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Financial Aid Basics

A Drake University education is an investment that enriches the rest of a student’s life. While students and their families bear primary responsibility for financing the cost of college, the University works hard to provide financial assistance that helps make a Drake education more affordable.  Financial Aid Basics outlines those opportunities for financial assistance and the staff in the Office of Student Financial Planning is available to discuss the financial aid programs at Drake.

The Office of Student Financial Planning administers the financial aid programs at Drake University including awards financed by the University as well as those from federal, state, and outside sources. These scholarship, grant, loan, and work-study programs provide Drake students more than $110 million in financial assistance each academic year.  Approximately 98% of full-time undergraduate students receive Drake scholarships or grants.

Filing the Free Application for Federal Student Aid (FAFSA) each year ensures a student consideration for federal, state, and Drake financial aid programs.  Eligibility is determined individually for each student based upon numerous factors including, but not limited to, demonstrated financial need, program of study, and level of enrollment.  Undergraduate scholarships determined at the point of admission to Drake and not requiring financial need include Drake National Alumni Scholarships, George A. Carpenter Scholarships, Drake Legacy Awards, Presidential Scholarships, Presidential Transfer Scholarships, and Phi Theta Kappa Scholarships.



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