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New Student Financial Checklist

Freshmen and Transfer Students Starting in 2014-2015

Drexel University is excited you will be joining us in 2014-2015!

Now that you have confirmed your enrollment, there are many important steps to take and plans to make in order to ensure you are ready to start in the Fall.

The good news is you don't have to do everything at once! We will be updating this web site each month with new information and steps you need to take, so make sure you check back here from time to time!

May

During May, there a few important steps you will want to take and items to consider:

Make sure your FAFSA is complete

  • If you filed your 2014-2015 FAFSA before you and your parents completed your 2013 taxes, it is now time to update your information. It's important to make sure your FAFSA information is finalized!
  • Check in your Drexel One Account to make sure there are no other issues with your FAFSA. There are a few common issues that would prevent us from using your FAFSA to determine your financial aid eligibility, which include:
    • Missing your or your parent's signature
    • Drexel needs to verify your information (i.e., Name, Date of Birth, Citizenship Status)

    Review your Financial Aid Requirements

    • You may need to complete requirements for some of your financial aid awards.
    • All of your requirements are listed in your Drexel One Account:
    • Log in to Drexel One.
    • Select the "Billing and Financial Aid" tab.
    • You can see a list of your requirements that need to be completed in the "Outstanding Financial Aid Requirements" channel.
    • Drexel Central will notify you via e-mail any time a new requirement is added to your account.

    Look for Private Scholarships

    • Private Scholarships can be a significant help to covering your costs!
    • You can view Drexel's recommended search engines at the Private Scholarships web page.
    • Remember:
      • Tell Drexel Central about any private scholarships you have been awarded. 
      • Make sure you find out what the scholarship you have received can pay for (can it pay for only tuition and fees, or other items, such as books, supplies, etc.).

June

Financial Literacy

As you prepare to start your college career, it is important to start familiarizing yourself with the basics of financing. Financial Literacy is a set of life-long skills that you will want to develop to help you during and after your college experience!

Drexel University has partnered with Cash Course to provide you with important resources and information. We recommend that you create a free account on the Cash Course website to start utilizing these services.

Additionally, we recommend you download a copy of the 40 Money Management Tips PDF created by the National Endowment for Financial Education to assist you with your financial education! 

Credit Status

It's important that you and any potential co-signer you may need for a loan know the status of your credit before you apply.

Click through the presentation below to learn more about credit scores, history and how to determine your status.

(Note - presentation is most compatible with Internet Explorer versions 8 and later)

Determine a Preliminary Budget

Creating a budget to help manage your educational and living expenses is key to ensuring you are financially prepared for college. The first part of creating a budget is to determine your out-of-pocket costs.

The easiest way to do this is to think about it as a simple math problem: Total Amount Due to Drexel + Total In-direct Costs –Total Financial Aid Offered = Total Out-of-Pocket Costs. Follow the steps below for assistance with this formula.

Step1: Determining Your Total Amount Due to Drexel

Only certain costs are billed directly to you by Drexel. They are estimated as follows for Freshmen for the 2014-2015 academic year:

  • Tuition and fees - $44,646.00
  • University Housing - $14,367.00
  • Dining Plans - $2,405.00
  • Total Direct Costs - $61,418.00

You should note that the amounts listed for housing and dining plans are averages and are not based upon your actual dorm and dining plan selection. Additionally, if you sign up for Drexel Health Insurance, the cost of the plan should be included in the Total Amount Due to Drexel. You can view additional information about these costs at the Drexel Central Housing, Dining Plan and Miscellaneous Fees page.

Step 2: Determining Your Total In-direct Costs

In-direct Costs are potential expenses that you could incur by being a student at Drexel, but they are not billed directly to you by the university. While these costs are estimates, it is important to factor them in so you are financially prepared. These costs are estimated as follows for Freshmen for the 2014-2015 academic year:

  • Books & Supplies - $1,870.00
  • Transportation - $1,728.00
  • Personal - $2,466.00
  • Total In-direct Costs - $6,064.00

Step 3: Determining Your Total Offered Financial Aid

You should review the most recent financial aid award letter provided to you. The total amount of the financial aid offered to you for the 2014-2015 academic year will be listed at the bottom of the summary.

* Please note that you should NOT include Federal Work-Study funding when determining your total financial aid offered. Federal Work-Study funding is not automatically applied to your student account to reduce your balance due. Rather it is earned by you on a bi-weekly basis in the form of a paycheck once you have secured a federal work-study position and start to work.

Step 4: Calculating your Total Out-of-Pocket Expenses

Now that you have the three parts of the equation, you are ready to complete the math problem!

