How Your Financial Need Is Determined

Drexel University uses the information you provided on the FAFSA and the formulas established by the federal government to determine your financial need. The following equation demonstrates how financial need is determined.

Cost of Attendance – Family Contribution = Financial Need

Your financial aid award includes need-based aid to help meet the gap between your cost of attendance and your expected family contribution. The maximum amount of the financial aid award you receive in one academic year cannot exceed your total cost of attendance.

Family Contribution

Drexel University endorses the principle that education is, first and foremost, the responsibility of you and your family. Drexel awards financial aid to supplement, not replace, the family’s ability to pay. Our goal is to assist as many families as possible in a fair and equitable manner. For dependent undergraduate students and medical students who wish to be considered for institutional scholarships, grants, or loans, your total family contribution includes contributions from both you and your parents. For graduate students and independent undergraduate students, only your contribution is taken into account.

Your student contribution includes:

• A portion of your current savings
• A portion of dividend and interest income
• Co-op earnings and other employment (please keep in mind that these earnings will affect your total estimated financial contribution)

Parents' contribution is determined by:

• Income
• Assets
• Family size
• All taxes paid
• Number of dependent children in college

Undergraduate students: Drexel expects you to save two-thirds of your co-op or other earnings to supplement any decrease in financial aid as a result of a paid Drexel Co-op position.

Medical students: To be considered for institutional loan or grant funds, students must submit parental data on the FAFSA. Additional information may be required and will be requested separately.

Cost of Attendance

The Financial Aid Office determines the cost of attendance each year. It takes into account such costs as tuition and fees and the average costs for room and board, books, supplies, transportation, and miscellaneous (personal) expenses.

Under ordinary circumstances, you are expected to live within your established cost of attendance for the academic year. No allowances will be made for the purchase of an automobile or for other consumer debts, such as personal loans or credit cards. Costs specific to your particular program of study are included in your financial aid award.

Additional Expense – Student Health Insurance

The University requires all full-time students to have health insurance. You can satisfy this requirement through private coverage or through enrollment in the Drexel Student Accident and Sickness Insurance Plan. You must provide proof of coverage or purchase insurance from Drexel.

You will be automatically enrolled in the Drexel Student Accident and Sickness Insurance Plan if we do not receive proof of coverage. The cost of the Drexel Student Accident and Sickness Insurance Plan for an undergraduate student with no dependents was $1,071 in 2008–2009. (Drexel may allow you to borrow additional funds upon request to cover this expense.) These charges will be reflected in your annual bill. Detailed information is available from the Health Insurance and Immunizations website.

Reevaluation of Financial Assistance

If, after a careful review of your financial aid award, you think that your resources are insufficient for you to attend Drexel, you may request a reevaluation from the SRC/FA. In very few instances, counselors in the SRC/FA can alter the cost of attendance. If you have special circumstances such as child care costs or emergency medical bills, your counselor will review your situation. You will be expected to provide detailed documentation of your cost increase before your case is considered.

Drexel will also consider requests for reevaluation of the expected family contribution due to specific circumstances. However, the reevaluation may not result in an adjustment to your financial aid award. If your family has experienced one of the following situations, you may request a reevaluation.

• Your family has experienced a change in financial circumstances, such as employment, recent divorce or separation, or death in the family
• Your family has extenuating circumstances which distinguish them from other families of similar income and characteristics, and which were not considered in the initial determination