A Guide to Financing Your Drake Education - Drake University - Financial Aid Awards Costs and Payments Credits and Refunds

 
Drake University
2019-2020 FINANCIAL AID HANDBOOK

A Guide
to Financing
Your Drake
Education
Financial Aid Awards

Costs and Payments

Credits and Refunds
TABLE OF CONTENTS

You, your education                FINANCIAL AID AWARDS ..................................................... 1
and your future are what               Financial Aid Package Notification .............................................................1
                                       Combined Undergraduate and Graduate Programs ......................................2
Drake University’s Office              Need-based Grants........................................................................................3
of Student Financial                   Need-based Loans .........................................................................................3
Planning is all about!                 Other Loans ..................................................................................................5
This handbook is designed              Work Study Program ....................................................................................6
to help you understand
the types of financial             SPECIAL SCHOLARSHIPS AND GRANTS .............................. 7
                                       Online Scholarship Searches ........................................................................7
assistance available to
you during your years at           MERIT SCHOLARSHIPS AND LEGACY AWARDS………………8
Drake University.
                                   SATISFACTORY ACADEMIC PROGRESS
                                   STANDARDS AND DURATION OF ELIGIBILITY ...................... 9

                                   2019-2020 EDUCATIONAL COSTS....................................... 11

                                   COSTS AND PAYMENTS..................................................... 12
                                       Payment Options.........................................................................................12
                                       Billing Notes ...............................................................................................13

                                   WITHDRAWING: THE IMPACT ON
                                   FINANCI AL AI D ................................................................. 13

If you have specific questions     YOUR RIGHTS AND RESP ONSI BILITIES ........................... 15
about your financial aid,
write to the Office of             ADDITIONAL FINANCI AL AI D INFORMATION ................... 16
Student Financial Planning,          Independent Students................................................................................17
Carnegie Hall, Drake University,     Part-time Students.....................................................................................17
2507 University Avenue,              Study Away Students ...............................................................................17
Des Moines, Iowa 50311-4505,         Special Programs ......................................................................................18
or call toll-free 1-800-44-
DRAKE, option 3; locally and       TUITION EXCHANGE AND TUITION REBATE.................... 19
from outside the United States,
call 1-515-271-2905.               LEGISLATION THAT AFFECTS YOU ………...………………20
Visit the office’s Web site,
at drake.edu/finaid/ or email      COSTS AND PAYMENTS WORKSHEET……………………..21
financialaid@drake.edu.
                                   FINANCI AL AI D CHECKLIST ............................................. 22

University
FINANCIAL AID AWARDS

By combining financial aid with your family’s resources, a Drake
education can be an affordable and vastly rewarding experience.

What Types of Financial Aid                                                        Your Financial Aid Awards notice is
Might I Receive?                                                                   extremely important. Some awards
Drake University is committed to         Financial Aid Package                     require additional steps in order to
                                         Notification                              receive the funding.
offering financial assistance to
                                         Your Financial Aid Awards notice is
defray the cost of education.
                                         your official notification of the award   Drake University supports the
                                         of financial aid monies through           National Candidate Reply Date,
“Financial aid” means assistance
                                         Drake’s Office of Student Financial       which allows admitted prospective
provided to students from a variety of
                                         Planning.                                 undergraduate students until May 1,
federal, state, private and University
                                                                                   without penalty, to make a decision
sources. With the exception of                                                     among offers of admission and
                                         Your Financial Aid Awards notice,
Federal and State funds, your fi-
                                         while not a commitment of funds, is       financial aid. By accepting financial
nancial aid is applicable only at
                                         an initial indication of funds from       aid, you are agreeing to comply with
Drake University; you cannot
                                         Federal, State, Drake or any aid          the requirements and responsibilities
take it with you if you decide to
                                         awarded by any individuals or             under which it was awarded.
transfer to another university.
                                         agencies other than Drake’s Office of     Accepting financial aid reserves
                                         Student Financial Planning.               funding in your name, but it is
If your financial need or full cost                                                NOT an obligation to attend
                                         Departmental scholarships listed in the
of attendance is met, you may not
                                         financial aid award section of your       Drake University.
be eligible for additional aid,
                                         letter will include scholarships for
including work, without reducing
                                         which you have received official          You may accept or decline any of
other previously awarded aid.
                                         notification from a department within     the financial aid offers without
                                         the University.                           affecting any other part of the
                                                                                   awarded financial aid package;
                                                                                   however, awards that are declined
                                                                                   will not be replaced with other
                                                                                   aid sources.