  • First, add the Total Amount Due to Drexel and Total In-direct costs.
  • Second, take the sum of both costs and subtract them from your Total Financial Aid Offered.
  • The difference is your total Out-of-Pocket expenses.

Here’s an example of a completed calculation. (Please note the financial aid amount listed in this example does not indicate your eligibility for financial aid and is used for demonstrative purposes only.)

Adding the Total Amount Due to Drexel and Total In-direct costs
   $61,418.00 (Total Amount Due to Drexel)
+  $6,064.00 (Total In-direct Costs)
   $67,482 (Total Costs)

Subtracting Total Costs from Financial Aid Offered
   $61,418.00 (Total Amount Due to Drexel)
-  $31,000.00 (Sample Total Financial Aid Offered)
   $30,418 (Total Out-of-Pocket Expenses)

Once you have calculated your total out-of-pocket expenses you will be able to start creating a budget. In the July updates to the financial checklist, we will provide you will some different options you can explore in helping you with your out-of-pocket expenses.

July

Understanding Your Student Billing Account

In anticipation of your first eBill in August you will want to make sure you have familiarized yourself with Drexel's eBill Suite and the options from which you have to choose from.

eBilling

In lieu of a paper billing statement, Drexel Central uses an electronic billing system that allows you, and anyone you have authorized, to access your account summary and eBill statements online.

eBill Statements Notifications

Drexel Central creates eBill statements once a month based upon recent registration, payments or transactions to your student account. When a new eBill is created, you will be sent an electronic notification via your official Drexel University student email account. This electronic notification provides a web link to your DrexelOne account to view the latest eBill, and includes the current due date and any balance/credit due.

You can sign up to receive text messages every time a new eBill is issued for you. Authorized users can also sign up to receive text messages. To sign up a mobile number, use the following instructions:

  • Log in to Drexel One.
  • Click the “Billing and Financial Aid" tab.
  • Click the “eBills” link in the "Account Balance and Bill" channel
  • Click the “My Account” tab.
  • Click the “My Profiles”.
  • Select “Communication”.
  • Fill out the mobile phone and carrier information.
  • Click “Save Changes.”
  • You will then see a message at the top “Profile changes were saved”.

Please note, standard messaging rates apply.

Accessing Your Billing Account

Click through the presentation below to learn more about navigating your eBill suite.

(Note - presentation is most compatible with Internet Explorer versions 8 and later)

You can access your billing account via your DrexelOne account. You can access your billing information by:

  • Log into DrexelOne.
  • Click the “Billing and Financial Aid" tab.
  • Click the “eBills” link in the "Account Balance and Bill" channel

Setting Up Authorized Users

You have the ability to grant permission to other payers, such as parents, guardians and employers, to be authorized users, which gives them access to the eBill 24 hours a day. Once permission is granted, the authorized user will be allowed to make online eCheck or credit card payments on your behalf. Additionally, if you have more than one family member paying your bill you can authorize multiple users. We strongly encourage students to set up the authorized users one month prior to registration.

To add an individual as an authorized user:

  • Log into DrexelOne.
  • Click the “Billing and Financial Aid" tab.
  • Click the “eBills” link in the "Account Balance and Bill" channel
  • Click the "Authorized Users" box, which is located in the upper tab area.
  • Click "Add Authorized User".
  • Input the email address of the authorized user - please use all lowercase letters as the system is case sensitive.
  • Review the options area to determine the level of access you will grant.
  • Click the "Add User" button.
  • Please read the agreement. To authorize, you must enter the last four digits of your student identification number in the box.
  • Click the "I Agree" button.
  • Two emails will be sent to the authorized user. One will include a link to the authorized user website and the email address you have authorized; the second will have the password. The first time the authorized user logs in, he/she will be prompted to select a new password.

Once an individual has been granted access as an authorized user, they will be able to access your billing account information at www.drexel.edu/ebill.

Please note that granting access as an authorized user does not give the individual access to your Drexel One account or academic information, nor does it take the place of the university's FERPA policies.

eRefunds

Direct deposit is the preferred method for receiving your student refund and we offer this service through eRefund. When you sign up for eRefund we will deposit your student refund into the checking or savings account of your choice. The checking and savings account must be a (U.S.) bank account. If you do not have a (U.S.) bank account, you will need to establish one before you can enroll in direct deposit.

The benefits of using eRefund include:

  • Quick – You will have access to funds sooner. No more waiting for the mail!
  • Secure – Direct deposit is added protection against theft or time delays for the mail.
  • Convenient – Drexel University will deposit your refund directly into your bank account, and then send notification of the deposit to you via email so you know when the money has been disbursed.
  • Confidential – We maintain the strictest confidentiality regarding your bank account. We will access your account only to deposit money or correct erroneous deposits.

