2024 ASEE Annual Conference & Exposition

The session will report on the successes of addressing the Financial literacy of students in a collaborative DOE project between two state colleges and a Hispanic Serving Institution (HSI) university with a combined 140,000+ undergraduate students. The session will also report on the implementation of a Systemic, Evidenced-Based, and Student-Centered (SE-SC) framework for STEM students as designed in the proposed project.
The persistent issue of students abandoning their college degrees due to financial constraints remains a significant challenge in the educational landscape. This problem is particularly acute for Hispanic and Low-Income students, whose families are disproportionately burdened by financial pressures. Numerous studies have unequivocally shown that financial concerns give rise to chronic stress, anxiety, and even depression among students, disrupting their focus on studies and impeding their long-term aspirations. This financial strain often forces students into high-risk decision-making, leading to potentially devastating consequences.
Statistics reveal that a significant percentage of Hispanic students come from low-income backgrounds. According to the U.S. Census Bureau, in 2020, the poverty rate for Hispanic individuals stood at 18.7%, higher than the national average of 9.1%. Consequently, a substantial number of Hispanic students struggle to meet the financial demands of higher education, leading to a higher attrition rate when compared to their peers from more affluent backgrounds. This financial strain not only impacts their initial enrollment but also affects their ability to persist and graduate within a reasonable This financial burden, combined with a lack of adequate financial literacy, creates a cycle of challenges that significantly hinder their educational progress. In this context, the focus of our study is to examine the effectiveness of a Financial Literacy Workshop designed specifically for Hispanic and low-income students attending HSIs. This workshop, drawing from national resources and tailored to address the unique challenges faced by Hispanic students, aims to empower them with the financial knowledge required to navigate the complexities of higher education successfully. By examining the applicability of this program in HSI settings and analyzing its learning outcomes and evidence of success, this study endeavors to contribute meaningfully to the ongoing dialogue on financial literacy interventions tailored for underprivileged students. Through these efforts, we strive to pave the way for a more inclusive and equitable educational landscape for all students, irrespective of their socioeconomic background. Central to our session is the presentation of an informative and engaging PowerPoint, expertly crafted and iteratively refined by mentors. This session will specifically focus on several key learning outcomes:
-Development of fourteen ( 14 )specialized modules enhancing the financial capability and well-being of postsecondary engineering students
-Professional development through the financial literacy Informational program for STEM mentors:
-Breaking financial barriers for successful completion of engineering programs for Hispanic Students:
The presentation will explore practical strategies to empower Hispanic and Low-Income students, ensuring they not only access education but also successfully navigate the financial hurdles as they move forward with their education.