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 the Financial Aid Office.
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 submitting an Appeal for Special Circumstances and submitting relevant supporting documentation. Appeals about Student Financial Aid policies or procedures may be made in writing to the Associate Director of Financial Aid.
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.
Cost of Attendance (COA) budgets estimate a student's total educationally-related expenses and are the starting point for calculating a student's financial need. It also functions as a limit on the total financial aid (including loans) a student may receive. The COA is an estimate--actual student expenses can vary significantly, especially for indirect (non-billed) costs such as transportation or personal expenses. To view the University's default COA budgets, click here. Students can view the COA budget assigned to them within Financial Aid Self Service.
All processed federal student loans are reported to NSLDS. Students may review their federal student loan borrowing history by logging in at studentaid.gov.
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 Financial Aid Office 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.