Paying for College:Financial Aid & Scholarships

Why Major in Science and Engineering?

• STEM (Science Technology Engineering and Math) Pays More

• STEM careers are always in high demand• STEM careers are growing• STEM college internships pay very well• Student loans are easier to pay with STEM degrees• Engineering is a professional degree

Do not NEED MS/PhD to reach fullest career potential Many Executives at STEM based industries have only a Bachelor of

Science (BS – 4 year degree) in Engineering

Top 10 Paying 4-year degrees?4 Year Degree Starting Median

PayMid-Career Median Pay

1. Petroleum Engineering $97,900 $155,0002. Chemical Engineering $64,500 $109,0003. Electrical Engineering (EE) $61,300 $103,0004. Materials Science &

Engineering $60,400 $103,000

5. Aerospace Engineering $60,700 $102,0006. Computer Engineering (CE) $61,800 $101,0007. Physics $49,800 $101,0008. Applied Mathematics $52,600 $98,6009. Computer Science (CS) $56,600 $97,90010. Nuclear Engineering $65,100 $97,800

*Data from Payscale.com employee surveys

What About the Rest?• Top 20 paying careers are Engineering or Science• Top 39/50 careers require advanced Mathematics (at least

some calculus)

*Data from Payscale.com employee surveys

How much will my education cost?Average Costs per Academic Year Regardless of Major• $14,000 for a Technical/Trade School• $14,000 for 2-year Public• $19,000 for 4-year Public In-State• $31,000 for 4-year Public Out-of-State• $35,000 for 4-year Private School

*Data from www.collegeboard.com

Cost Breakdown• Tuition & fees• Room & board• Books & supplies• Personal expenses• Transportation

Costs in TexasSouthwest Texas Junior College

2 Yr PublicIn-stateTuition & fees

$2,081Room & board

$3,600Est. Personal

$745Transportation

$710Total $7,136

Univ. of Texas

4 Yr PublicIn-stateTuition & fees

$9,418Room & board

$10,112Est. Personal

$2,472Transportation

________$1,010Total $23,012

Univ. of Texas

4 Yr PublicOut-of-stateTuition & fees

$31,218Room & board

$10,112Est. Personal

$2,472Transportation

$1,010Total $44,812

Rice University

4 Yr Private

Tuition & fees$33,771

Room & board$11,750

Est. Personal$1,550

Books & supplies $800

Total $47,871

Post-College Debt• Is not dependent on degree program at most public

universities• Private schools typically require more borrowing• More Science and Engineering degrees are available at 4-

Year Public schools than any other type

Institution Level & Control Percent Borrowing Cumulative Debt 4-year Total 66.5% $22,656

4-year Public 61.1% $19,839 4-year Private Non-Profit 70.6% $27,349

4-year Private For-Profit 97.0% $24,635

*Data from finaid.org/loans

Science & Engineering = Manageable Debt• Assume average post-college debt: $22,656 • Assume 7% interest for 10 years => $3156/year• Assume 40% of pay towards taxes and retirement

Degree Start payTake-Home Pay

% pay toward debt

Mid-Career Pay

Mid-Career Take Home Pay

% pay toward debt

Mechanical Engineering

$58,400 $35,040 9.0% $94,500 $56,700 5.5%

Computer Science

$56,600 $33,960 9.2% $97,900 $58,740 5.3%

Liberal Arts $37,800 $22,680 13.9% $63,200 $37,920 8.3%

Humanities $34,900 $20,900 15.1% $57,800 $34,600 9.1%

*Data from finaid.org/loans

Private

Agencies

Sources of Aid

Government

Federal& State

Institutional

(Varies bySchool)

Access to Financial AidFAFSA• Free Application for Federal Student Aid (FAFSA)• Used by federal government, state agencies, colleges,

and some scholarship agencies to determine how much and what kind of aid you are eligible to receive

• A snapshot of your finances Student and Parent Income Savings and Investments Benefits State Tax Rates

FAFSA Eligibility• Have a high school diploma or a General Education

Development (GED) certificate • Are working toward a degree or certificate in an

eligible program • Are a U.S. citizen, U.S. Permanent Resident with an

Alien Registration Card, or an eligible non-citizen (refugee, asylum granted)

