Grants

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 1^st (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.