Understanding Financial Aid Terms and Conditions
Please review the important information regarding financial aid terms and conditions listed below.
Additionally, visit the links below to access the following financial aid policies:
Review your financial aid award letter and all subsequent information Drexel sends you about your financial aid carefully.
Special Note Regarding the Parent PLUS Loan
- Accepted students - You can view your financial aid award summary online via your Discover Drexel account in the financial aid tab.
- Log in to Discover Drexel
- Click the "Financial Aid" tab
- Confirmed and Continuing students - Academic year award information is available via your DrexelOne account.
- Log in to Drexel One
- Select the "Billing and Financial Aid" tab
- Click the "My Financial Aid Information" link in the "Resources" Channel
- The financial aid summary will default to the current academic year. If you would like to select a different aid year, click the "Select Another Aid Year" at the bottom of the page
- Click the "Awarded" link in the second bullet point
Drexel will include an estimation of a potential Parent PLUS Loan in the financial aid award packages of dependent Early Action Freshman applicants who have completed the CSS Profile, and Regular Decision Freshmen applicants who completed a 2016–2017 FAFSA.
The estimated Parent PLUS loan represents the potential amount a qualified parent could borrow; the loan estimation is only included in the financial aid package to demonstrate one method of covering costs remaining after all other financial aid is taken into account.
In order to receive a Parent PLUS Loan, families must complete the 2016–2017 FAFSA, obtain credit approval from the Department of Education, and complete a Master Promissory Note. For more information about the Parent PLUS Loan, please visit the Parent PLUS Loan page.
Your initial financial aid award is based on your matriculation status at Drexel and your projected enrollment status as a full-time student. Before you change your enrollment status, please review your decision with a Drexel Central Student Service Representative.
A complete withdrawal from a term may result in the partial or full cancellation of your financial aid awards. For more information on this process, please see the Return of Financial Aid Policy.
It is important that you notify Drexel Central of any change to your housing status. If you completed a FAFSA, you should also update the housing status listed on your application. The three housing statuses are:
- Living with parents or a relative (also referred to as commuting)
- Living in a Drexel dormitory (also referred to as on campus)
- Living in a private apartment/house (also referred to as off campus)
It is your responsibility to update the Financial Aid Office of additional financial resources or aid you will be receiving. This includes tuition remission, University or non-university awards such as academic merit scholarships, outside scholarships, and grants. These awards may affect your current financial aid package and eligibility for funding, (i.e., University-based, federal, and state grants, as well as federal student loans). If your financial aid package changes, you will be notified via email when the revised information is ready to view.
Academic records are reviewed at the end of every academic year to determine current academic progress. Future eligibility for financial aid is based on maintaining satisfactory academic progress. Please read the guidelines carefully to prevent loss of future aid eligibility. We advise you to review your situation with our counseling staff if you are unsure of your academic progress status.
You can view more information on the Satisfactory Academic Progress webpage.
Confirmed/current students viewing their financial aid package in DrexelOne will see a status code with each award. The codes represent the following:
- ACPT (Accepted) – This is the amount that will be applied to your University account at the beginning of each term.
- ESTI (Estimated) – This is an estimate only of federal aid eligibility. Actual federal aid will be determined once Drexel receives your completed 2016–2017 FAFSA. The state grant amounts are estimates only. It will be applied to your University account after your eligibility is verified. This award is being reviewed/validated by the state grant agency. Eligibility for these funds will remain estimated until the state agency has all requested documents and finalizes the award.
- OFRD (Offered) – This is an offer/estimate only (student loans will display with an offered status). You must accept the offered award via DrexelOne in order to receive the funds.
Note: Financial aid funds will not be applied to your University account until all requested documents are received and reviewed.
Financial aid displayed in a financial aid award letter, or online via Discover Drexel or DrexelOne, represents aid only for the associated academic year. You must reapply for financial aid each year by completing the Free Application for Federal Student Aid (FAFSA). Drexel encourages you to file the FAFSA and your federal taxes early each year. You may file your FAFSA as early as January 1st each year. Drexel University's priority FAFSA deadlines are listed on the All About the FAFSA Process page.
Priority consideration is given to students who apply on-time and have a complete admission application on file with Drexel University. After priority deadlines, financial aid awards will continue to be made; however, all need-based funding sources may not be available, such as the Drexel Grant, Federal Supplemental Educational Opportunity Grant (FSEOG), Federal Perkins Loans (continuing students only), and Federal Work-Study (FWS).
The federal and state financial aid programs listed below are awarded to eligible students who demonstrate "Financial Need" as determined by the 2016–2017 FAFSA. Financial aid packages will vary based on number of applications received by the University's published deadline, number of students applying, and availability of funds; as well as by institutional, federal, state, and University guidelines.
Cost of Attendance
- Expected Family Contribution (EFC)
= Financial Need
- Cost of Attendance is the total amount it will cost you to go to school for one academic year and includes tuition, fees, allowance for books, supplies, transportation, housing and food, personal and miscellaneous expenses.