                                                                                                                           1
Your Financial Aid Awards notice          You should notify the Office of           Individual student circumstances are
is designed to give you a complete        Student Financial Planning                reviewed by the Office of Student
summary of your financial assis-          immediately upon receipt of outside       Financial Planning. Financial aid
tance. Scholarships and grants listed     sources of financial aid. If you do not   beyond eight semesters is generally
on your award letter may be contin-       receive the financial aid expected from   limited to federal and state assistance
gent on the maintenance of a spe-         an outside source, or if you receive a    with Drake-funded aid awarded on a
cific grade point or other academic       different amount, contact the Office of   limited basis.
or performance benchmarks. Please         Student Financial Planning for a
be aware that your awards notice          review of your previously awarded         Note that financial aid eligibility ends
may be revised if you do not achieve      financial aid package.                    when a student has earned the required
specific scholarship or grant criteria.                                             credits for his/her degree program.
                                          General Eligibility Guidelines
If you have questions about the           Students must be admitted to a            Please see Satisfactory Academic
amount of aid to which you believe        degree program and enroll in 12 or        Progress Standards on page 9 for
you should be awarded, please             more credits in fall and/or spring to     additional information.
 contact the Office of Student            receive Drake grants and
Financial Planning for a                  scholarships including athletic
review of your awards. You should         awards. Eligibility for full-time         Combined Undergraduate
retain your awards notice for your                                                  and Graduate Programs
                                          second Bachelor’s Degree students
records and to use as a reference                                                   Drake has three accelerated degree
                                          is limited to the need-based Drake
whenever you have questions about                                                   programs that combine undergraduate
your financial aid package.               Grant.
                                                                                    and graduate coursework: Doctor of
                                          Students may be ineligible for            Pharmacy (PharmD), Law 3 + 3, and
                                          Federal Financial aid at Drake            Master's in Athletic Training (MAT).
What If I Receive Other Aid                                                         The financial aid and tuition policies
Not Included in My Award                  University if they are receiving
                                          Federal Financial aid at another          differ for each of these programs.
Letter?                                                                             Students should consult the Office of
                                          school at the same time.
If you receive outside scholarships,                                                Student Financial Planning to
grants, work or loans that were not                                                 understand the availability of each of
included in your official award letter,                                             their awards as they progress through
                                          How Many Semesters May                    these programs
or if you receive a larger amount
                                          I Receive Financial Aid?
than anticipated on your award letter,
your previously awarded financial         Eligibility for Drake-funded grants
assistance will be reviewed by            and scholarships for full-time
the Office of Student Financial           undergraduate students entering
Planning. On-campus employment            the University directly from high
also may affect your financial aid.       school is based on a maximum of
If necessary, adjustments will be         eight consecutive semesters.
made to assure your financial aid         Students transferring to Drake are
awards are within federal and state       granted a number of semesters in
regulations.                              accordance with their Drake classi-
                                          fication during the first semester of
                                          attendance (a student classified as
                                          a sophomore would have six semes-
                                          ters of eligibility, a junior would
                                          have four semesters, and so on).

