Drexel anticipates investing approximately $243 million in financial aid next year, which would be the largest amount in University history and include an increased commitment to need-based aid. The decision to increase financial aid supports the university’s strategic goals of recruiting a highly talented freshman class and improving undergraduate retention and graduation rates.
With the approval of the Board of Trustees, Drexel will increase total undergraduate charges for 2016-17 by 3.6 percent. This marks the fourth straight year that the growth in charges is under 4 percent while financial aid increases.
“We’re focused on putting resources where they’ll best support the success of our students, and no investment has more impact than financial aid,” President John A. Fry said. “We remain committed to controlling the cost of a college education while increasing its value.”
The University has reduced expenses by approximately $58 million over the past two years while continuing to grow financial aid and student support. Next year’s budget will include a significant investment for improvements in academic advising, said Senior Vice President for Enrollment Management and Student Success Randy Dieke, PhD.
“We will continue to prioritize investments that improve academic quality and student retention and graduation rates,” said Deike. “Whether we can keep students here and graduate them to great careers ultimately determines our success as an institution.”
Research shows that the average Drexel graduate working full-time one year after graduation earns more than $54,000, 19.5 percent above the national average, while at mid-career she or he earns nearly $18,000 more than the average graduate of comparable institutions. The mid-career salary figure, according to the Brookings Institute, places Drexel in the top 13 percent of four-year institutions.