I already hold a Masters degree however I would like to obtain a certificate from a University. My question is will Financial Aid cover it?

It depends on the certificate and the school. For some graduate certificates, like teacher certification, financial aid is available, but not for most. For students currently holding a degree, it's less likely you will be eligible. For more specific information, you will need to contact the school directly to find out about aid for their certificate programs.

Yes, It really depends upon the kind of certificate that you have and the college or university from where you done graduation.