Skip Sub Menu

Student Financial Planning and Financial Aid

The Office of Student Financial Planning provides counseling and services designed to help students and their families meet the costs of financing an education at Drake University. Nearly all Drake students receive financial assistance, including merit and need-based assistance. Visit drake.edu/finaid for more information about financial aid awards, policies and procedures.


 

Scholarships and Grants

Approximately 98 percent of Drake full-time undergraduate students receive scholarships or grants provided by the University. These scholarships include awards based on demonstrated financial need, academic achievement, and artistic or athletic talent. A growing amount of scholarships are provided through the generosity of Drake’s alumni and friends.

Drake University Scholarships

Common Merit-Based Scholarships for Students Entering Directly from High School

Examples of common merit-based scholarships for students entering directly from high school are listed below. For information regarding the specific criteria, visit drake.edu/admission

  • Drake National Alumni Scholarships (Relationship to an alum not required)
  • George T. Carpenter Scholarships
  • Trustee Scholarships
  • Presidential Scholarships

Scholarships for Entering Transfer Students

All full-time undergraduate transfer students who do not have previous bachelor’s degrees are considered for merit-based awards. Awards are renewable for additional semesters (maximum of 8 semesters) based upon the transfer credits accepted for the degree program and the expected graduation date determined from that review.  Examples include:

  • Presidential Transfer Awards
  • Phi Theta Kappa Scholarships - applicable to eligible community college transfer students
  • The Carver Scholarship - applicable to eligible students at Iowa community colleges, two-year private colleges and four-year colleges

Contact the Office of Student Financial Planning for more information about these scholarships.

Additional Drake Scholarships

  • Drake Grants - available to undergraduate, full-time students with financial need (FAFSA required)
  • Fine Arts Scholarships - available to full-time undergraduate students who display exceptional talent in art, music or theatre arts (audition/application required)
  • Division I NCAA Athletic Scholarships - available to student athletes in men's and women's sports. Interested students should contact the coach of the sport in which they participate to obtain information on athletic scholarship opportunities.
  • Drake University Legacy Awards - available for children, grandchildren and great-grandchildren of Drake alumni
  • National Merit Scholarships - incoming first-year students who rank as National Merit finalists and who have indicated Drake University as their first-choice institution may be considered for Drake-sponsored scholarships
  • Crew Scholars Program supports the recruitment and retention of a diverse undergraduate student body and helps ensure a welcoming and supportive environment for all students. For more information about applying to be a Crew Scholar visit the Crew Scholars Program web site. 

Federal and State of Iowa Grants

The following are examples of federal and state grants and/or scholarships that may be included in a financial aid package. To apply, students must complete a FAFSA for the appropriate award year. These grants will be included on the financial aid award notice of any eligible student.

  • Federal Pell Grants are awarded to undergraduate students admitted to and enrolled in a first bachelor degree program who meet the eligibility criteria established by Federal Student Aid.
  • Federal Supplemental Educational Opportunity Grants provide additional funding for Pell Grant-eligible students with remaining financial need.
  • Iowa Tuition Grants are awarded to qualified Iowa residents planning to attend a private college in Iowa. The Iowa College Student Aid Commission establishes eligibility criteria annually. To apply, students should complete the FAFSA by July 1 (preceding the upcoming academic year).

ROTC Scholarships and Grants

ROTC scholarship students lead essentially the same life as other college students. Students may pursue any course of study leading to a baccalaureate degree that is listed in the Approved Academic Disciplines List and may engage in any activity that does not interfere with ROTC requirements, which include prescribed military science courses, participation in scheduled drill periods and attending a 4-week ROTC Leader Development and Assessment Course (LDAC) between the junior and senior years.

