Determining your Financial Need
The term "Financial Need" refers to the amount of your educational costs Drexel has determined you need assistance with paying for. To determine this, Drexel uses the EFC calculated by the FAFSA and subtracts it from the your estimated cost of attendance; the difference between these two amounts is your financial need.
Example Financial Need Calculation
$72,475.00 (Example Cost of Attendance)
- $20,000.00 (Example EFC)
$52,475.00 (Financial Need)
Drexel uses your calculated financial need to determine how much need-based financial aid you may be eligible for.
It is important to remember that your financial need is not necessarily the amount of financial aid you will receive. While Drexel is committed to offering students comprehensive financial aid packages, the university does not cover 100% of a student's financial need.
You should also note that there are many scenarios that could affect your financial need that you may not realize at first. Merit Scholarships, private scholarships, remission and payments from third-parties can all impact your calculated financial need even though they are not awards that are considered "need-based".