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Types of Financial Aid

There are many types of financial aid available at Drake University. Keep reading for more information!

Drake Scholarships & Awards

Scholarships and awards are a type of gift aid, which is financial aid that does not need to be repaid. Scholarships can be based on various criteria, and can be renewable or one-time awards. Detailed information about the scholarships Drake offers is provided below.

Drake Scholarships & Awards

Grants

Grants are a type of gift aid, which is financial aid that does not need to be repaid. Grants can be based on various criteria, but usually require financial need and the completion of the FAFSA.

Because financial need is re-calculated each year based on a new FAFSA, grants are often subject to change. Detailed information about the grants available at Drake are provided at the link below.

Drake University Grants

Student Employment

Drake’s work-study program provides part-time employment for eligible students. Work-study earnings are paid monthly as earned (based on the previous month’s completed hours) via direct deposit to a student’s checking or savings account. Work study earnings are not applied as a payment to a student’s billing statement.

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Tuition Exchange

Drake University participates in the Tuition Exchange Program, along with over 670 other member schools. Students who are approved for Tuition Exchange at Drake University will receive an award equal to the full cost of tuition, less any tuition-specific funds received from government or outside sources. Tuition Exchange awards replace all tuition-specific awards offered from the University.

The Tuition Exchange award does not cover room & board, fees (including tuition overload fees) or other charges, and cannot be used for travel courses or study abroad.

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Drake Tuition Waiver

Drake faculty and staff, as well as their spouse/partner and eligible dependent children, may qualify for the Drake Tuition Waiver benefit. The Tuition Waiver cannot be used in combination with other Drake-funded scholarships or grants. The Tuition Waiver is tuition-specific (see Cost Specificity of Awards). 

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Loans

Loans are a type of financial aid which must be repaid with interest, usually beginning shortly after a student ceases to be enrolled at least half-time. Detailed information about each of the loan programs available to students at Drake are listed at the link below.

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Outside Scholarships/Support

Many students receive scholarships or assistance from other organizations. You should report any assistance you will receive by emailing financialaid@drake.edu with the name and amount of anything that has been offered to you. Checks on your behalf should be mailed to:

Drake University
Office of Student Financial Planning
Carnegie Hall
2507 University Avenue
Des Moines, IA 50311-4505

There are many scholarship search websites that help to match you with available scholarships. Some of the most well-known include www.fastweb.com, www.scholarships.com, www.cappex.com, and www.unigo.com. Beware of scholarship scams. The Federal Trade Commission provides some helpful guidance about identifying scholarship scams.

Education Benefits for Veterans

Drake participates in various federal and state programs offering educational benefits for military service.

For more information, visit Drake’s Veterans’ Affairs webpage.

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