Defining Federal (Title IV), State and Institutional Aid
Financial Aid comes from several different sources. It's important to know who is providing you with financial assistance so that you can understand the requirements to receive the award, what the award is intended for and how it assists you with your costs. There are three main sources of financial aid: the federal government, the state government and Drexel University itself.
Federal Financial Aid
Financial aid offered by the federal government is done so by the Department of Education. When Congress passed the Higher Education Act in the 1960's, it established certain types of financial aid to be offered to students (known as Title IV). The aid offered by the government comes in the forms of grants, loans, and work-study opportunities. The Department of Education provides Drexel with the funds for all eligible students and requires that the university distribute the aid based upon the criteria the Title IV law has established.
While the Department of Education oversees federal aid programs and makes determinations about eligibility, it is ultimately up to Drexel to ensure that the aid is awarded appropriately. Drexel must award Title IV funding in accordance with federal guidelines, which means there may be additional steps you must take or certain requirements you must meet in order to remain eligible for federal aid. The amount of each federal award is set by law and is subject to change based upon the fiscal budget passed by Congress each year.
State Financial Aid
Most states have a Higher Education Department that oversees state financial aid programs. The Pennsylvania Higher Education Assistance Association (PHEAA) oversees the state grant programs for eligible Pennsylvania residents attending an accredited college or university in Pennsylvania. PHEAA offers need-based grants for certain programs and requires Drexel University to ensure that this funding is appropriately given to eligible students. Like federal Title IV aid, Drexel must ensure that all students who receive PHEAA financial aid awards are eligible recipients. The amount of all PHEAA awards is set by the Pennsylvania Legislature and is subject to change based upon the fiscal budget passed each year.
Institutional Financial Aid
Drexel University has several types of institutional financial aid that is offered and includes need-based grants, incentive awards, merit scholarships, and endowed awards. Drexel University has processes in place that automatically review students for awarding of institutional financial aid based upon specific eligibility criteria.
Drexel Central's goal is to oversee that the institution's financial resources are distributed equitably and strategically so that the maximum number of students receive aid sufficient to help them reduce the overall cost of attending the university. In order to meet this goal, there are several policies that determine who receives institutional aid, how students are awarded institutional aid and what they must do in order to receive it and retain their eligibility.