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Aggregate limits

Most types of financial aid have maximum aggregate limits that apply to how long a student may receive that assistance.

Information about these limits is given for each of the types of financial aid listed below.

Drake Awards

Generally, awards funded by Drake University are available for a maximum of 4 years. However, there may be situations when a student’s renewable awards are available for less than 4 years. For example, a student’s eligibility for undergraduate financial aid ceases when she has earned all the credits necessary to complete her degree, even when this occurs in less than 4 years. Additionally, a student enrolled in a combined undergraduate/master’s degree program may receive undergraduate awards for less than 4 years (see Program-Specific Policies).

Individual student circumstances are reviewed by Student Financial Planning, and in limited circumstances Drake awards may be extended beyond 4 years.

Federal Pell Grant

The maximum amount of Federal Pell Grant you may receive over your lifetime is limited to the equivalent of 6 years of full-time enrollment or the amount of time it takes you to earn your bachelor’s degree—whichever is shorter. More information about lifetime maximums for the Federal Pell Grant is available here.

Iowa Tuition Grant

The maximum amount of Iowa Tuition Grant you may receive over your lifetime is limited to the equivalent of 8 semesters of full-time enrollment. If a student is enrolled half-time during a semester, she would use .5 semesters of her 8 available semesters.

Federal Direct Student Loans

There are aggregate borrowing limits for Federal Direct Subsidized and Unsubsidized Student Loans. These aggregate limits are based on a student’s dependency status and the degree being pursued.

Grade Level/Degree Type

Dependent/
Independent

Subsidized
Limit

Total Subsidized/ Unsubsidized Limit

Bachelor’s Degree

Dependent

$23,000

$31,000

Independent

$23,000

$57,500

Graduate/Professional

Independent

$65,500

$138,500

Doctorate of Pharmacy

Independent

$65,500

$224,000

 

Aggregate limits for graduate coursework include amounts borrowed for undergraduate degrees. More information about aggregate limits for these loans is available here.

Federal Direct Subsidized Loans also have a maximum eligibility period equal to 150% of the length of your program. For example, a 4-year bachelor’s degree program has a maximum eligibility period of 6 years. Enrollment beyond this maximum eligibility period may cause you to become responsible for the interest that accrues on your Subsidized Loan when the U.S. Department of Education usually would have paid it. More information about the maximum eligibility period for Subsidized Loans is available here.

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