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.
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. However, effective
July 1, 2010, any income earned while employed through Drexel Co-op will
be excluded when calculating your EFC.)
Parents' contribution is determined by:
- 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. However, effective July 1, 2010,
any income earned while employed through Drexel Co-op will be excluded when
calculating your estimated family contribution (EFC). EFC is used to determine
one's level of eligibility for federal and institutional need-based aid.
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 $1,113 in 2009–2010. (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