Tuition & Financial Aid
There are many ways you can fund your dreams of graduate school. Based on the program you want to pursue and your life situation, there are several financial options to help you attain the next level of success through an advanced degree.
Drake is very competitively priced in the marketplace and compares favorably to many schools offering grants and scholarships.
If you are a U.S. citizen or permanent resident, learn more about opportunities for financial aid for graduate students by contacting the Office of Student Financial Planning at 1-800-44-DRAKE, x2905; or 1-515-271-2905 locally.
If you are an international student, contact the Office of Graduate Admission at 1-515 271-3871, or if you’re calling from within the United States, at 1-800-44-DRAKE, x3871.
Types of Financial Aid
Federal Direct Subsidized and Unsubsidized Loans
If you are a U.S. citizen/permanent resident, you may qualify for the subsidized and/or unsubsidized Federal Stafford Loan program, which would allow you to borrow money to help cover tuition, living expenses, books and other expenses.
To be eligible for financial aid in the fall, spring, or summer term, you must be enrolled at least half-time and be admitted to a program at least one month prior to the end of that term. Additionally, once your classes have ended for the summer term, you are no longer able to receive financial aid for that term.
Employer Tuition Support Plan
If you attend graduate school on a part-time basis and have an employer that will reimburse you for all or part of your tuition costs after the completion of each semester’s enrollment, you may be eligible for this short-term loan to provide funds prior to your reimbursement.
To submit an application for this program, log into My Drake/Banner 9/Student Accounts/Make a Payment/Employer Deferrment and submit the online application. Payment of the $35 application fee must be received before the application can be processed. Questions regarding the deferment can be directed to the Office of Student Accounts, (515) 271-2151, #4.
Federal Direct Graduate PLUS Loan (for graduate students only)
The Federal Grad PLUS loan is available to graduate students. You may borrow the difference between your cost of education less financial assistance.
In order to apply for the Federal Grad PLUS loan, you must complete and return a Loan Request Form to the Office of Student Financial Planning. Detailed information about student requirements such as completing student loan entrance counseling and a Master Promissory Note (MPN) are included on the Loan Request Form provided in the award notice package for eligible students.
Grad PLUS loans can be consolidated with all other Federal Student Loans. An exit counseling session will be required if you drop to less than half-time enrollment, graduate, or withdraw from school.
There are a variety of websites and agencies that can provide you with free information, scholarship searches, and other assistance and support. The Office of Student Financial Planning has compiled a list of websites that provide information about scholarships and other forms of financial assistance.
Online scholarship searches and information on national and local scholarships are available on the Office of Student Financial Planning’s website.