To enroll in eRefund, please have your Drexel Student Identification Number and bank account information ready and follow these instructions:

  • Log in to Drexel One.
  • Click the “Billing and Financial Aid" tab.
  • Click the “eBills” link in the "Account Balance and Bill" channel
  • Click the “eRefunds” tab.
  • Click “Set Up Account” button.
  • Fill out the bank account information.
  • Click “Continue.”
  • Review the Terms and Conditions.
  • Click the “I Agree” button.
  • Select “Continue.”

Once this has been completed, you will see a confirmation page indicating that your eRefund account has been successfully set up. An email will also be sent to your Drexel email account.

Develop a Financing Plan

There are several different financial options you have to pay your bill.

Payment Plans

Drexel offers quarterly payment plans via Tuition Management Systems (TMS). Payment Plans allow you to spread your balance due out into either three or two monthly payments each quarter. A processing fee is required for each quarter you sign up for the plan. You can view more information about Payment Plans at the Drexel Central Payment Plan web page.

Parent PLUS Loans

A Parent PLUS Loan is a federal credit-based loan that a parent can apply for on behalf of their child. A 2014-2015 FAFSA must be on file at Drexel and the student must be considered dependent in order for their parent to apply for this loan.

You can view information about other requirements and interest rates at the Drexel Central Federal Loans for Parents web page.

Private Education Loans

Drexel strongly recommends that families consider all other financing options before applying for a private education loan. These loans are credit-based and typically require co-signers with established and sufficient credit history. Interest rates, fees and repayment options are determined by the lender and borrowers should carefully review the terms of any private loan before completing an application.

Drexel will only certify a Private Education Loan after a 2014-2015 FAFSA has been received and the student has been made aware of their financial aid eligibility.

You can view more information at the Drexel Central Private Education Loan web page.

Tuition Insurance

Drexel University partners with A.W.G Dewar to offer a tuition insurance program, The Tuition Refund Plan (TRP).

The plan supplements the college refund schedule and provides more generous refunds throughout the entire term. If you withdraw from classes due to personal illness or accident, this plan will return up to 75% of your insured tuition and fees. Enrollment forms with complete details are mailed to students in June and August, or you can complete the application online. The TRP provides coverage according to the term of the policy for tuition, mandatory fees and room charges. Benefits under the TRP can provide a valuable resource for students who need to withdraw for medical reasons.

Please contact A.W.G Dewar, Inc at (617) 774-1555 or you can access their website for more information or to apply.

International Wire Transfers

If you are an international student planning to transfer funds from your home bank to Drexel for payment, we strongly encourage you to use Western Union Business Solutions as a way to reduce costs and ensure the efficiency of receiving your payment.

This payment option allows you to pay the university your student account balance in the currency of your choice and provides a simple and secure method for initiating payments electronically. You can sign up for this service at the Western Union Business Solutions web site.

Financial Aid Requirements

If you have filed a 2014-2015 FAFSA, you may have one of these three common financial aid requirements you will need to complete. Check your financial aid requirements information via your DrexelOne account before taking any action.

Federal Direct Loan Entrance Counseling - Counseling is required of any student who will be borrowing a Subsidized or Unsubsidized Direct Loan for the first time. This online session provides you with important information about your rights and responsibilities as a loan borrower. You can complete the loan entrance counseling requirement at www.studentloans.gov.

Federal Direct Loan Master Promissory Note (MPN) - Completion of the MPN is required of any student who will be borrowing a Subsidized or Unsubsidized Direct Loan for the first time. The MPN is the legal agreement students complete in which they assume responsibility for their loans. You can complete the MPN requirement at www.studentloans.gov.

Note for Parents: Federal Direct Subsidized and Unsubsidized Loans are solely in the name of the student; as such, only the student can complete loan entrance counseling and sign the MPN. While we encourage parents and students to review this information together, only the student can complete these requirements.

Federal Verification - The Department of Education requires Drexel to review selected FAFSAs to ensure the accuracy of the information reported. This process is called Federal Verification. If you are selected to be verified, you will be notified via e-mail. Your federal and institutional need-based aid is not considered finalized and will not pay to your account until the process is completed. The Drexel selection criterion is different from the information you may find on your Student Aid Report (SAR).

You can learn more about the Federal Verification process at the Drexel Central Verification web page.

