Starting with the award of its first scholarships for the Fall 2010 semester, the goal of the S-STEM Scholars program at Western Michigan University has been to increase opportunities and improve outcomes for financially needy but academically talented students and to involve undergraduate students enrolled in engineering, technology, or applied sciences majors. The program has worked with first-time, first-year students and supports them as they progress in their academic careers. Each scholarship awarded is roughly equal to one semester of tuition per academic year for a full-time undergraduate student, and can be renewed for up to four years (eight semesters). The objectives of the project are to provide scholarships so recipients can give full-time attention to academic studies and participate in student development activities without outside employment distraction, and to provide professional development activities to connect scholarship recipients to other students and faculty, and to the engineering and applied sciences professions. Each academic year, an S-STEM Scholar selects to participate in one of three professional development programs: Student Organizations of Professional Societies, Undergraduate Research, or working towards placement in a Co-Op or Internship position. Criteria for scholarship awards include potential for academic success; demonstration of financial need through FAFSA filing; full-time student status; and an applicants' statement indicating the professional development program they wish to participate in, how the program is aligned with their interest, and how they will benefit. Monthly activities make students aware of university resources such as tutoring or supplemental instruction; and provide a focus on career development, including career seminars and meeting with alumni who are practicing engineers, applied scientists, and human resource managers from industry. Our goal is to enhance the retention and graduation rates of academically talented but financially needy students, and to prepare them to successfully enter the engineering and applied sciences professions or to continue in graduate studies. This paper reports on program activities and outcomes to date, will include qualitative assessment and feedback from the S-STEM Scholars themselves, and a quantitative comparison of the retention rate of S-STEM Scholars in comparison to other identified student groups in the College of Engineering and Applied Sciences at Western Michigan University. Plans for a future extension of this program that will concentrate on transfer and URM students will also be presented.