Drake offers financial assistance that is designed to reward your academic achievement or abilities in the fine arts or athletics, as well as to help meet a portion of your family’s level of financial need. You may find that you qualify for both merit-based and financial need-based awards.
Approximately 98 percent of first-year students receive financial assistance from Drake University. Domestic students entering Drake directly from high school in fall 2014 averaged more than $20,605 in combined grants, scholarships, need-based loans and need-based work study.
Below are examples of federal grants 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 2015-16, the maximum award was $5,775.
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.
In addition to its merit-based and non-need-based scholarships, we will consider you for a Drake grant based on your financial need when you file the FAFSA. These grants are renewable but may vary in amount depending upon your academic record and financial need. In general, Drake grants are available for a maximum of eight full-time semesters.
Iowa Tuition Grants are need-based grants awarded to qualified Iowa residents planning to attend Drake at least quarter-time. In 2015-16, the maximum grant was $5,340. The FAFSA deadline for the Iowa Tuition Grant is July 1. Several states provide "transportable" grants and scholarships that may be applied to your education at Drake. Your high school guidance counselor can help determine if your state offers this option.
Federal work-study awards are another kind of grant available to U.S. students based on calculated financial need. You apply for work-study awards by completing the FAFSA. If you receive a work-study award, applications will be available for you to complete at orientation. You may either accept the job assigned to you or pursue your own employment through Drake's Professional and Career Development Services.
Employment awards generally range from $500 to $2,000 a year. Wage rates are compliant with Iowa and federal wage laws and are based on the job skills required and experience desired by the employer. A typical Drake student works eight to twelve hours per week. A Federal Work Study award does not represent a guarantee of employment. Federal work study earned is paid directly to the student at the first of the month for hours worked during the previous month.
The Federal Direct Stafford Loan Program
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.
The Federal Health Professions Student Loan
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 Parent Loan for Undergraduate Students (PLUS Loan)
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 toll-free, 1-800-44-DRAKE, x2905. If calling from outside the United States, dial 1-515-271-2905.
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