Financial Aid Types & Resources
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 many of the scholarships Drake offers is provided below.
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 below.
The Federal Pell Grant is available to eligible undergraduate students with high financial need, as determined by the FAFSA. Students that have already earned a bachelor’s degree are not eligible for the Pell Grant. The amount of the grant varies based on the student’s level of financial need and the number of credits in which the student is enrolled. The maximum Pell Grant amount for the 2024-25 academic year is $7,395.
Students may receive the Pell Grant for a maximum of 12 semesters of full-time enrollment (or its equivalent for less-than-full-time students). More information about the Pell Grant is available here.
Grants under the FSEOG program are available to Pell Grant-eligible students. The typical FSEOG amount for a full-time student at Drake is $1,000 per academic year. More information about the FSEOG Grant is available here.
The Iowa Tuition Grant is available to eligible undergraduate students who are Iowa residents and are enrolled at a private college or University in Iowa. Eligibility is based on financial need, as determined by the FAFSA. To apply, students must complete the FAFSA by July 1st (preceding the academic year). The maximum Iowa Tuition Grant amount for 2024-25 is $8,500. Iowa Tuition Grants may be applied toward tuition and fees (see Cost Specificity of Awards). Students may receive the Iowa Tuition Grant for a maximum of eight full-time semesters. More information about the Iowa Tuition Grant is available here.
The Drake Grant is available to eligible full-time Bachelor's degree-seeking students with financial need. To apply, students must complete the FAFSA. This award is tuition-specific (see Cost Specificity of Awards for more information).
The Drake Grant supplements other University-funded gift aid up to a minimum threshold based on the student’s financial need. Therefore, large scholarship packages may displace a student’s eligibility for the Drake Grant. Students receiving athletic and fine arts scholarships are not eligible to receive a Drake Grant.
The Future Ready Iowa Grant is available to undergraduate students who are residents of Iowa, aged 25 or older (as of July 1 prior to the academic year). Eligible programs by institution are published here. An eligible student may receive the grant up to the equivalent of 4 full-time semesters. Future eligibility requires continuous enrollment in fall and spring semesters.
To apply, students must complete the FAFSA and the Iowa Financial Aid Application. For 2024-2025, the amount of the grant is up to $3000.
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.
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.
Admitted students can access helpful information, including how to search for available positions, here. Students will work with their supervisor to establish an acceptable work schedule. Working during a student's scheduled class time is forbidden. Prior to beginning work, students must complete all required employment paperwork with Human Resources. Questions about work study positions can be directed to student.employment@drake.edu.
Need-based employment is available through the Federal Work Study Program (FWS). To be considered for FWS, students must complete the FAFSA. Students offered FWS will be given priority in the hiring for positions. Students who are eligible for FWS will be notified on their financial aid notifications. This is solely a notice of FWS eligibility and is not a guarantee of employment. To utilize FWS eligibility, a student must follow the application process described above. More information about the FWS Program can be found here.
Tuition Exchange
Drake University is a participating member of two tuition exchange organizations. Tuition Exchange awards replace all other tuition-specific awards offered from the University. They do not cover housing or meal plans, fees (including tuition overload fees) or other charges, and cannot be used for travel courses or study abroad. Tuition Exchange awards are available for a maximum of 8 semesters. Tuition Exchange awards may be used for the summer, but the summer will count as one of the student's remaining eligible semesters.
To be considered for Tuition Exchange, Drake must receive the tuition exchange application by December 1 (for consideration in the following academic year), and the student must be admitted to the University. Because financial need is a factor considered in the evaluation process, we recommend that you submit the FAFSA by December 1st as well.
The number of new tuition exchange awards offered each year is limited. Complete and timely applications are considered in the following order until available awards are exhausted:
- New awards for current Drake students
- New awards for prospective Drake students. Applications will be evaluated on several criteria, including merit, financial need, the student's academic program, and family educational history.
