A comprehensive guide to financing your education at Drexel University
Understanding Drexel’s Costs and Financial Aid
Pursuing a degree at Drexel University represents a significant investment in your future. For the 2023-24 academic year, the total cost of attendance ranges from $54,516 to $57,136, making it crucial to understand all available financing options. This comprehensive guide will walk you through the best student loan options available, helping you make an informed decision about financing your education at one of Philadelphia’s premier institutions.
2023-24 Cost Breakdown
Direct Costs
- • Tuition: $54,516
- • University Fees: $2,620
- • Room & Board (on-campus): $15,375
Additional Expenses
- • Books & Supplies: $1,875
- • Personal Expenses: $2,250
- • Transportation: $1,200
Federal Student Loans
Federal student loans should be your first consideration when financing your Drexel education. These loans offer more favorable terms, flexible repayment options, and potential forgiveness programs compared to private loans.
Direct Subsidized and Unsubsidized Loans
Subsidized Loans
- • Interest-free while in school
- • 3.73% fixed rate after graduation
- • Based on financial need
- • 6-month grace period after graduation
Unsubsidized Loans
- • 3.73% fixed interest rate for undergraduates
- • Interest accrues during school
- • Not need-based
- • Available to all eligible students
Annual Borrowing Limits
| Year | Dependent Students | Independent Students |
|---|---|---|
| First Year | $5,500 | $9,500 |
| Second Year | $6,500 | $10,500 |
| Third Year and Beyond | $7,500 | $12,500 |
Private Student Loans
When federal loans, scholarships, and grants aren’t enough to cover your educational costs, private student loans can help bridge the gap. Here’s a detailed comparison of top private lenders for Drexel students.
Sallie Mae
Interest Rates
- • Variable: 4.37% – 13.72% APR
- • Fixed: 5.49% – 14.48% APR
Benefits
- • No origination fees
- • Multiple repayment options
- • Study abroad eligible
- • 4 months grace period
Discover Student Loans
Interest Rates
- • Variable: 5.99% – 13.99% APR
- • Fixed: 6.99% – 14.99% APR
Benefits
- • Cash rewards for good grades
- • Zero fees policy
- • 6 months grace period
- • Multi-year approval option
Important Considerations
- • Always exhaust federal loan options first
- • Compare multiple lenders before deciding
- • Consider getting a creditworthy cosigner
- • Read the fine print about interest capitalization
- • Understand repayment terms and options
Drexel-Specific Financial Aid
Before turning to loans, explore Drexel’s extensive financial aid programs. The university offers various grants, scholarships, and work opportunities that can significantly reduce your need for loans.
University Aid Programs
Need-Based Aid
- Drexel Grant: Up to $40,000 annually based on financial need
- Work-Study: Federal and university positions available
Merit-Based Aid
- Dean’s Scholarship: $12,000 to $22,000 annually
- A.J. Drexel Scholarship: Full tuition for top applicants
Co-op Program Benefits
Drexel’s renowned cooperative education program offers significant financial benefits while providing valuable work experience.
- Average Earnings: $19,000 per 6-month co-op period
- Multiple Co-ops: Potential to complete up to three co-ops
- Career Impact: 50% of students receive full-time job offers from co-op employers
Financial Aid Timeline & Deadlines
October 1st
FAFSA application opens for the upcoming academic year
January 15th
Priority deadline for Drexel scholarship applications
February 15th
FAFSA priority deadline for maximum aid consideration
March – April
Financial aid award letters sent to admitted students
May 1st
Deadline to accept financial aid package and commit to Drexel
Frequently Asked Questions
What is Drexel’s average financial aid package?
The average financial aid package at Drexel University is approximately $39,500, with 93% of students receiving some form of financial assistance. This includes grants, scholarships, loans, and work-study opportunities.
How does Drexel’s co-op program affect student loans?
Drexel’s co-op program allows students to earn an average of $19,000 per 6-month co-op period. With the potential for multiple co-ops throughout your academic career, these earnings can significantly reduce your reliance on student loans. Additionally, many students receive full-time job offers from their co-op employers after graduation.
Can international students get financial aid?
International students are eligible for merit-based scholarships and can participate in the co-op program. While federal aid isn’t available, international students can apply for private loans with a qualified U.S. cosigner.
Are there special loans for graduate students?
Graduate students have access to Federal Direct Unsubsidized Loans and Graduate PLUS Loans. The annual limit for Direct Unsubsidized Loans is $20,500, while Graduate PLUS Loans can cover up to the full cost of attendance minus other aid received.
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