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Frequently Asked Questions

This group of frequently asked questions is for the 2006-07 academic year.

1. WILL MY FINANCIAL AID CHANGE FROM YEAR TO YEAR?

Your aid is affected by your FAFSA information, academic performance, housing arrangements and filing on time (March 1). If these factors are exactly the same each year, your aid should be consistent. Your aid may be influenced by a change in any of these factors.

2. IF I MOVE OFF CAMPUS, WILL MY FINANCIAL AID CHANGE?

This depends on your specific situation. The Drake Grant is a need-based grant that is determined in part by your housing arrangement. The amount of this grant could decrease if you move off campus.

3. DO I NEED TO FILE A FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA) EACH YEAR AND IS THERE A DEADLINE?

Yes, the FAFSA needs to be filed each year (it is an annual process). The FAFSA information is used to determine your eligibility for most types of financial aid. The Federal Processor must receive your FAFSA application by March 1 for you to be considered for priority financial aid. If you do not meet this deadline, you could lose some of your financial aid.

4. IF MY PARENTS DON'T CLAIM ME ON THEIR TAX RETURN, CAN I FILE FOR FINANCIAL AID AS AN INDEPENDENT STUDENT?

Tax filing status does not influence your ability to be an independent student for financial aid purposes. As defined on the FAFSA, you must be able to answer yes to one of the following questions to be considered an independent student for the 2006-2007 school year:

  • Were you born before January 1, 1983?
  • Will you be working on a master's or doctorate program (such as an MA, MBA, MD, JD, or Ph.D., etc.) during the school year 2006-2007?
  • At the time the FAFSA was completed, were you married? (Answer "Yes" if you were separated but not divorced.)
  • Do you have children who receive more than half of their support from you?
  • Do you have dependents (other than your children or spouse) who live with you and who receive more than half of their support from you, now and through June 30, 2007?
  • Are both of your parents deceased, or are you (or were you until age 18) a ward/dependent of the court?
  • Are you a veteran of the U.S. Armed Forces?

5. WHAT MUST I DO TO RENEW MY MERIT AID?

6. WHAT IS TUITION, ROOM AND BOARD?

Visit Drake's Tuition and Fees page for current information.

7. HOW DO I REPORT SPECIAL CIRCUMSTANCES THAT MIGHT INFLUENCE MY ELIGIBILITY FOR FINANCIAL AID?

Loss of a job, death in the family, or extreme medical bills not covered by insurance are examples of special circumstances that can change your eligibility. Please call the Office of Student Financial Planning to discuss your situation with a staff member.