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Paying for College: Financial Aid & Scholarships.

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Presentation on theme: "Paying for College: Financial Aid & Scholarships."— Presentation transcript:

1 Paying for College: Financial Aid & Scholarships

2 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

3 Top 10 Paying 4-year degrees? 4 Year DegreeStarting Median Pay Mid-Career Median Pay 1. Petroleum Engineering$97,900$155, Chemical Engineering$64,500$109, Electrical Engineering (EE)$61,300$103, Materials Science & Engineering $60,400$103, Aerospace Engineering$60,700$102, Computer Engineering (CE)$61,800$101, Physics$49,800$101, Applied Mathematics$52,600$98, Computer Science (CS)$56,600$97, Nuclear Engineering$65,100$97,800 *Data from Payscale.com employee surveys

4 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

5 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

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

7 Costs in Texas Southwest Texas Junior College 2 Yr Public In-state Tuition & fees $2,081 Room & board $3,600 Est. Personal $745 Transportation $710 Total $7,136 Univ. of Texas 4 Yr Public In-state Tuition & fees $9,418 Room & board $10,112 Est. Personal $2,472 Transportation ________$1,010 Total $23,012 Univ. of Texas 4 Yr Public Out-of-state Tuition & fees $31,218 Room & board $10,112 Est. Personal $2,472 Transportation $1,010 Total $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

8 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 *Data from finaid.org/loans

9 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 *Data from finaid.org/loans

10 Private Agencies Sources of Aid Government Federal & State Institutional (Varies by School)

11 Access to Financial Aid FAFSA Free Application for Federal Student Aid 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 snap shot of your finances  Student and Parent Income  Savings and Investments  Benefits  State Tax Rates

12 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

13 FAFSA Process Complete online at Online FAFSA is processed in a few days versus a paper FAFSA that can take a few weeks Get a PIN number online 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

14 Student Aid Report (SAR) Report that results from your FAFSA  Sent to students by  Retain for personal records The SAR will include the Expected Family Contribution (EFC)  This information will be shared with your college

15 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

16 How Financial Aid is Determined COA: 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

17 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

18 Example: Financial Aid COA – 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.

19 Other Sources of Aid Private Agencies Government Federal & State Institutional (Varies by School)

20 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

21 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

22 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

23 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

24 SHPE Foundation Scholarships General 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, 2014 (postmarked) * Goes directly to the student not the university

25 Navy ROTC Scholarship Provides 4-Year Scholarships at selected colleges and universities Full tuition and mandatory fees Monthly stipend from $ 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

26 Additional Resources Hispanic College Fundhispanicfund.org Hispanic Heritage Foundationhispanicheritage.org Hispanics Inspiring Students’ Performance and Achievementhispa.org Hispanic Scholarship Fundhsf.net MALDEF (Especially for non-US citizens)maldef.org Scholarships For Hispanicsscholarshipsforhispanics.org The Sallie Mae Fundthesalliemaefund.org Career One Stop (Department of Labor) careerinfonet.org/scholarshipsearch

27 Questions?


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