Developing an engineering identity is crucial for students pursuing an engineering degree. Community college students may experience greater difficulty building and maintaining engineering identities than their peers at 4-year universities. The purpose of the present study is to examine how socioeconomic status (SES) and the S-STEM scholarship, a program funded by the National Science Foundation, influence engineering identity development for community college students. Eight engineering students from a community college in the Midwest were interviewed. The data were analyzed using a phenomenological approach. Analyses revealed three key findings: (1) regardless of SES status, the S-STEM scholarship allowed students to focus on developing and maintaining an engineering identity; (2) financial security and engineering identity development share a meaningful relationship for low-income and first-generation students; and (3) the community college experience for engineering students may be marked by transfer identity complications and disruptions in engineering identity.