2
Need-based Grants
                                           Federal Pell Grant
Drake Grants                               The Federal Pell Grant program is        The maximum full-time ITG award for
Your eligibility for a Drake Grant         designed to provide financial            2018-2019 is $5,650. You must be
as a first-year student is based on        assistance to eligible undergraduates.   enrolled for 12 credit hours per term to
calculated financial need and academic     Application is made by filing a          receive the full award. An
performance.                               Free Application for Federal             ITG will not be finalized until it is
                                           Student Aid (FAFSA).                     confirmed that you meet Iowa
Academic performance for transfer                                                   residency requirements. This may
students is determined by the              The Federal Pell Grant program           require a residency form to be
cumulative grade point average of          provides grants to full- and part-       completed.
all previous college work completed.       time students and may be used at
Only undergraduate students                any eligible college or university       Federal Supplemental
registered for 12 or more credit hours     you attend as an undergraduate           Educational Opportunity Grant
per semester are considered for Drake      or until you receive your first bac-     (FSEOG)
Grants. All Drake Grants are awarded       calaureate degree. The award             The Federal SEOG program pro-
on a funds-available basis. The priority   amount may vary according to the         vides financial assistance to under-
deadline is March 1.                       cost of the institution and the          graduates with exceptional financial
                                           number of hours for which you are        need to enable them to attend
Although you may be academically           enrolled. You must be enrolled for       college. The maximum eligibility for
eligible for a Drake Grant, such           12 credit hours per term to receive      these grants is $4,000 per student per
monies may not be offered because          a full award. For the 2019-2020          year. Typical annual Federal SEOG
you have received non-repayable            academic year, Federal Pell Grants       awards at Drake are approximately
funds from other sources that              range up to $6,195. These                $1,200 per student and are made to
would fill the grant portion of your       grants are generally available to        students receiving a Federal Pell
financial aid package. Examples of         families with modest incomes.            Grant .
such sources include the Iowa Tuition
Grant, the Federal Pell                    You can only receive the Pell Grant      Need-based Loans
Grant, outside scholarships and/or         for up to 12 semesters (or its
departmental scholarships.                 equivalent).                             Health Profession Loan (HPL)
                                                                                    Due to extremely limited funding in
Please remember that the values of         Iowa Tuition Grant (ITG)                 the Health Profession Loan program
Drake Grants are influenced by a           This grant is available to qualified,    for 2019-2020, Health Profession
student’s direct costs (tuition, fees      undergraduate Iowa residents who         Loans will be awarded to students in
and residence hall room/board).            are enrolled at least one-quarter        the priority group which includes P1
                                           time (three credit hours) at a private   and P2 students who meet need-based
Students who choose to live off            institution in Iowa. A student may       awarding criteria, with files being
campus or with parents should be           receive ITG for no more than eight       awarded based on FAFSA received
aware that such a decision may reduce      full-time semesters. The ITG is based    date and “ready for review” status.
financial aid eligibility.                 on financial need, and the federal
                                           processors must receive the FAFSA by
                                           July 1, for a student to be considered
                                           for this award. Application can be
                                           made by listing Drake University on
                                           the FAFSA.