For more information about ROTC scholarships and grants, contact the Military Science Department:

Military Science Department
Drake University
1153 24th Street
Des Moines, IA 50311
515-271-3952 or 800-44-DRAKE, extension 3952
or 800-600-ROTC, extension 0308

Endowed University Scholarships and Outside Scholarships

Drake University awards many endowed scholarships each academic year. Most endowed scholarships are based on academic performance, area of study, and calculated financial need (as determined by the student’s FAFSA application and other awards already received). In many cases, endowed scholarships fund previously-awarded Drake grants or scholarships that are unfunded (funded by tuition discount).

Corporations, civic groups and other clubs or organizations may award outside scholarships with most requiring the completion of separate applications. Good sources for identifying outside scholarships include:

  • Libraries
  • High school or TRIO counselors
  • Many firms and agencies extend educational benefits to their employees. Contact the personnel office of you or your parent's places of employment to find out if the employer(s) will help finance student’s education.

For helpful links for financial assistance, scholarships and fellowships, visit drake.edu/finaid. Please note that outside scholarships must be counted as student financial assistance. If outside scholarships combined with other financial aid exceed a student’s cost of attendance, a revision of the student’s financial aid package will be required.

Federal Loan Programs

  • The Federal Direct Stafford Loan Program allows students to borrow low, fixed-interest loans and defer payment while attending college at least half-time. These loans may be subsidized or unsubsidized depending on the applicant's financial need.
  • Federal Perkins Loans are need-based loans. This loan program expired on September 30, 2017. Federal Perkins Loans have a fixed interest rate, and loan repayment begins nine months after the student is no longer enrolled at least half-time in a degree program.
  • Health Profession Student Loans are awarded to students as funds permit. For consideration, students must be enrolled full-time in the Doctor of Pharmacy program and file a FAFSA including parental information. Repayment with a fixed interest rate begins twelve months after the student is no longer enrolled at least half-time in the Doctor of Pharmacy program.
  • The Federal Direct Parent PLUS Loan is available to parents of dependent students, to help pay for that student’s remaining costs. Parents may borrow the difference between the student's cost of education and all other financial assistance. A FAFSA application is required for the Federal Parent PLUS. Payment and interest charges begin within 30 to 60 days following full disbursement of funds, or loan payment may be deferred on the same schedule as the student Stafford loan.

Private Student Loans

Private student loans may be utilized to cover the gap between a student’s cost of attendance and the rest of their financial aid. Private student loans require application to and approval from a lender of the student or parent’s choice. As a resource for students, Drake maintains a private lender list that includes lenders with superior customer service and competitive loan terms (interest rates, borrower benefits, fees). Students may use a lender not included on this list without penalty. All interactions between Drake personnel and private student loan lenders are governed by Drake’s Code of Conduct for Education Loans.

Student Employment

Human Resources assists interested students in locating employment opportunities on campus. Drake students are employed on campus in student residence halls, libraries, recreation services, dining services and in many other campus offices. Positions available on campus are listed on the Human Resources Web site. Employment is funded both by the university and through funds provided by the Federal Work Study program. Human Resources provides direct assistance for entering students with a Federal Work Study award.

Employer Tuition Deferred Payment Plan

Part-time students may defer their tuition payment if they are being reimbursed 100% by their employer and are not receiving other financial aid. Students wishing to submit an application must log into myDrake and access the Student Services Tab to submit the online application. Payment of the $35 application fee and the current-term technology fee must be paid before the application can be processed. Questions regarding the deferment can be directed to the Office of Student Accounts, 515-271-2151, #4.

Financial Aid for Part-Time Students

Part-time students admitted and enrolled in a degree program may apply for financial aid programs by filing a Free Application for Federal Student Aid (FAFSA). Financial aid awards for eligible part-time students may include:

The Iowa Tuition Grant requires a minimum enrollment of three credits per term and is available only for fall and spring terms. The Federal Pell Grant is available for students enrolled in at least one credit, and the federal  require at least half-time enrollment (6 credits). For more information, contact the Office of Student Financial Planning.

Additional Admission and Financial Aid Information

Please visit the following web pages for more complete information regarding undergraduate admission to Drake University and the financial aid programs available for Drake students:


2019-2020 Drake University Undergraduate Catalog
University News