Financing an Engineering Education
Strategies for Finding the Money to Pay for Engineering School
Jul 31, 2008
The costs to obtain a bachelor’s degree in an engineering discipline can be high, depending on the specific school. Obtaining a master’s or doctoral degree compounds the cost. There are several options for students to find funding for their education, and some may be unexpected.
Engineering Education Costs
According to the College Board, the average tuition in 2007 for a 4-year state school was $6,185, and for a 4-year private school was $23,712. Top-end engineering colleges have rates that are even higher. The Massachusetts Institute of Technology has a 2007 tuition rate of $34,750, and California Institute of Technology has a 2007 tuition rate of $31,437. These costs are expected to continue to rise year after year, and the thought of paying for four years of school at these rates can be daunting.
Funding Strategies for an Engineering Education
There are several strategies available to all students who wish to obtain a degree in an engineering discipline.
- Financial Aid – While many families do not qualify for financial aid that would fully fund an education, some families can qualify for some partial financial aid. The financial aid department at the specific college can provide more information on the grants and loans that are available. Colleges want their students to remain at their schools, and are often willing to provide assistance. The key in this case is to ask. Schools have access to grant and loan programs that the average person may have trouble finding or applying for.
- Engineering Societies – Many professional societies offer scholarship and low-interest loans to students who are members of their society and are pursuing an engineering degree. Many of these scholarships are not awarded due to lack of applicants. The cost for a student membership in professional engineering societies is not large, and could be worth it if the society can help. For example, the American Society of Mechanical Engineers has several options for scholarships and no-interest or low-interest loans.
- Local Organizations – Many local, county, or state organizations offer scholarship opportunities. Some of these organizations include church groups, whose scholarships are often funded by memorial gifts; state scholarship programs, scholarships from private companies, often called “sponsoring scholarships”; and websites that provide a clearinghouse for scholarship information
- Federally Funded Loans – The federal government sponsors two low-interest loan programs: the Stafford Loan program and the Perkins Loan program. These loan programs offer funding with interest rates that are lower than those of private banks. These loans are usually offered in the base financial aid package that a college provides.
- Internships and Work Study Programs – Obtaining a summer job or a work study position in an engineering-based environment will not only provide some income, but will also provide valuable experience that can be added to a resume. Each college has many opportunities for research assistants, and the career development center will have information on local companies that are interested in employing engineering students.
While it may take a lot of money to pay for an engineering education, it is not an impossible task, and there are many resources available to students.
Sources
College Board website
MIT website
CalTech website
ASME website
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