Financial Aid

Financial Aid

It All Starts with the FAFSA

Even if you don't think you qualify for financial aid, you should file a Free Application for Federal Student Aid (FAFSA). You might be surprised at what Drake can offer!

The FAFSA is a U.S. Department of Education form that your family fills out to help determine how much financial aid Drake can offer you. The FAFSA is the only way to qualify for federal student aid. Since we want you to get the best financial aid package you can, we highly encourage you to fill out the FAFSA. Don't forget to include Drake's FAFSA school code, 001860.

The FAFSA application opens on October 1 of your senior year of high school. Drake's priority deadline for completing the application is March 1. Some financial aid is distributed on a first-come, first-served basis, so the March 1 deadline is important.

Once you complete the FAFSA, our Financial Aid office will work with you and your family to help meet the costs of financing an education at Drake University. Your complete financial aid package may consist of scholarships as well as several of the financial aid options outlined below.

Federal Grants

Below are examples of federal grants that can be incorporated into a financial aid package. To apply, you must complete a 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 2018-19, the maximum is $6,095.
  • Federal Supplemental Educational Opportunity Grant (FSEOG): At Drake University, students eligible for Federal Pell Grants are also considered for FSEOG (as funds permit). Typical FSEOG awards at Drake are $1,200 per year.

Drake Grant

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 Grant

Iowa Tuition Grants are need-based grants awarded to qualified Iowa residents planning to attend Drake at least quarter-time. In 2019-20, the maximum grant is $6,000. 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.

International Student Grant

To apply for an International Student Grant, you must first apply for admisison to Drake. A link to the grant application process is provided within your Drake admission application.

Our international admission 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 Admission toll-free, 1-800-44-DRAKE, x3181. If calling from outside the United States, dial 1-515-271-3181.

Student Employment

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 in the middle of the month for hours worked during the previous month.

Federal Direct Subsidized and Unsubsidized Loan

The Federal Direct Subsidized and Unsubsidized Loans allow 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 are 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.

This is a fixed-rate loan.  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.

Health Professions 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 $6,000 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.

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 60 days of receipt of funds. Interest is at a fixed rate.

We're Here to Help

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 Financial Aid office toll-free, 1-800-44-DRAKE, x2905. If calling from outside the United States, dial 1-515-271-2905.

Additional Resources from the Financial Aid office