- Expected Family Contribution (EFC) is the number that is used to determine your eligibility for financial aid. This number results from the financial information you provided on your 2016–2017 FAFSA application. The formula used to calculate the EFC was established by the federal government. Detailed information about the EFC calculation can be found at studentaid.ed.gov.
Pell Grant – Federal Pell Grants are awarded to matriculated undergraduate students pursuing a first bachelor's degree. Your Pell Grant award is based on your EFC. Federal aid is based on funding levels as determined by the U.S. Department of Education.
- Pennsylvania State Grant (PHEAA) – Pennsylvania state grants are awarded to undergraduate Pennsylvania residents who are pursuing their first bachelor's degree. To maintain eligibility, you must make academic progress annually by completing at least 36 new credits for full-time and at least 18 new credits for half-time enrollment. Award amounts are determined by the PHEAA Grant Division, and based on funding levels approved by the Pennsylvania state legislature.
- Outside State Grants – Students from the following five states, as well as the District of Columbia (D.C.); Delaware, Ohio, Massachusetts, West Virginia, and Vermont may qualify for a grant that can be used at Drexel University. Please contact your home state grant agency for information regarding individual eligibility.
- Merit Scholarships – A merit scholarship is awarded to incoming freshmen and transfer students based upon select criteria, including superior academic performance. Merit scholarships are renewable for future years of your degree program during quarters when you are registered full-time for classes (not during quarters you are on co-op), provided that you maintain a 2.75 cumulative GPA.
- Special Scholarships – Special Scholarships are financial awards from Drexel to students who meet certain criteria (certain special scholarships require supplemental applications). They are non-need-based awards and do not need to be repaid. The amount of any special scholarship offered, unless otherwise noted in the award description, is first applied to the cost of tuition; any remaining funding after tuition is paid will be applied toward general University fees and Drexel room and board charges. Requirements for renewing special scholarships are specific to the award; enrollment and GPA requirements for special scholarships are communicated at the time the awards are offered to students.
- Drexel Grant (students who started at Drexel in 2014–2015 and later) – DU Grant is awarded to full-time, matriculated undergraduate students (12 or more credits per semester) who are pursuing a first bachelor's degree and demonstrate financial need based upon completion of a CSS Profile.
- Drexel University Endowed Grant (students who started at Drexel in 2013–2014 and prior) – The Drexel University Endowed Grant is offered to full-time undergraduate students at the point of admission to Drexel. Continued eligibility is determined by completion of a renewal FAFSA by the priority deadline each successive year of a student's undergraduate program of study.
- Federal Supplemental Educational Opportunity Grant (FSEOG) – FSEOG is awarded to matriculated undergraduate students enrolled at least half-time (6 credits) a term, pursuing a first bachelors degree, with priority given to students with exceptional financial need.
- Federal Work-Study (FWS) – FWS is awarded to matriculated students enrolled at least half-time. FWS is paid directly to you every two weeks and is limited each term to the amount you have been awarded. FWS awards are NOT credited to your University account. Employment opportunities are available for review on the Federal Work-Study webpage. If you plan on working for an off-campus employer, you must contact the Work Study Coordinator at email@example.com.
Any federal student loan included in your financial aid package is a calculation of eligibility based on information you supplied on your FAFSA. If you qualify (based on need) for a subsidized federal student loan, the government will pay the interest on your loan while you are in school, during grace periods, and during any deferment periods. You are responsible for paying all of the interest that accrues on an unsubsidized federal student loan.
The amount of federal student loan eligibility on your award letter will be offered (OFRD). In order for loan funds to be applied to your student account, you must take the action of accepting the offered amount online via your DrexelOne account. In addition, you must maintain at least half-time enrollment (6 credits) to retain federal student loan eligibility.
Student Loan Approval and Notification – Drexel will originate your federal student loans electronically. Once the loan is approved, you will receive a notice of guarantee/approval from the U.S. Department of Education. New federal student loan borrowers must complete a Master Promissory Note and an Entrance Interview online, www.studentloans.gov, in order for loan funds to be disbursed to your student account. If you wish to reduce the amount of your student loan, access your award online via your DrexelOne account, and please change the amounts indicated to the amounts you want.
- Review Your Award Letter Carefully – Make sure your enrollment status, your housing status, and your sources of aid are correct.
- Accepting Your Award – Accept or decline your financial aid award offer online via DrexelOne.
- Making Changes – Housing and grade-level statuses must be corrected on the FAFSA, or by contacting Drexel Central. Review all awards and notify Drexel Central if there is an aid source listed that you did not anticipate receiving or are not eligible to receive.
- Anticipated financial aid will appear (with the exception of Federal Work-Study) on your e-bill. Continue to review your DrexelOne account to ensure all student requirements have been satisfied.
- Financial aid may not cover your total charges. You must pay the amount due as indicated on your e-billing statement by the due date. For information on the e-billing schedule and to view a complete list of tuition and fees please visit the Drexel Central billing webpage.