Evaluating Your Options

We have simplified the four main types of aid included in a financial aid package so you can have a better understanding of what your family might receive.

Scholarships

There are many different kinds of scholarships available to freshmen. Scholarships can be awarded based on a student's academic performance, athletic achievement, or financial need. They may be provided by universities, private agencies and organizations, or by the state in which a student resides. Scholarships are gift aid that do not have to be repaid.

Examples of this type of aid are:

• Presidential Scholarship – full tuition
• A.J. Drexel Scholarship – up to $26,000
• Dean's Scholarships – partial tuition
• Drexel Athletic Scholarship – $1,000 to full athletic awards
• Drexel Performing Arts Scholarship – up to $2,000
• ROTC Scholarship – partial to full tuition
• Veteran's Scholarship – $5,000

Full-time transfer students may be considered for Dean's scholarships, ranging from $8,000 to $15,000.

Visit the Financial Aid website to learn more about the Undergraduate Grants and Scholarships offered at Drexel.

We also recommend applying for the National Commission for Co-operative Education's Co-op scholarship.

Grants

Grants are another form of gift aid that can come from a variety of sources. Like scholarships, grants can be offered by a university, a private organization, or the government at the federal, state, or local level. Eligibility for a grant may depend on financial need or on any criteria defined by the funding source.

Some of the grants students can receive at Drexel include:

• Alumni-Trustee Endorsement – $250 per year
• Drexel Early FAFSA Grant – $1,000
• Drexel Family Grant – $1,400
• Federal Pell Grant – up to $4,310
• Pennsylvania Grant Program

Loans

A student's financial aid package may also include a loan. The federal government offers a variety of low-interest loans to both students and parents. This type of aid needs to be repaid. Families must fill out the FAFSA to qualify.

The most common student loans are:

• Federal Perkins Loan
• Federal Stafford Student Loan (FSSL)
• Federal Parent Loan for Undergraduate Students (FPLUS)

Work-Study

Employment under the Federal Work-Study program is awarded as part of the financial aid package to students who have demonstrated financial need. The amount earned is not applied to the student's tuition bill but is paid to the student through a paycheck. Money earned from employment is normally used for books, transportation, and personal expenses.

A Note on Drexel Co-op

Following the first period of a student's paid Drexel Co-op position you may see a change in the estimated family contribution (EFC), which is used to determine your level of eligibility for federal and institutional aid. We advise students to set aside approximately two-thirds of their co-op earnings to supplement any decrease in financial aid as a result of a paid Drexel Co-op position. Learn about the benefits of Drexel Co-op.

Payment Plans

Drexel students are billed for the entire year at the start of the fall term. This billing process gives families the flexibility of paying the bill in full or in installments. Since the remaining balance can be a significant expense even with a financial aid package, Drexel offers an installment payment plan. Through Drexel's agreement with Higher Education Services (HES), families can arrange interest-free payments according to their schedule. For more information about this payment plan, visit the Office of Student Accounts/Bursar.