Tuition exchange offers are contingent on maintaining eligibility through qualifying employment at a participating tuition exchange institution, as of the first day of each semester. If eligibility ceases during a semester, eligibility for the tuition exchange award will terminate at the end of that semester. Renewal for tuition exchange is automatic, provided that a student is meeting satisfactory academic progress requirements and continues to be eligible for tuition exchange, as determined by the export school.
Details specific to each of the programs are provided below.
Tuition Exchange Program (TEP)
New students who are approved for an award under the TEP will receive an award equal to the TEP's Set Rate.
Applications submitted at www.tuitionexchange.org must be approved by the “export” institution before they are routed to Drake University. Applicants should ensure they meet the export institution’s application deadline and allow sufficient time for that institution to approve the application ahead of Drake’s December 1 deadline.
CIC Tuition Exchange Program
Drake will offer at least three new full-tuition awards annually through the Council for Independent Colleges & Universities Tuition Exchange Program (CIC-TEP).
To apply, complete the CIC Tuition Exchange Application and submit it to the exporting institution's CIC-TEP liaison. If you are eligible for this program, the exporting CIC-TEP liaison will submit your application to Drake University. For consideration, Drake must receive your application by December 1.
Outside Scholarships/Support
Many students receive scholarships or assistance from other organizations.
You should report any assistance you will receive by completing this form. Checks on your behalf should be mailed to:
Drake University
Financial Aid Office
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.scholarships.com
- www.scholarships360.org
- www.cappex.com
- www.unigo.com
- Sallie Mae Scholarship Search
- Scholarship America
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.
Drake encourages students to utilize their federal student loan eligibility (FAFSA required) prior to borrowing from alternative sources. A summary of key differences between federal and private education loans is available here.
Interest rate and fee information for Federal Direct education loans is available here.
The information below is based on current federal regulations. There are substantial changes to some federal student loan programs, effective July 1, 2026. More details about these changes can be found here.
The Federal Direct Loan Program provides favorable loans to eligible degree-seeking students that are enrolled on at least a half-time basis. To be eligible, students must complete the FAFSA. To receive these loans, students must complete all required loan steps, outlined here.
There are two types of Federal Direct Stafford Loans: Subsidized and Unsubsidized. Students are not responsible to pay interest on Subsidized Loans during periods of enrollment of at least half-time, during the 6-month grace period after you leave school, or during future periods of deferment. Undergraduate students with financial need may be eligible for Subsidized Loans. Undergraduate students without financial need and graduate/professional students are eligible only for Unsubsidized Loans. Subsidized/Unsubsidized Loans have an origination fee of about 1%, which is deducted from the amount of the principle borrowed.
There are annual borrowing limits for Federal Direct Subsidized/Unsubsidized Loans, which are based on a student’s grade level, dependency status (as determined by the FAFSA), and degree type. These limits are summarized in the table below:
|
Grade Level/Degree Type |
Dependent/ Independent |
Subsidized Limit |
Unsubsidized Limit |
Total Combined Limit |
| Freshman (0-29 credits) | Dependent | 3,500 | 5,500 | 5,500 |
| Freshman (0-29 credits) | Independent | 3,500 | 9,500 | 9,500 |
| Sophomore (30-59 credits) | Dependent | 4,500 | 6,500 | 6,500 |
| Sophomore (30-59 credits) | Independent | 4,500 | 10,500 | 10,500 |
| Junior (60-89 credits) | Dependent | 5,500 | 7,500 | 7,500 |
| Junior (60-89 credits) | Independent | 5,500 | 12,500 | 12,500 |
| Senior (90+ credits) | Dependent | 5,500 | 7,500 | 7,500 |
| Senior (90+ credits) | Independent | 5,500 | 12,500 | 12,500 |
| Graduate/Professional | Independent | 0 | 20,500 | 20,500 |
In addition to annual borrowing limits, there are aggregate borrowing limits for Direct Subsidized/Unsubsidized Loans. When borrowers graduate or withdraw, they are required to complete loan exit counseling at www.studentaid.gov. More information about Federal Direct Subsidized/Unsubsidized Loans is available here.
