Loans

Find information about loan assistance and programs to help finance your law school education.

FAFSA

Students must complete the Free Application for Federal Student Aid (FAFSA) to determine eligibility for financial assistance. 

Drake University's federal school code (001860) must be listed on the form for your information to be forwarded to Drake.

Loan Assistance

Drake University's Financial Aid Office awards, certifies, and disburses student loans for law students.

To be considered for loan programs, a student must be admitted to the Law School, enroll at least half-time each term (5 credits), and complete the following actions:

• File the Free Application for Federal Student Aid (FAFSA) for the appropriate year.
• Provide documentation as requested by the Financial Aid Office
• Be awarded the loan(s) on his/her financial aid award notice
• Submit Loan Request Form(s)
• Complete the Federal Direct Loan Master Promissory Note(s) (MPN)
• Complete the Federal Direct Loan Entrance Counseling
• Comply with satisfactory academic progress guidelines

Beginning in late-March, official financial aid award notices indicating the maximum dollar eligibility for each loan program per enrollment period will be mailed to students who have submitted the FAFSA to Drake University.

This notice will also provide instructions and/or other material that must be completed to finalize loan borrowing.

For more information about applying for loans, please visit: www.drake.edu/finaid/applyforloans. For individual student loan counseling that is customized to your circumstances, contact the Financial Aid Office to schedule an appointment.   

Federal Loan Programs

Federal Direct Unsubsidized Stafford Loans

The Federal Direct Unsubsidized Stafford Loan is a non-need based federal loan that also allows the student to defer payment while enrolled at least half-time.

Students are awarded this loan on the financial aid award notice and must complete the instructions and/or applications for the loan as indicated in the notice.

The maximum possible eligibility is $20,500 per academic year. Interest begins to accrue for this loan at disbursement with the option of paying or capitalizing the interest. Current interest rate information for the Federal Direct Unsubsidized Stafford Loans is available here.

The aggregate borrowing maximums (which include all Federal Stafford loans regardless of the grade level at the time of the borrowing) is no more than $138,500 in total combined Subsidized and Unsubsidized Stafford Loan.

Federal Direct Graduate PLUS

The Federal Direct Graduate PLUS loan is a non-need based loan that also allows the student to defer payment while enrolled at least half-time.

Students are awarded this loan on the financial aid award notice and must complete the instructions and/or applications for the loan as indicated in the notice. A credit review, conducted by Federal Direct Loans, is required for certification of this loan, and the loan will not be made to borrowers with adverse credit.

The maximum possible eligibility is the cost of attendance for an enrollment period (as established by Drake University) minus all other forms of financial aid. Visit this site for current interest rates, which begin to accrue at disbursement with the option of paying or capitalizing the interest.

For additional information and forms, visit www.drake.edu/finaid or contact the Drake University Financial Aid Office at 515-271-2905.

Income-Based Repayment

Income-Based Repayment (IBR) is a repayment plan for the major types of federal student loans that caps your required monthly payment at an amount intended to be affordable based on your income and family size.

Drake Law School encourages students to visit the following Income-Based Repayment websites:

• Federal Student Aid Income-Based Repayment
• Income-Based Repayment (IBR Program)

Public Service Loan Forgiveness

See the following links to complete the loan forgiveness process correctly:

• Department of Education's Letter to Borrowers
• Instructions for Completing the Employment Certification for Public Service Loan Forgiveness
• Employment Certification for Public Service Loan Forgiveness

Other Loan Programs

Private Education Loans

Private education loans may provide other sources of funding for students (up to the identified cost of attendance in combination with all other financial aid awards).

Drake’s current policy is to award all federal loan eligibility first since the federal loans, in general, provide the lowest interest rates and best terms and are eligible to be included in Federal Loan Consolidations.

Drake cannot recommend a particular private lender because the decision to borrow a private education loan and whether the terms and conditions are right for the borrowers rests with the student borrower and any co-signers required.

Bar Study Loans

Qualified third-year students may also process a bar study loan. Eligibility guidelines are specific for each lender but all programs require the student to be without adverse credit.

Dreamers Graduate Loan Program

The Dreamers Graduate Loan Program is a first-of-its kind program for those with DACA or TPS status. The Dreamers program provides loans to students attending an eligible school. The loans offered are modeled on those available to U.S. citizens via the federal government's Direct PLUS loan program.