August

Financial Aid Requirements

If you have filed a 2014-2015 FAFSA, you may have one of these three common financial aid requirements you will need to complete. Check your financial aid requirements information via your DrexelOne account before taking any action.

Federal Direct Loan Entrance Counseling - Counseling is required of any student who will be borrowing a Subsidized or Unsubsidized Direct Loan for the first time. This online session provides you with important information about your rights and responsibilities as a loan borrower. You can complete the loan entrance counseling requirement at www.studentloans.gov.

Federal Direct Loan Master Promissory Note (MPN) - Completion of the MPN is required of any student who will be borrowing a Subsidized or Unsubsidized Direct Loan for the first time. The MPN is the legal agreement students complete in which they assume responsibility for their loans. You can complete the MPN requirement at www.studentloans.gov.

Note for Parents: Federal Direct Subsidized and Unsubsidized Loans are solely in the name of the student; as such, only the student can complete loan entrance counseling and sign the MPN. While we encourage parents and students to review this information together, only the student can complete these requirements.

Federal Verification - The Department of Education requires Drexel to review selected FAFSAs to ensure the accuracy of the information reported. This process is called Federal Verification. If you are selected to be verified, you will be notified via e-mail. Your federal and institutional need-based aid is not considered finalized and will not pay to your account until the process is completed. The Drexel selection criterion is different from the information you may find on your Student Aid Report (SAR).

You can learn more about the Federal Verification process at the Drexel Central Verification web page.

Review Your eBill

Your first eBill statement will be issued in late August. When your eBill is issued, you, and any authorized user you have established on your account, will receive an e-mail notification; if you signed up for text notification, you will also receive a text message (Please see the July section of the checklist for more information on eBill notifications).

The eBill is a snapshot of your account the day it is created, which means it does not update daily; any activity that happens after the eBill is issued will be reflected in the next month's eBill; you can also see real time updates to your account in the "Current Activity" tab of your eBill suite.

It is important to review your eBill carefully when it is issued. On your eBill, you will see the following information:

Charges for the fall quarter

  • Tuition and university fees based upon your registration
  • Housing and Meal plan charges (based upon what plan you signed up for)
  • Any other fees specific to your program

Financial aid pending for fall quarter

All the financial aid awards accepted on your account as of the day the eBill is created will show as pending against your account balance. This means that they are being deducted from your balance due even though they have not yet paid to your account for the fall quarter. Aid is scheduled to pay to student accounts 7 days before the start of the fall term.

Established alternative financing

  • Parent PLUS and private education loans that have been recieved and certified by the date the eBill is issued will be listed as pending against your account balance.
  • Payment Plans that you have signed up for and made the initial payment to will be listed on your eBill.

Total amount due

  • Total amount due is the difference between your charges and all pending financial aid, loans, payment plans and other credits reflected on the account for the fall term.
  • Please note that if you made a housing deposit at the time of your confirmation it will not be reflected as a reduction to your bill. Housing deposits are released to student accounts at the end of the academic year. Release of the housing deposit may be subject to change based upon adjustments made to your housing contract (i.e., if you break your agreement and move out of the dormitory earlier than the end of your contract).

Payment due date

The due date listed on your eBill is when payment is required to be received in full in order to avoid a 1% late fee accruing on your account.

Making Payments

Drexel offers several different methods of payment:

  • Free Online ACH Payments (Preferred Method)
  • Online Credit Card Payments (2.75% service charge with each transaction)
  • Check or money order via mail
  • Western Union Business Solutions for International Wire Transfers
  • In-person cash, check or money order

You can find out more information about payments at the Drexel Central Methods of Payment webpage

September

Make Sure Your Bill is Paid

Your first eBill for the fall quarter was made available on August 21st. If you have not already done so, make sure you review your eBill carefully. If you owe a balance after all of your financial aid is taken into account, you will want to make arrangements to have that amount paid by September 10th.

Remember, there are several options to helping you pay your balance, including a payment plan and Parent PLUS Loan.

Complete all Financial Aid Requirements

Financial Aid for the fall quarter is scheduled to pay on September 15th. It is important that your aid pays on time, especially if you are depending on a refund to help you with books and other costs. In order to ensure your financial aid pays, please make sure you have completed all financial aid requirements. Requirements are listed in your DrexelOne Account. Any requirement that is not listed as Satisfied can result in a delay of financial aid paying to your account.

Plan for Your Move to Campus

For students who will be living on campus this upcoming fall, it is important to start planning for your move to campus in September. Unfortunately, the financial aid offered to you does not take into account moving expenses, so you will need to plan to pay the cost of traveling to campus out-of-pocket.