How To Pay for an Engineering Degree

There are many engineering fields and career paths within engineering, making it a high-demand field. Most of these jobs require a college degree; however, those degrees can be expensive.

Students who pursue engineering can look into various financial aid options and tuition assistance programs. Keep reading to learn more about how to pay for an engineering degree.

What Is the Average Cost of an Engineering Program?

Several things can impact the cost of your engineering degree program, from the level of degree you're earning to the school you're attending. Public schools are generally cheaper than private schools, while in-state students pay lower rates than out-of-state students.

Your status as a full-time or part-time student also makes a difference, as well as the location of the school. Online engineering degrees are generally more affordable than on-campus programs. Of course, the financial aid you qualify for plays a huge role in determining how much you'll owe.

Below, we've broken down these costs so you can see what you can expect for tuition for each level of degree, and the financial aid available.

Associate Degree

Associate degrees are two-year degree programs offered by community colleges and some four-year colleges and universities. The cost of these programs depends on the number of credits, not the major.

On average, tuition and required fees for two-year colleges are $3,885 per year, according to the National Center for Education Statistics (NCES). But again, this can vary based on several factors.

Bachelor's Degree

Engineering bachelor's degree programs are undergraduate degrees offered by four-year colleges and universities. Like associate degrees, your tuition costs typically aren't as influenced by your major as they are by the school and the credits you're taking.

According to the NCES, tuition and fees at four-year institutions come to an average of $17,709 per academic year. Public institutions are usually significantly cheaper than private schools for in-state students.

Master's Degree

Engineering master's degrees are graduate degrees that typically take around two years to complete. Tuition for these programs is more likely to vary based on your area of study.

According to the Education Data Initiative, the average cost of a Master of Science degree is $57,770 per year. Again, this can vary depending on several factors.

Are Engineering Degrees Worth the Cost?

For many, an engineering degree is worth the cost. Many engineering fields offer six-figure salaries, including:

• aerospace engineering
• chemical engineering
• civil engineering
• computer engineering
• electrical engineering
• mechanical engineering

Tips for Paying for an Engineering Degree

Engineering school can be expensive. There are several financial aid and financial assistance programs available to help engineering students pay for their higher education. We've offered some tips below.

1. Complete the FAFSA

The Free Application for Federal Student Aid (FAFSA) is an application that students need to fill out if they want government student aid and most kinds of private aid as well. All students who need help paying for their education should fill out the FAFSA.

To complete the FAFSA, you must create an account at StudentAid.gov. You'll need to input your family's financial information, which should take about an hour.

2. Explore Engineering Scholarship Programs

Scholarships can be a great form of financial aid because they don't require repayment. They're offered for several reasons, including your field of study. Below, we've listed a few scholarships for engineering students.

UNCF Chevron Corporate Scholars Program

The United Negro College Fund (UNCF), in partnership with Chevron, offers a scholarship program for highly-capable future leaders who demonstrate academic achievement, strong leadership skills, and an interest in the energy industry.

This is a two-year scholarship that provides $7,500 yearly to undergraduate students in their freshman and sophomore years. To be eligible, students must be enrolled to attend one of the historically Black colleges and universities (HBCU) as an engineering or computer science major.

Georgia Engineering Foundation Scholarships

The Georgia Engineering Foundation offers multiple scholarships to Georgia residents majoring in engineering or engineering technology. Students may receive anywhere from $1,000 to $5,000.

The foundation awards scholarships based on the student's demonstrated competence in academics, interest in developing a career in engineering, financial need, and school and community involvement. Requirements vary between scholarships.

The Home Depot Foundation Path to Pro Scholarship

Home Depot's Path to Pro Scholarship is meant to encourage more people to enter the trades. It offers scholarships for trade-related programs at accredited two-year schools.

To qualify, you must be a high school senior, a high school graduate, or hold a GED. You must enroll in a building-related trade (e.g., electrical engineering technology).

3. Discover Fellowship Programs

Fellowships are programs in which universities or organizations sponsor students, usually graduate students, to do work or research in a specific field. We've listed a few fellowships for engineering students below.

NSF Graduate Research Fellowship Program (NSF GRFP)

The National Science Foundation offers the GRFP to diversify talents in science, technology, engineering, and math (STEM). This program is for graduate students who have demonstrated the potential to be high-achieving scientists and engineers.

To be eligible, you must be pursuing a master's or doctoral degree in a STEM field. Students receive three years of tuition covered, with an annual stipend of $37,000.

Hertz Foundation Fellowship

The Hertz Fellowship is a fellowship awarded to graduate students in science and technology. The funds are valued at up to $250,000, which can cover student costs for five years of study.

The fellowship has partnerships with over 40 schools, but students do not need to attend one of these schools to participate. Students need to be citizens or permanent residents of the U.S.

Amelia Earhart Fellowship

The Amelia Earhart Fellowship is specifically for women pursuing a PhD. or professional doctoral degree, in aerospace engineering and space sciences. Students can use it at any college or university that offers these programs.

Students must be registered in a full-time program and have completed at least one year of that program or hold a master's degree in a related field. The program provides up to $10,000 per student.

4. Consider Student Loan Options

Most students prefer not to take out student loans, but unfortunately, it's often necessary. If you can't obtain enough funds through scholarships, grants, or fellowships, you may need a loan to complete your degree.

Students can pursue federal student loans, as well as private student loans, with varying interest rates and deferment options. It's important to read all the terms and conditions of your loan so you understand what you're signing up for.