                                                                                                                             3
The priority group also includes P3 or     You may be eligible to borrow up to           To qualify for a Federal Direct Loan,
P4 students denied a Federal Graduate      $5,500 per year as a first-year student       a student must file a FAFSA, be
PLUS and unable to secure a co-            (less than 30 credits), $6,500 as a           admitted to a degree program, be
signer. Please note that awards are        sophomore (30 to 59 credits), and $7,500      enrolled at least half-time (six credit
made on a funds-available basis with       as a junior or senior (60 credits or more).   hours per term in a degree program for
no guarantee of awards to all members      Graduate and professional                     undergraduates; five credit hours
of a priority group. No federal dollars    school students may borrow up to              for graduate students), receive an
have been allocated to the Health          $20,500 per year. Independent                 award letter listing the loan
Profession Loan program for several        undergraduate and graduate students           and submit a Loan Request Form to
years so funds for current borrowers are   may have expanded borrowing
                                                                                         the Office of Student Financial
limited by the amount collected from       capabilities based on cost of
                                           attendance and other financial aid
                                                                                         Planning. Detailed information about
students in repayment. The Health
Profession Loan program provides long-     received. For information regarding           student requirements such as
term loans to full-time pharmacy           the lifetime aggregate borrowing              completing student loan entrance
students pursuing a Doctorate of           limits for these loans, contact the Federal   counseling and a Master Promissory
Pharmacy Degree at Drake University.       Direct Student Loan Program or Drake’s        Note (MPN) are available on the
Repayment begins one year after            Office of Student Financial Planning.         Office of Student Financial Planning
graduation or one year from the date you                                                 website drake.edu/finaid
cease being a full-time student in the     The Federal Direct Loan Program
College of Pharmacy and Health             includes both subsidized (need-based)         When you graduate or cease half-time
Sciences. The interest charge of 5         and unsubsidized (not based on financial      enrollment, an email will be sent to
percent begins at the time of              need) loans. You may have either loan         you by the Office of Student Financial
repayment. In certain cases, payment of    type or a combination on your award           Planning notifying you of your
a loan may be deferred                     letter.                                       requirement to complete an online exit
or canceled. Application is                                                              counseling session at studentloans.gov
made by filing a FAFSA. Drake              During the time you are enrolled
awards are typically no greater             at least a half-time the federal gov-
than $6,000. Active acceptance is          ernment will pay the interest on
required for the HPL. Information will     your Subsidized Federal Direct Loan(s).
be sent via email for your confirmation    For subsidized loans disbursed after July
to borrow.                                 1, 2012 and before July 1, 2014, no
                                           interest accrues until the grace period
NOTE: Current federal regulations          begins. Principle payments begin after
require students applying for the HPL to   the six month grace period.
include parental information on the
FAFSA regardless of dependency             Unsubsidized Federal Direct Loan
status or age.                             interest will accrue during the in-school
                                           periods. You have the option of paying
Federal Direct Loan                        the interest while you are a student or
The Federal Direct Loan is a part of the   adding the interest to the principal of
William D. Ford Direct Student Loan        your loan.
Program.

4
Other Loans                                Federal Direct Graduate PLUS loans           The repayment period begins 60 days after
                                           can be consolidated with all other           the loan is fully disbursed. However, a
If eligibility for these loans was         Federal Direct Student Loans. An exit        parent may request a deferment of
indicated on your award notice and         counseling session will be required if       principal while the student is enrolled at
you wish to borrow the loan(s),            you drop to less than half-time              least half time and for an additional 6
review the instructions on the Office of   enrollment, graduate, or withdraw from       months after the student drops to less than
Student Financial Planning website         school.                                      half-time enrollment or graduates.
                                                                                        Contact your loan servicer to request a
drake.edu/finaid
                                           Federal Direct Parent Loan for               deferment.
                                           Undergraduate Students (PLUS)                After you have received your award
                                           The Federal Direct PLUS loan is              notice, your parent may apply for the
Federal Direct Graduate PLUS Loan          available to parents of dependent            Federal Direct PLUS loan online at
(for graduate students only)               undergraduate students. The borrower         studentloans.gov. Detailed information
The Federal Direct Graduate PLUS loan      must be a biological or adoptive parent      about requirements such as completing the
is available to graduate students based    of the dependent student filing a FAFSA      Federal Direct PLUS M aster Promissory
upon the difference between the            or a stepparent included on the              Note (M PN) are available at
student’s cost of education less other     dependent student’s FAFSA, must be a         drake.edu/finaid
financial assistance received.             U.S. citizen or eligible non-citizen and
                                           have no adverse credit. Parents may          Private Education Loans
After you have received your award         borrow the difference between the            Students and families may borrow
notice, you may apply for the Federal      student’s cost of education less financial   private education loans to help fund
Direct Graduate PLUS loan online at        assistance. Completing a FAFSA form          their cost of attendance expenses. There
studentloans.gov.                          is required to obtain a PLUS loan.           are many private loan products available
                                                                                        and any private education loan should
Detailed information about student                                                      be researched thoroughly before a
requirements such as completing student                                                 decision to borrow. . Drake has
loan entrance counseling and a Master                                                   provided a preferred lenders list for your
Promissory Note (MPN) are available at                                                  review. This list is available at:
drake.edu/finaid                                                                        https://choice.FastChoice/home/186000