• Have a valid Social Security Number• Some states offer their own financial aid

applications for students who do not meet these qualifications

FAFSA Process• Complete online at www.fafsa.gov• Online FAFSA is processed in a few days versus a

paper FAFSA that can take a few weeks• Get a PIN number online www.pin.ed.gov• A new FAFSA application must be submitted for each

academic year• One application per student, not per family• Check your college’s Priority Dates to get the best

aid

Student Aid Report (SAR)• Report that results from

your FAFSA Sent to students by email Retain for personal records

• The SAR will include the Expected Family Contribution (EFC) This information will be

shared with your college

Additional Requirements• You may be asked to provide additional documents

by your college/university

• Each college has its own financial aid deadline

• Always contact the Financial Aid Office or your financial aid representatives at your college for assistance

How Financial Aid is DeterminedCOA: Total Cost of Attendance for one academic year at the student’s institution (varies by school)

EFC: Expected Family Contribution – the amount is determined on your FAFSA

COA – EFC = Need*

*This amount will vary at each school

Types of Financial Aid• Based on the Need, a student will receive a Financial Aid

Package consisting of different forms of assistance

Gift (Free) Aid– Grants– Scholarships

Self-Help Aid– Work Study– Loans

Example: Financial AidCOA – EFC = Need$14,000 - $5,000 = $9,000 Need

Sample Financial Aid Package─ Institution scholarship$1,500─ State grant $3,500─ Work study $2,500─ Federal Loan $1,500

Total: $9,000

• Students DO NOT have to accept the entire financial aid package. They can select the types of aid they want and seek additional funding elsewhere.

Other Sources of Aid

Private

Agencies

Government

Federal& State

Institutional

(Varies bySchool)

Scholarships• Awarded based on merit, financial need, community

service, academic achievements, etc.• Sources

• Non-Profits: Society of Hispanic Professional Engineers Foundation Hispanic College Fund Hispanic Scholarship Fund

• Companies: Target, Southwest• Colleges/Universities

Starting the Search• Research for which scholarships you are eligible

It is never too early to start searching for scholarships Avoid organizations that charge fees for scholarship

searches or that guarantee a scholarship = SCAMS

• Keep a calendar of deadlines Received vs. Postmarked

• Keep a notebook with contacts, requirements and instructions for each scholarship for which you will apply

Be Prepared, Students Should…• Choose very carefully who will write a letter of

recommendation for them• Write a detailed essay - achievements, strengths,

goals, and how student plans to reach the goals• Create and constantly update resume• Request updated transcripts with enough time to

mail out• Keep an updated photograph that shows

professionalism; some scholarships request a photo to print in award programs

Scholarship Selection Process• Late or incomplete applications are eliminated• Ineligible applications are eliminated• Selection Method

Essay, letter of recommendation and resume reviewed Examples of leadership, responsibility, focus, and

motivation to succeed despite challenges are looked for in the essay

SHPE Foundation ScholarshipsGeneral Scholarships

Type: Merit-Based and Need-Based Scholarships

Amount: $1,000 - $3,000

Who Can Apply: SHPE Members: High School Seniors, Undergraduates, Graduate students, and Professionals

Major: Science, Technology, Engineering, or Math (STEM fields)

Deadline: May 1, 2015 (postmarked)

www.shpefoundation.org

* Goes directly to the student not the university

Navy ROTC Scholarship• Provides 4-Year Scholarships at selected colleges and universities• Full tuition and mandatory fees• Monthly stipend from $250 -400 and $750 for text books each academic year • On graduation, two- and four-year College Program midshipmen may be

commissioned ensigns in the Naval Service or second lieutenants in the Marine Corps

• Required to provide a minimum of four years service commitment to the U.S. Navy• ELIGIBILITY:

• U.S. citizen or naturalized citizen • 17 years old by September 1 of freshman year in college • No older than 23 years old by June 30 • Graduate from high school by August 1 of the year of application• SAT/ACT Minimum Scores:

• SAT: 530 Critical Reading (CR) , 520 Math • ACT: 22 English, 21 Math

• Apply and be accepted to an NROTC host college/university (If previously enrolled in college, may have a maximum of 30 semester credit hours)

• DEADLINE: January 31, 2015

Additional ResourcesHispanic College Fund hispanicfund.orgHispanic Heritage Foundation hispanicheritage.org

Hispanics Inspiring Students’ Performance and Achievement hispa.org

Hispanic Scholarship Fund hsf.net

MALDEF (Especially for non-US citizens) maldef.org

Scholarships For Hispanics scholarshipsforhispanics.org

The Sallie Mae Fund thesalliemaefund.org

Career One Stop (Department of Labor) careerinfonet.org/scholarshipsearch

Questions?