The Health Professions Loan is a need-based loan available to students seeking a Doctorate of Pharmacy degree from Drake University. This loan has a fixed interest rate of 5%, and interest does not begin to accrue until repayment begins, which occurs one year after the student ceases full-time enrollment or leaves the PharmD program. To be considered, students must complete the FAFSA. Independent Students (including P3 & P4 students) must also provide parent financial information.
Funding for Health Professions Loans is limited. Students who are offered a Health Professions Loan will receive instructions concerning the required steps to receive the loan. Typically, students may be eligible to borrow up to $12,000 per year.
The Federal Direct Parent PLUS Loan is a loan for biological or adoptive parents of dependent students (as defined by the FAFSA), or for step-parents who are included in the parent section of the student’s FAFSA. The parent borrower must be a U.S. citizen or eligible non-citizen. Completion of the FAFSA and credit approval is required in order for a student to receive a Parent PLUS Loan, and the student must be enrolled at least half-time (6+ credits). Instructions to apply for the Parent PLUS Loan can be found here.
Parent borrowers who are approved for the Parent PLUS Loan may borrow up to the student’s remaining cost of attendance. Parents may choose whether to begin repayment immediately, make interest-only payments while the student is enrolled, or defer all payments until the student leaves school. The Parent PLUS Loan has an origination fee of 4.23%. More information about the Federal Parent PLUS Loan can be found here.
If graduate students need additional funding after utilizing their eligibility for the Federal Direct Unsubsidized Loan, the Federal Direct Graduate PLUS Loan may be an option (pending credit approval). The Graduate PLUS Loan is available to eligible degree-seeking graduate or professional students who are enrolled at least half-time (5+ credits). Completion of the FAFSA is required in order for a student to receive a Graduate PLUS Loan. Instructions to apply for the Graduate PLUS Loan can be found here.
Borrowers who are approved for the Graduate PLUS Loan may borrow up to their remaining cost of attendance. The Graduate PLUS Loan has an origination fee of 4.23%. More information about the Federal Direct Graduate PLUS Loan can be found here.
Private student loans may be available to students or parents to help cover the remaining costs of education after scholarships, grants, and federal student loans have been applied. An application and credit approval are required.
Terms of private student loans vary widely. Loans can offer fixed or variable rates, longer or shorter repayment periods, differing grace periods prior to repayment, and different borrower benefits. Students are encouraged to compare the terms offered to them from multiple lenders to find the best terms available. In an effort to help students find the best private loan terms available to them, Drake maintains a list of preferred lenders. See Private Student Loans for more information here.
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.
Resources
Drake has developed financial planning worksheets to help you estimate your costs, organize your resources, and create a plan to finance your education for the year.
Financial Planning Worksheets (2025-2026)
Find the financial planning worksheet that applies to your program below. If you're not sure, contact the Financial Aid Office for assistance.
The Iowa Department of Education's Bureau of Iowa College Aid administers state of Iowa funded scholarships and grants. This website also contains valuable information about career planning, college preparation, and applying for financial aid.
Learn more about several federal tax benefits related to education expenses.
This page provides instructions to obtain proof of your enrollment at Drake University.
U.S. Citizens and eligible non-citizens must complete the FAFSA to apply for need-based assistance and/or federal student loans.
Drake University's School Code: 001860
This comprehensive site by the U.S. Department of Education provides a wealth of information and resources for students from preparing for college all the way to managing/repaying student loans.
The Consumer Financial Protection Bureau has developed a tool to help turn your financial aid award notification into a plan to pay for college.
Drake University has partnered with GradReady to provide a free digital platform where you can learn about topics like money management, credit, employer benefits, and more–all at your own pace from any device!
This non-profit organization provides free information, assistance, counseling, and support to college-bound students and their families as they plan for college and apply for financial aid.
An IRS Tax Return Transcript (not Tax Account Transcript) may be needed to verify student or parent information reported on the FAFSA.
Find organizations offering assistance to students who need help paying their utility bills.