                                                                                                                             5
Work Study Program                         Every effort is made to match a             It is not possible for Drake to
Drake’s work program provides              student’s qualifications with the           make up any award that you do
                                           needs of on-campus employers.               not earn. If you choose to decline
part-time employment on and off
                                                                                       your work award, Drake will not
campus. Awards are based upon
                                           The hiring process for continuing           make up this amount in scholar-
calculated financial need as deter-
                                           students is designed to parallel a          ships or grants. In some cases, you
mined by information provided on
                                           “real world” experience. Job                may replace your work study award
the FAFSA. Need-based employ-
                                           openings are listed in Handshake            with Federal Direct Loan eligibility.
ment is funded by the Federal
                                           (https://app.joinhandshake.com/register)    Contact the Office of Student
Work Study program. Students
                                           under Campus Resources in myDrake.          Financial Planning to discuss this
awarded Federal Work Study will
                                           Students self-select a position and         option.
be given priority in the hiring for
                                           contact the campus employer to arrange
positions.
                                           an interview. You are responsible for       Student employment earnings are
                                           establishing a work schedule with your      paid each month for hours worked
Many students are offered employ-
                                           supervisor so that you can earn the total   during the previous month.
ment as part of their financial aid
                                           amount of your work award.                  The money earned is directly
packages. Employment awards gen-
                                                                                       deposited into a checking or savings
erally range between $500 and
                                           Drake University is committed to            account. Instructions for establishing
$2,000 per year, with the average          using a portion of its federal work         direct deposit will be available on the
student working 10-12 hours per
                                           study funding to encourage student          Student Employee tab on myDrake
week. Wage rates start at $7.25 per
                                           participation in community service          once you have completed the required
hour, based on the job, skills
                                           activities. Drake, in partnership           employment paperwork. The amount
required and experience desired by
the employer. The work study               with area community service                 of the work award cannot be directly
                                           employers, offers a number of               applied to your tuition and room
award is not a guarantee of
                                           positions for students eligible for         and board bill; therefore, it is not
employment and is not a credit on
                                           work study. Openings are also listed        possible for you to use your work
your student account.
                                           in Handshake, listed under Campus           award money toward your first
                                           Resources in myDrake. Students contact      payment in the fall.
First-year students, who qualify for
                                           employers to apply for positions of
work study, can be assigned
                                           interest.                                   Students enrolled for less than six
work study positions on campus.
                                                                                       credit hours may lose their work
If you are interested in being assigned
                                           If you have questions about work            award. Contact the Office of
a work study position, you can
                                           study positions or the community            Student Financial Planning for
complete the application found on the
                                           service program, please contact             further clarification.
summer orientation website. It is
                                           the Human Resources Office via email
extremely important that you
                                           at studentemployment@drake.edu.
complete and return the application
by the designated deadline, as
Drake’s Human Resources Office
will not assign first-year students to a
job unless the completed application
has been received.

