Paying for College: Financial Aid & Scholarships 3 December 2016 Gerardo I. Velazquez SHPE-MS Professional Chapter

Why Major in STEM? STEM - Science Technology Engineering and Math 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 -we know that student loans are easier to pay for students with top paying degrees

Top 10 Paying 4-year Degrees Rank 4 Year Degree Starting Ave. Pay Mid-Career Ave. Pay 1 Petroleum Engineering $96,700 $172,000 2 Systems Engineering $66,400 $121,000 3 (tie) Actuarial Science $60,800 $119,000 Chemical Engineering $69,800 5 (tie) Computer Science & Engineering $71,200 $116,000 Nuclear Engineering $68,500 7 Electronics & Communications Engineering $68,000 $115,000 8 Electrical & Computer Engineering $68,100 $114,000 9 (tie) Aeronautical Engineering $63,000 $113,000 Computer Engineering $69,600 -STEM has very well paying degrees. To pay off loans Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance and other industries and professions. *Data from 2016-2017 Payscale.com employee surveys

Education Cost Breakdown Tuition & fees Room & board Books & supplies Personal expenses Transportation Five areas where cost breaks down Personal expenses-medical fees, living expenses, parking stickers Transportation-cars, bus, public transport, traveling

How much will my education cost? Average costs per academic year $11,580 for 2-year Public $20,090 for 4-year Public (In-State) $35,370 for 4-year Public (Out-of-State) $45,370 for 4-year Private School *Include tuition, fees, room and board Data from www.collegeboard.org National figures From college board

In-State Cost per Year Alcorn University Belhaven College 4 Yr Public Tuition & fees $6,552 Room & board $8,000 Books $1,510 Est. Personal $2,800 Transportation ________$2,232 Total $21,744 Belhaven College 4 Yr Private Tuition & fees $24,016 Room & board $8,000 Books $1,250 Est. Personal $2,500 Transportation $1,500 Total $37,266 Delta State University 4 Yr Public Tuition & fees $6,412 Room & board $6,900 Books $1,100 Est. Personal $4,025 Transportation $1,500 Total $19,937 Jackson State University 4 Yr Public Tuition & fees $7,141 Room & board $7,538 Books $2,300 Est. Personal $3,300 Transportation $1,500 Total $21,779

In-State Cost per Year Millsaps MS College MS State University 4 Yr Private Tuition & fees $37,110 Room & board $12,970 Books $1,200 Est. Personal $1,144 Transportation $650 Total $53,074 MS College 4 Yr Private Tuition & fees $16,740 Room & board $9,190 Books $1,100 Est. Personal $3,823 Transportation $2,000 Total $32,853 MS State University 4 Yr Public Tuition & fees $7,780 Room & board $9,418 Books $1,200 Est. Personal $3,002 Transportation $2,182 Total $23,582 Mississippi Valley 4 Yr Public Tuition & fees $6,116 Room & board $7,394 Books $1,400 Est. Personal $3,300 Transportation $1,100 Total $19,310

In-State Cost per Year Southern Miss University Tougaloo College 4 Yr Public Tuition & fees $8,228 Room & board $9,980 Books $1,200 Est. Personal $2,140 Transportation $1,430 Total $22,978 Tougaloo College 4 Yr Private Tuition & fees $10,790 Room & board $6,400 Books $1,200 Est. Personal $2,140 Transportation $1,430 Total $21,960 University of Mississippi 4 Yr Public Tuition & fees $7,744 Room & board $10,002 Books $1,200 Est. Personal $2,800 Transportation ________$1,860 Total $23,606 University of MS for Women 4 Yr Public Tuition & fees $6,065 Room & board $6,905 Books $1,500 Est. Personal $2,775 Transportation ________$1,800 Total $19,045

Institution Level & Control Post-College Debt Is not dependent on degree program at most public universities Private schools typically require more loans More science and engineering degrees are available at 4-year public schools than any other type Examples from financial aid website Percent of students who borrow at the different kinds of schools Institution Level & Control Percent Borrowing Cumulative Debt 4-year Public 61.1% $19,839 4-year Private 70.6% $27,349 *Data from finaid.org/loans

Science & Engineering = Manageable Debt Assume average post-college debt: $22,656 Assume 7% interest for 10 years => $3,156/year Assume 40% of pay towards taxes and retirement Degree Start Pay Take-Home Pay % Pay toward debt Mid-Career Pay Mid-Career Take Home Pay 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% Interest rate of 7%..borrowed $22K… Mechanical eng will have a higher take home pay to pay for borrowing money. More resources available to pay for student loans for those in STEM careers *Data from finaid.org/loans

