Best Student Loans for Drexel University Students

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

YearDependent StudentsIndependent 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.

Ready to Start Your Journey at Drexel?

Contact Drexel’s Financial Aid Office for personalized assistance with your financial aid package.

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