6
SPECIAL SCHOLARSHIPS                                                                     Course, the first two years of
AND GRANTS                                                                               ROTC. Upon officially contracting
                                                                                         into ROTC, soldiers begin attending
                                                                                         drill weekends as ROTC cadets and
The scholarships listed in this section (unless     ROTC Scholarships                    are to be utilized as officer-trainees
otherwise specified) are tuition-specific (may      The Department of Military           instead of enlisted soldiers within
only be used toward the cost of tuition).           Science offers ROTC                  their Military Occupational
                                                    scholarships to qualified            Specialty (MOS).
Fine Arts Scholarships                              students on a competitive basis
                                                    in almost any academic               Guaranteed Reserve Forces
Drake’s School of Fine Arts offers
                                                    discipline.                          Duty Scholarship (GRFD)
a limited number of scholarships to
students who display exceptional                                                         If you've already decided you want
                                                    The scholarship provides             to be in the National Guard or
talent in the fields of art, music or
                                                    payment for full tuition and         Reserve Forces upon
theatre arts. Fine Arts Scholarships, in
                                                    fees, $1200.00 a year for            commissioning, GRFD could be for
combination with Drake scholarships and grants,
                                                    books, and a subsistence             you. The benefits of a GRFD
cannot exceed the cost of tuition. If the
                                                    allowance of $300.00                 scholarship include full payment of
combination of a Fine Arts Scholarship(s) and
                                                    (Freshman), $350.00                  tuition and fees, $1200 a year for
other Drake scholarships/grants exceed tuition,
the Fine Arts Scholarship will be reduced or        (Sophomores), $450.00                books, a $420 monthly stipend, and
                                                    (Juniors) and $500.00                a promotion to E-5.
cancelled. You may be considered for a fine arts
                                                    (Seniors) per month for 10
scholarship after you have completed the
                                                    academic months.                     In order to be eligible for a GRFD
appropriate application obtainable from the
dean of the College of Arts and                                                          scholarship, you must be a US
                                                    Simultaneous Membership              citizen, pass army medical and
Sciences. You should also complete
                                                    Program (SMP Cadets):                fitness exams, as well as a
a FAFSA as some scholarships are
                                                    The Simultaneous Membership          background check. GRFD
based upon talent, academic ability
                                                    Program (SMP) allows cadets          scholarship winners must also
and calculated financial need.
                                                    to participate in ROTC and           complete one of the following:
Athletic Scholarships                               enlist, or already be enlisted, in   basic training and AIT, ROTC basic
                                                    the Army National Guard              course, or the Leader's Training
Athletic scholarships are available for both men
                                                    (ARNG) or Army Reserve               Course.
and women in basketball, soccer, track and field,
                                                    (USAR) at the same time. It is
cross-country, golf, and tennis. Rowing, softball   a powerful training program
and volleyball also provide athletic scholarships
                                                    that has many benefits and           For information and application,
for women. Drake athletic scholarships may
                                                    allows the cadet to decide if        contact Aaron S. Rosheim at
only be awarded to students admitted to and
                                                    they wish to compete for active      arosheim@iastate.edu
working toward a degree program and Division I
                                                    duty or Commission into the
athletes are not awarded Drake Grants.
                                                    ARNG/USAR.
Contact the head coach for a sport to obtain                                             Computerized scholarship searches
                                                    ARNG & USAR soldiers                 and information on national
additional information
                                                    interested in the SMP can            and local scholarships are available
                                                    enroll and participate in ROTC       on the Office of Student Financial
Crew Scholarships
                                                    as soon as they are ready. It is     Planning’s website
For detailed information regarding the Crew
scholarship program, visit the Crew Scholars site
                                                    highly recommended that              drake.edu/finaid/scholarships
                                                    soldiers enroll as soon as they
at                                                  get to campus but they can
https://www.drake.edu/academics/undergraduate       enroll in ROTC as late as two
/crew/                                              years from graduation since
