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).
The Federal Pell Grant
This grant provides assistance to undergraduate students who are working toward their first degree and have demonstrated high levels of financial need. For 2010-2011, the maximum award was $5,550.
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.
The Federal Direct Stafford Loan Program
The Federal Direct Stafford Loan Program allows students to borrow low-interest loans with payment deferred during college attendance. 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 Federal Direct Stafford loans, application instructions will be included in your award notice from Drake.
Interest is at a fixed rate. A six-month grace period before repayment begins occurs after the loan recipient ceases to be enrolled at least half time.
The Federal Health Professions Student Loan
This loan is awarded to students pursuing the Doctor of Pharmacy degree at Drake University. The Federal 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 to $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 Doctor of Pharmacy program.
The Federal Direct Parent Loan for Undergraduate Students (PLUS Loan)
The Federal Direct 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 Direct 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.