The 18-year-old sensation was urged to forego his academic work by former boss Felix Magath last term, but the Gladbeck-born playmaker was determined to stay on in education until the summer.
He can now fully concentrate on forging a professional career, under the guidance of coach Hubb Stevens.
Draxler made 30 Bundesliga appearances last season, scoring two goals in the process. He also made his full international debut in May, having received call-up from Joachim Low during a lesson.
Schalke finished the Bundesliga campaign in third place, 17 points behind eventual winners and arch-rivals Borussia Dortmund.