and ACs. (Contains 7 tables.)