The Federal Direct Stafford Loan Program allows you to borrow low-interest loans with payment deferred during your college attendance. As a dependent student, you may borrow up to $5,500 your first year, $6,500 as a sophomore, and $7,500 as a junior and senior. These loans may be subsidized or unsubsidized depending on your financial need. As an independent student, you have expanded borrowing capabilities. File a FAFSA to determine your 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. After you cease to be enrolled at least half time, a six month grace period begins. During the grace period, you are not required to make a loan payment.
This loan can be awarded to you if you’re 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 percent interest rate, with your repayment period beginning 12 months after the end of your enrollment as a full-time pharmacy student. Repayment will begin during the in-school period for you if you receive a Health Profession Student Loan, remain enrolled, but transfer from the Doctor of Pharmacy program.
The Federal Direct PLUS provides funding for your parent(s) if you are a dependent student. Your parent(s) may borrow the difference between your cost of education and all other financial assistance. A FAFSA application is required for the Federal Direct PLUS. The parent borrower may request to defer payments as long as you maintain 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.
Our financial aid counselors are experts at explaining your financing options and helping you and your family budget resources. If you have any questions, contact the Office of Student Financial Planning.