Paying for College: Financial Aid & Scholarships

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

2. 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

3. Top 10 Paying 4-year Degrees *Data from 2016-2017 Payscale.comemployee surveys

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

5. 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

6. In-State Cost per Year Alcorn University 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 YrPrivate • 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

7. In-State Cost per Year Millsaps 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

8. In-State Cost per Year Southern Miss University 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

9. 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 *Data from finaid.org/loans

10. 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 *Data from finaid.org/loans

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

12. 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

13. 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

14. 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

15. 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

16. 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

17. 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

18. 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

19. 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.

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

21. 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

22. 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

23. Be prepared, students should… • Choose very carefully who will write a letter of recommendation for them • Write a detailedessay - achievements, strengths, goals, and how student plans to reach the goals • Create and constantly updateresume • 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

24. 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

25. 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

26. 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

27. 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

28. Navy ROTC Scholarship • 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

29. Additional Resources Hispanic College Fundhispanicfund.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 Fundthesalliemaefund.org • Career One Stop (Department of Labor)careerinfonet.org/scholarshipsearch

30. Questions?