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Proof of Finances

In order to get a DS-2019 document (used to apply for a J-1 student visa), exchange students must prove they have sufficient funds to cover estimated costs of their time at Drake.

Estimated costs for the academic year are outlined below. Students must complete the Proof of Finances for Exchange, showing they have funds to cover these costs, and upload it onto the Terra Dotta application.

Examples of supporting documentation include:

  • letters verifying compensation from an employer
  • bank statements showing sufficient funds on deposit
  • verification of financial aid or scholarships 

You will need to present these same documents when you apply for a visa.

The Proof of Finances Form does not need to be submitted with your application and transcripts, but Drake cannot prepare your DS until the form and documentation have been received.

Drake University Exchange Cost Estimates 2022-2023

You must prove you have resources equivalent to the amounts listed below.

 

Fall 2022

Spring 2023

 Living Expenses

 $ 5,785

 

 $ 5,785

 

Books

$   550
($1,000 for Law)

$   550
($1,000 for Law)

Insurance

$   762.5

$  762.5

 Personal Expenses

 

Transportation

$   1000

($1,450 for Law)

$650

$   1000

($1,450 for Law)

$650

Total*

 $8,747.50
($9,197.50 for Law)

 $8,747.50
($9,197.50 for Law)

Two Semesters:  $17,495 for undergraduates  ($18,395 for Law)

Further Explanation of Estimates

Living Expenses

For undergraduate students this covers a shared room in the Drake residence halls and a full meal plan. Students will receive a Residence Hall Contract when they are accepted for exchange and must submit a $250 deposit with the contract prior to their arrival at Drake. This serves as a damage deposit and is refundable upon completion of the exchange if no damage charges are incurred.  For law exchange applicants, Living Expenses includes the estimated cost of an apartment rental, utilities, groceries, kitchen supplies, etc.

Books

Books in the U.S. are expensive. Law students’ book expenses will be higher than other students, depending on courses taken.

Insurance

Drake has an insurance program that exchange students are required to purchase.  This is required even if you already have another insurance policy. Fall coverage is August 1 – December 31. Spring coverage is January 1 – May 31. If you travel in the U.S. after your exchange ends, you will be covered within these dates.

Personal Expenses

This comprehensive estimate includes local transportation, phone, campus activities, medical co-pays, laundry, community events, entertainment, postage/packages/gifts, school supplies and personal needs such as shampoo or aspirin.

Transportation

Students often will need to pay for transportation outside of the free bus rides in Des Moines for various reasons. This may also include any trips the student intends to take while they are studying at Drake or necessary trips to grocery stores or other outings. 

* TOTAL for University of KwaZulu-Natal Students

The UKZN exchange agreement requires proof of sufficient funds to cover Books, Insurance and Personal Expenses. Living Expenses are covered by the agreement, but UKZN students are required to pay the usual $250 residence hall deposit. The deposit will be refunded upon departure if there has been no damage to the room. 

Therefore, estimated costs for UKZN students are $2,962.50 for Fall, $2,962.50 for Spring, and $5,925 for two semesters; plus the residence hall deposit.

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