Consumer information required by the Higher Education Act and other relevant regulation can be found below.
Drake seeks to fully comply with all relevant consumer information and disclosure requirements. Much of this information can be found on Drake’s Consumer Information webpage. Additionally, the National Center for Education Statistics publishes a wide array of information about Drake University (and other institutions of higher education) through its College Navigator website.
Responsibilities of Financial Aid Recipients
Students are primarily responsible for understanding the requirements related to the various types of financial aid they receive. This information is readily available on the financial aid award notification, Drake’s website, on www.studentaid.gov, or by contacting staff in Student Financial Planning.
Students must establish financial aid eligibility by completing all required applications, forms, requests for information, and processing steps by established deadlines. Students must provide truthful accounts of their academic and financial aid history, including disclosing any financial aid (scholarships, grants, or loans) received from non-University sources. To be eligible for financial aid, students must not be in default on a federal student loan or owe a refund of a federal grant. Students must use financial aid only for costs related to enrollment in coursework that is necessary for an eligible Degree program at Drake University. Continued eligibility for financial aid requires compliance with relevant federal, state, and University regulations and policy, including maintaining satisfactory academic progress. Students who borrow loans are agreeing to repay those loans in accordance with their established loan repayment schedule.
Rights of Financial Aid Recipients
Information provided to Drake University for financial aid purposes is confidential and is safeguarded in accordance with the Family Educational Rights and Privacy Act (FERPA), the Higher Education Act, the Graham-Leach-Bliley Act, and other relevant regulations related to the use, sharing, and protection of sensitive data.
Students may appeal an offer of financial aid if they believe it is unfair, incorrect, or based on incomplete information (including a recent change in financial circumstances). Appeals can be made by completing the Special Circumstances Form (available here) and submitting relevant supporting documentation. Appeals about Student Financial Aid policies or procedures may be made in writing to the Associate Director of Student Financial Planning.
In accordance with the Higher Education Act, Drake maintains a net price calculator to estimate the annual cost of education for a prospective undergraduate student.
Students who are convicted of a drug law violation while receiving federal student aid (this includes Federal Direct Unsubsidized Stafford Loans, Federal Direct Subsidized Stafford Loans, Federal Direct PLUS Loans for Graduate Students, Federal Direct PLUS Loans for Parents, Federal Pell Grants, Federal Supplemental Educational Opportunity Grants, Federal Iraq & Afghanistan Service Grants, and Federal Work-Study) may have their eligibility for federal financial aid suspended. Students who lose their eligibility can regain it early by successfully completing an approved drug rehabilitation program or by passing two unannounced drug tests administered by an approved drug rehabilitation program.
Students who are convicted of a drug-related offense after submitting the FAFSA might lose eligibility for federal student aid, and could be liable for returning any financial aid received during a period of ineligibility.
Information about Drake University’s programs and policies for the prevention of drug & alcohol abuse are outlined here.
As a resource to students, Drake maintains a suggested private lender list. The lenders and loan options included on this list were selected based on the terms, benefits, and customer service they provide to borrowers. Drake’s lender list is reviewed annually to ensure that the benefits that the lenders offer continue to adhere to our criteria.
Any loan options that no longer adhere to our criteria are removed, and new loan options are added. At least two lenders will be presented to you at all times. You are free to choose any lender, including those not included on this list, without penalty.
Drake’s Office of Student Financial Planning is committed to providing loan options and resources that prioritize the best interests of the borrower, and to do so with integrity and transparency. Drake’s full code of conduct for educational loans is available here.