Sources of Aid Government Federal & State Institutional (Varies by School) Private Agencies Institution-university of college they attend We will talk about Government and Inst. first

Access to Financial Aid FAFSA 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 Have to apply using FAFSA

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 Most universities that are accredited. This is not a problem (bullet 2) Last bullet-for undocumented students or students that don’t meet these requirements. They need to contact financial aide office in state where they live. If they have DACA, they cant apply for FAFSA, but they can complete state financial aide Should contact university for options available

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 All on internet Application to be done after Jan 1. parent should have completed income taxes to put information in FAFSA

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 Now report comes by email EFC-what fed gov determined family is expected to pay for education expenses for that student for one year

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 Common-ask for tax transcript to verify info on FAFSA. Summarizes the income taxes

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 by school COA-made up of all the areas we mentioned earlier (the 5 areas-tuition, books..) EFC-in student aide report Gives financial need All of this is for one year Broken down into a financial aide package using combination of different kinds of aide

Types of Financial Aid Gift (Free) Aid Self-Help 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 Grants-free money for students based on financial need Scholarships-free money for students based on academic merit -grades, SAT, ACT scores Loans-money that must be paid back Work study-required students to work part-time -on campus, off campus, research,, teacher assistant

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. Inst scholarship from university Grant from state Adds up to 9K

Other Sources of Aid Federal & State (Varies by School) Agencies Government Federal & State Institutional (Varies by School) Private Agencies That’s how Financial aide works when they are from Fed/state and university Private groups offer scholarships

Scholarships Awarded based on merit, financial need, community service, academic achievements, etc. Examples of sources Non-Profits: Society of Hispanic Professional Engineers Foundation Hispanic College Fund GMiS Companies: Nissan, Target, Southwest Colleges/Universities Private groups Schools sometimes offer scholarships to attract students

Starting the Search Research which scholarships you are eligible for 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 They have to apply in starting in 12th grade. But start researching early Strategize to create profile for getting scholarship Avoid scams-you never pay for scholarships Received deadline vs postmarked deadline---pay attention Build portfolio for scholarships

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 Letters-share enlightening info about student. Important to chose someone who writes good letters Essay-essay-write and have English teacher review. Take advantage of that

Scholarship Selection Process Late or incomplete applications are disqualified!! Ineligible applications are disqualified 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 If you know you don’t meet requirements, don’t waste time. Use other method and apply for something else..other scholarship

SHPE Foundation Scholarships Type: Merit-Based and Need-Based Scholarships Amount: $1,000 - $5,000 Who Can Apply: SHPE Members (High School Seniors, Undergraduates, Graduate students, and Professionals) Major: Science, Technology, Engineering, or Math (STEM fields) Deadline: May 1, 2017 www.shpe.org/scholarships POC: scholarships@shpe.org

SHPE-MS Scholarships COMING UP SOON! Type: Merit-Based and Need-Based Scholarships Amount: $500 - $1,000 Who Can Apply: High School Seniors Major: Science, Technology, Engineering, or Math (STEM fields) Deadline: May 1, 2017 www.shpe-ms.org/scholarships POC: shpe.mississippi@gmail.com

HENAAC Scholars Program Requirements: demonstrate merit and overall grade point average of 3 or higher must be pursuing a STEM degree must be of Hispanic origin and/or must significantly demonstrate leadership or service within the Hispanic community Types: All merit based (Corporate/Government Sponsored; Special Recognition; In Memoriam and Personal Tribute Scholarships) Amount: $500 - $10,000 Deadline: April 30, 2017 http://www.greatmindsinstem.org/college/types-of-scholarships POC: gcruz@greatmindsinstem.org

Navy ROTC Scholarship http://www.nrotc.navy.mil/scholarships.html Provides 4-Year Scholarships at selected colleges and universities Can cover up to 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 SAT: 520 Math; 530 Verbal/Critical Reading ; ACT: 21 Math; 22 English http://www.nrotc.navy.mil/scholarships.html Deadline: January 31, 2017 Deadline the same every year

Additional Resources Hispanic College Fund hispanicfund.org Hispanic Heritage Foundation hispanicheritage.org Hispanics Inspiring Students’ Performance and Achievement hispa.org MALDEF (Especially for non-US citizens) maldef.org The Sallie Mae Fund thesalliemaefund.org Career One Stop (Department of Labor) careerinfonet.org/scholarshipsearch Other options for scholarships

Questions?