Drew is very generous with financial aid and is committed to making a Drew education accessible and affordable. We also know that financing your college education can be complicated, that’s why we are with you every step of the way. You will be assigned a dedicated financial aid counselor to help you understand the process. At Drew you won’t be transferred to anonymous call centers or shuffled between counselors unfamiliar with your situation.
Here is some helpful information to provide you with an overview of the financial aid process:
What is Financial Aid?
Financial aid is any form of monetary support that assists you in paying for college, and it comes in many forms:
Grants and scholarships are gift aid that does not need to be paid back. Some forms of gift aid, especially from federal or state sources are based upon financial need and require that you file the FAFSA to determine eligibility.
Loans are a form of financial aid that must be paid back with interest to the lender over an extended period of time. All students who file the FAFSA will, at a minimum, automatically qualify for a Direct Student Loan from the Federal Government.
Work-Study allows students to work on or off campus. The earnings from this position are considered financial aid and not income so these earnings do not lessen your eligibility for need-based aid in the future. In order to be considered for a federal Work-Study job, you must file a FAFSA. While you may be awarded a specific amount of Work-Study eligibility, you will only earn the amount equivalent to the number of hours worked. This amount will not be deducted from your bill; rather it will be paid out incrementally, as it is earned. Work-Study funds are limited and awarded on a first-come, first served basis, so file your FAFSA early.
Payment plans allow students to structure tuition payments and other fees into installments throughout the year instead of paying a lump sum at the beginning of each semester.
To apply for financial aid, simply complete the Free Application for Federal Student Aid (FAFSA) online by visiting fafsa.gov. Drew’s FAFSA code is 002603.
The FAFSA is a federal financial aid application used by all school in the nation for undergraduate and graduate students. You complete it based on your most recent tax returns.
Completing the FAFSA is the only way to:
- Determine your eligibility for need-based grants from the Federal or State government as well as Drew University (available only to undergraduate students).
- Receive a low interest student loan.
- Determine your eligibility for Federal Work-Study.
It is important to file early because some financial aid is given on a first come, first served basis.
|Fall Enrollment||Spring Enrollment|
|First-Year Students||Feb. 15||Dec. 1|
|Transfer Students||August 1||Dec. 1|
|Returning Students||April 15||Dec. 1|
You will need to file the FAFSA each year you are enrolled in school.
Learn More About the FAFSA
Who can File the FAFSA?
- Students must be one of the following: a U.S. citizen, a U.S. national (includes natives of American Samoa or Swain’s Island) or a U.S. permanent resident who has an I-151, I-155 or I-155C (Alien Registration Card).
- Male students aged 18-25 must have registered with the Selective Service.
What Happens After I File the FAFSA?
Receive and Review Your Student Aid Report (SAR) – About 5 business days after you submit the FAFSA online, your Student Aid Report (SAR) will be emailed to you. The SAR indicates your Expected Family Contribution (EFC) and summarizes the information you provided on the FAFSA. If you do not receive your SAR, call the federal processor at 800-4-FED-AID. Carefully review all of the information on the SAR to make sure it is correct. If there are any errors, you can make corrections online using your FAFSA PINs. The federal processor will send a copy of your SAR to each of the schools you listed on the FAFSA.
Receive your Financial Aid Package from Drew – Drew will receive your FAFSA Results (SAR) and based on this we will create your financial aid package. For students entering in the fall semester, Drew starts sending financial aid notification emails in mid-March and processes these packages in the order the FAFSA was received. For students starting in the spring semester Drew starts sending financial aid packages in early December and processes these packages in the order the FAFSA was received.
Your financial aid package will list all of the financial aid that you are receiving. This may include:
- Scholarships and/or need-based grants from Drew
- Need-based grants from the federal or state government (available only to undergraduates)
- Federal Work-Study
- Student loans
Compare the Bottom Line – You may be surprised at how little a Drew education will cost you. In many cases the bottom line or the net cost of attending Drew University is more affordable than many other schools including public institutions.
Let Us Help – We are committed to helping you through the financial aid process. If you need any help don’t hesitate to contact us.