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Apply for Loans

There are several loan options available to students at Drake, but some loans offer better terms than others.

Detailed information about each loan program is available here. Drake encourages students to utilize their eligibility for federal student loans (FAFSA required) prior to borrowing private student loans or Parent PLUS Loans. A summary of key differences between federal and private education loans is available here

Requirements to receive a loan are listed below for each loan program.

Federal Direct Subsidized/Unsubsidized Loans (Undergraduate)

 

  1. Complete the Federal Direct Subsidized/Unsubsidized Loan Request Form for the appropriate enrollment period. (Note: If you intend to borrow for both the summer semester and the regular academic year (fall/spring), you must complete this form twice--once for summer and once for fall and/or spring.)

  2. (First-time borrowers) Complete Entrance Loan Counseling, available by logging in to studentaid.gov (under the student’s Federal Student Aid account). Under the Complete Aid Process menu, click "Complete Entrance Counseling". Click "Start" and follow the on-screen instructions.

  3. (First-time borrowers) Complete a Loan Agreement (Master Promissory Note) for Subsidized/Unsubsidized Loans, available by logging in to studentaid.gov (under the student’s Federal Student Aid account). Under the Complete Aid Process menu, click "Subsidized/Unsubsidized Loan MPN". Click "Start" and follow the on-screen instructions.

Federal Direct Unsubsidized Loans (Graduate)

 

  1. Complete the Federal Direct Unsubsidized Loan Request Form for the appropriate enrollment period. (Note: If you intend to borrow for both the summer semester and the regular academic year (fall/spring), you must complete this form twice--once for summer and once for fall and/or spring.)
  2. (First-time borrowers) Complete Entrance Loan Counseling, available by logging in to studentaid.gov (under the student’s Federal Student Aid account). Under the Complete Aid Process menu, click "Complete Entrance Counseling". Click "Start" and follow the on-screen instructions.

  3. (First-time borrowers) Complete a Loan Agreement (Master Promissory Note) for Subsidized/Unsubsidized Loans, available by logging in to studentaid.gov (under the student’s Federal Student Aid account). Under the Complete Aid Process menu, click "Subsidized/Unsubsidized Loan MPN". Click "Start" and follow the on-screen instructions.

Health Professions Loans

 

  1. Accept the Loan: Students who are awarded a Health Professions Loan will be sent instructions about how to accept the loan.

  2. Complete Entrance Counseling and Disclosures: Those who have accepted a Health Professions Loan will receive an email from Heartland ECSI (Drake’s loan servicer) with instructions for completing entrance counseling and Regulation Z Disclosures.

  3. Complete a Master Promissory Note: Those who have accepted a Health Professions Loan will receive an email from Heartland ECSI (Drake’s loan servicer) with instructions for completing a Master Promissory Note.

Federal Direct Plus Loans For Parents

 

  1. Parent completes a Direct PLUS Loan Application for Parents by logging in at studentaid.gov (with the parent’s Federal Student Aid account). Under the Apply For Aid menu, click "Apply for a Parent PLUS Loan". Click "Start" and follow the on-screen instructions.  (Note: If you intend to borrow for both the summer semester and the regular academic year (fall/spring), you must complete this form twice--once for summer and once for fall and/or spring.)

  2. If a Parent PLUS Loan has been approved, the parent should complete a Parent PLUS MPN at studentaid.gov. Under the Complete Aid Process menu, click "Parent PLUS MPN". Click "Start" and follow the on-screen instructions. 

Federal Graduate Plus Loans

 

  1. Student completes a Grad PLUS Loan Application by logging in at studentaid.gov (with the student's Federal Student Aid account). Under the Apply For Aid menu, click "Apply for a Grad PLUS Loan". Click "Start" and follow the on-screen instructions. (Note: If you intend to borrow for both the summer semester and the regular academic year (fall/spring), you must complete this form twice--once for summer and once for fall and/or spring.)

  2. First-time Grad PLUS Loan borrowers must complete entrance counseling as a graduate student at studentaid.gov. Under the Complete Aid Process menu, click "Complete Entrance Counseling". Click "Start" and follow the on-screen instructions.

  3. If a Grad PLUS Loan has been approved, the student should complete a Grad PLUS MPN at studentaid.gov. Under the Complete Aid Process menu, click "Grad PLUS MPN". Click "Start" and follow the on-screen instructions. 

Private Student Loans

Students or parents should apply with the private lender of their choice. For the best loan terms, always seek school-certified private student loans. As a resource to students, Drake University maintains a list of suggested private lenders. The lenders included on this list are evaluated based on the competitiveness of their terms (interest rates, fees, borrower benefits) and their service to students. Students and parents may choose a lender not included on this list without fear of penalty.

The administration of loan programs are governed by Drake University’s Code of Conduct for Education Loans, available here.

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