Telephone: 215.895.1600
Fax: 215.895.2939
Email via ask.drexel.edu
drexel.edu/drexelcentral
Student Loan Fact Sheet
We understand that the financial aid process can require some careful planning. In an effort to best assist you, we would like to review
the necessary requirements, remind you of some important deadlines, and discuss the lending options that may be available to you.
Direct Subsidized and Unsubsidized Loans
Direct Graduate PLUS Loans
1)Entrance Counseling: Entrance counseling explains the
obligations you agree to meet as a condition of receiving a
federal loan(s). Visit studentloans.gov for more information.
1)PLUS Counseling: PLUS Counseling explains the costs and
obligations of the PLUS loan and is required after you have been
approved and informed to complete this requirement online.
Visit studentloans.gov for more information.
2)Master Promissory Note: The Master Promissory Note (MPN)
is a legal document in which you promise to repay your loan(s)
and any accrued interest and fees to the U.S. Department of
Education. It also explains the terms and conditions of your
loan(s). Visit studentloans.gov for more information.
2)Master Promissory Note: The Master Promissory Note (MPN)
is a legal document in which you promise to repay your loan(s)
and any accrued interest and fees to the U.S. Department of
Education. It also explains the terms and conditions of your
loan(s). The MPN can be completed online at studentloans.gov.
If you do not wish to accept the federal loan(s) offered to you,
you may decline your loan(s) by submitting a Loan Adjustment
Request Form to Drexel Central. You can download the form at
drexel.edu/drexelcentral/about/forms.
Direct Parent PLUS Loans
If you are a first-time student loan borrower who has been
offered a Subsidized and/or Unsubsidized Direct Loan this
year, you must complete Entrance Counseling and a Master
Promissory Note to receive payment(s) from your loan(s). You
will need your Federal Student Aid ID and some additional
information in order to complete these requirements online at
studentloans.gov or by following the links below.
If you are a graduate/professional student who requires
additional federal loan funding for the academic year, you may
be considered for a Graduate PLUS Loan by applying online
at studentloans.gov. If you are approved for a PLUS Loan, you
will need to complete the following requirements in order for
the funds to be released to the school:
If you are the parent of a dependent student who requires
additional federal loan funding for the academic year, you may
be considered for a Parent PLUS Loan by applying online at
studentloans.gov. After you are approved for a PLUS Loan, you
will need to complete the following requirements in order for
the funds to be released to the school:
1)PLUS Counseling: PLUS Counseling explains the costs and
obligations of the PLUS loan and is required after you have
been approved and informed to complete this requirement
online. Visit studentloans.gov for more information.
2)Master Promissory Note: The Master Promissory Note (MPN)
is a legal document in which you promise to repay your loan(s)
and any accrued interest and fees to the U.S. Department of
Education. It also explains the terms and conditions of your
loan(s). The MPN can be completed online at studentloans.gov.
12/15.11238
Private Education Loan Programs
A private education loan, or alternative loan, is a credit-based
loan that can be used to pay for education-related expenses.
Federal regulations require that schools evaluate your federal
financial aid eligibility prior to processing a private loan on
your behalf. As a result, we encourage you to exhaust your federal
loan options first by completing and submitting a 2015–2016
FAFSA. If you are an international, aid-ineligible, or less than
half-time student, or if you do not intend to use any federal
grants or loans offered to you, you may decline your federal
awards by submitting a Title IV Funding Waiver, located at
drexel.edu/drexelcentral/about/forms.
After you have been approved by your lender, Drexel Central
will be notified to further review your eligibility for funding. If
you have met the enrollment, program, and academic criteria
as established by your lender, your loan will be certified up to
your remaining annual cost of attendance. Please visit drexel.
edu/drexelcentral/finaid/loans/private-loan-programs for
additional information about selecting a private loan.
How Private Loans Are Certified
If you plan on utilizing a private loan, you should apply on
an annual basis to cover your costs for the entire academic
year. Please do not reapply for multiple certifications
throughout the year on a term by term basis. If you are
participating in your co-op experience within the school year,
Drexel Central will certify your private loan to disburse only
during the terms in which you are scheduled to attend classes, as
opposed to the terms in which you will be on co-op.
Private Loan Disbursement Examples
Example 1
Fall Winter Spring Summer
Class
Class
Class
Vacation or Co-op
34% 33% 33% X
Winter Spring Summer
Example 2
Fall Class
ClassCo-opCo-op
50% 50% X
X
Fall Winter Spring Summer
Co-op
Co-op
Class
Class
X
50% 50%
Example 3
X