Step 4: After You Receive Your Award
Apply for Additional Funding
If you think you need additional funding, you have the option of applying for loans. Loans are a type of aid that must be repaid; when deciding whether to borrow, you should examine your need for assistance and your future ability to repay.
- Review information and application instructions for the loan programs for which you are eligible, as indicated in your award letter. Additional information is available on our Loan Options webpage.
- Federal and private education loans offer different borrower benefits, so carefully explore and compare your options before selecting the best option for you, and be sure to apply for additional loans early to avoid late fees due to an unpaid tuition bill.
- Medical students are also eligible to apply for Medical Student Funding and Private Funding.
- Notify the Student Resource Center/Financial Aid Office of any scholarships, grants, and awards that you have received that were not listed on your financial aid award letter.
Sign Your Promissory Note
A promissory note is a document signed by a borrower promising repayment of a loan. The promissory note includes information about the grace period, deferment or cancellation provisions, and your rights and responsibilities with respect to the loan.
- All returning and new borrowers will need to sign a Master Promissory Note (MPN) for your Direct Federal Loan through the federal Student Loans website. Once you log in using your federal PIN number, Social Security number, and date of birth, select the "Complete MPN" option located at the left side of the page under Master Promissory Note. Select the loan type you are completing the promissory note for — subsidized and unsubsidized loans are the primary financing options. Then follow the instructions to complete the promissory note. Drexel will be notified once you have done so.
- To review a summary of all of your federal loans, go to the National Student Loan Data System.
Complete Your Entrance Counseling
Entrance counseling is required for all first-time borrowers before Student Financial Services can disburse your loan proceeds. Complete your entrance counseling on the federal Student Loans website.
- Entrance counseling ensures that you understand your rights and responsibilities as a new loan borrower and that you understand the regulations governing each loan program, such as interest rates, grace periods, deferment/forbearance options, prepayment, consolidation, and other general repayment obligations. You are also informed of the consequences of not repaying your student loans (default) and of various repayment strategies.
- When you graduate or withdraw from the University you will also be required to complete an exit interview. A hold will be placed on your transcripts if you do not complete exit counseling.
Learn more about Entrance and Exit Interviews.
Complete the Verification Process (If Selected)
You will receive a letter from Drexel if you are selected for verification. The letter will contain a verification form and instructions on how to submit the appropriate documents.
Verification is required by the federal government to confirm the data submitted on the FAFSA or to confirm students' eligibility to receive financial aid. If you are selected for verification, your funds will not be disbursed until the process is complete. You can monitor outstanding requirements and your status via DrexelOne. For further information about the process, review our Verification Policy.
Apply for a Work-Study Job (If Applicable)
If you have been offered Federal Work-Study funds as part of your award package, visit Drexel's Work-Study program page to see current job openings.