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Below are examples of federal grants and loans that can be incorporated into a financial aid package. To apply, you must complete a Free Application for Federal Student Aid (FAFSA).
Federal Grants
The Federal Pell Grant
This grant provides assistance to undergraduate students who are working towards their first degree and have demonstrated high levels of financial need. For 2009-2010, the maximum award is $5,350.
Federal Supplemental Educational Opportunity Grants (FSEOG)
At Drake University, students eligible for Federal Pell Grants are also considered for FSEOG (as funds permit). Typical FSEOG awards at Drake are $750 to $1,500.
Federal Academic Competitiveness Grant (ACG)
The ACG will provide up to $750 for the first year of undergraduate study and up to $1,300 for the second year to students who are eligible for a Federal Pell Grant and who have successfully completed a rigorous high school program, as determined by the state or local education agency and recognized by the Secretary of Education. Second-year students must maintain a cumulative grade point average of at least 3.0 and have earned at least 30 credits at end of the spring term of their first year.
The Federal National Science and Mathematics Access to Retain Talent (SMART) Grant
A Federal SMART Grant provides up to $4,000 for each of the third and fourth years of undergraduate study to full-time students who are eligible for a Federal Pell Grant, have a 3.0 GPA, and who are majoring in mathematics, technology, or physical, life or computer sciences. To receive a SMART Grant in any term, a student must be enrolled in at least one course that is required for the SMART eligible major.
Federal Loans
The Federal Stafford Loan Program
The Federal Stafford Loan Program allows students to borrow low-interest loans from participating banks, savings and loans, and credit unions. Dependent students may borrow up to $5,500 a year as first-year students, $6,500 as sophomores, and $7,500 as juniors and seniors. These loans may be subsidized or unsubsidized depending on the applicant's financial need. Independent students may have expanded borrowing capabilities. Students must file a FAFSA to determine their loan eligibility. If you are eligible for Stafford loans, application instructions will be included in your award notice from Drake.
Interest is at a fixed rate. A six-month grace period occurs after the loan recipient ceases to be enrolled at least half-time before repayment begins.
The Federal Perkins Loan
Available as funds permit, this loan program allows undergraduate students with financial need to borrow directly through Drake University with amounts ranging from $1,000-$3,000. Repayment with fixed interest of 5% begins nine months after the student is no longer enrolled at least half-time.
The Health Professions Student Loan
This loan is awarded to students pursuing the Doctorate of Pharmacy degree at Drake University. The Health Profession Student Loan has limited funding and is awarded based on financial need on a funds-available basis with awards ranging from $1,000-$3,000 per year. The loan carries a fixed 5% interest rate with the student entering repayment 12 months after the end of enrollment as a full-time pharmacy student. Repayment will begin during the in-school period for a student who receives a Health Profession Student Loan, remains enrolled, but transfers from the Doctorate of Pharmacy program.
The Federal Parent Loan for Undergraduate Students (PLUS Loan)
The Federal PLUS provides funding for parents of dependent students. Parents may borrow the difference between the student's cost of education and all other financial assistance. A FAFSA application is not required for the Federal PLUS. Parents may request to defer payments as long as the student maintains half-time enrollment or payment and interest charges will begin within 30 to 60 days of receipt of funds. Interest is at a fixed rate.
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