                                                    Army Basic Training gives
                                                    them ROTC credit for the
                                                    Basic                                7
Students transferring from
MERIT SCHOLARSHIPS AND LEGACY                                                          another college/university
AWARDS                                                                                 All first-time transfer students enrolling full-
                                                                                       time at Drake are considered for Presidential
M erit scholarships at Drake University        Renewal criteria include a minimum      Transfer Awards at the point of admission.
are not based upon financial need but are      2.00 cumulative GPA and                 Renewal criteria include a minimum 2.00
based on a variety of criteria depending       maintaining Satisfactory Academic       cumulative GPA and maintaining
on the type of scholarship. M erit             Progress. Presidential Scholarships     Satisfactory Academic Progress. Presidential
scholarships are awarded at the time of        are renewed for the amount awarded      Transfer Awards are renewable based on
admission and are available for a first        at admission.                           consecutive full-time undergraduate
undergraduate or pharmacy degree at                                                    enrollment with individual maximum
Drake University. Premier awards               The University’s most prestigious       semesters for renewal determined by the
require participation in a recipient           scholarships are the National           entry grade level of the transfer student.
selection process. M erit scholarships are     Alumni and Carpenter                    Students with previous bachelor’s degrees are
available for a maximum of eight               Scholarships. Alumni and                not eligible. Presidential Transfer
semesters and are only awarded for full-       Carpenter scholars must maintain a      Scholarships are renewed for the amount
time study.                                    3.25 cumulative GPA and                 awarded at admission.
                                               Satisfactory Academic Progress.
M erit scholarships (except the National       Alumni and Carpenter Scholarships       An unlimited number of $2,000 Phi Theta
Alumni Room and Board Scholarship)             supersede all other Drake merit         Kappa scholarships will be awarded to
and Legacy Awards can only be applied          awards Applicants do not have to be     qualified community college transfer students
toward the cost of full-time tuition. If a     related to Drake alumni to be           who currently hold active membership.
student receives other scholarships or         eligible for this award; please refer   Please refer to the web site for the Office of
grants that are also tuition-specific, merit   to the web site for the Office of       Admission for complete information
scholarships or Legacy Awards may be           Admission for complete information      regarding Phi Theta Kappa scholarships.
reduced so the total of all tuition-specific   regarding the Alumni Scholar
awards do not exceed the cost of full-         competition.
time tuition. The awards cannot be used                                                Both Students Admitted Direct
to cover tuition overload costs. Also,         The results of the competition          from High School and Transfers
merit scholarships or Legacy Awards            provide:
may be reduced when a student is                    • Two National Alumni              Legacy Awards honor full-time degree-
awarded a Drake restricted or endowed                    Scholarships, which cover     seeking undergraduate students who are
(named) scholarship. The sum of the                      the costs of tuition, fees,   children, grandchildren, and great-
named scholarship and the merit                          board and double              grandchildren of Drake graduates. The
scholarship or Legacy award will always                  occupancy in a Drake          $1,500 annual award (one award per
be at least the same value as the original               residence hall.
awards.
                                                                                       student) is not based on financial need,
                                                    •    Three George A.               must be applied only to the cost of tuition
                                                         Carpenter Scholarships,       and is renewable for up to eight full-time
Students admitted direct
                                                         which cover full tuition.     semesters. No separate application is
from high school
                                               Trustee Scholarships of $3,000 are      required. To qualify you must list your
 All prospective students that have            awarded to all eligible students who    legacy information within your admission
applied and been admitted by the priority      complete the National Alumni            application and the Drake degree must be
deadline of M arch 1 are automatically         Scholarship application process         conferred before the student begins
considered for Presidential                    and participate in a Scholarship        enrollment.
Scholarships. Recipients of these tuition      Day. Renewal criteria for the
scholarships are chosen on the basis of        Trustee Scholarship is a minimum
academic achievement.                          2.00 cumulative GPA and
                                               maintaining Satisfactory Academic
8                                              Progress.
Restricted/Endowed University
Scholarships
                                           SATISFACTORY ACADEMIC
In general, these scholarships are         PROGRESS STANDARDS AND
awarded by the Office of Student
Financial Planning although some           DURATION OF ELIGIBILITY FOR
scholarship recipients are selected by
academic departments. Criteria for
                                           RECEIVING FINANCIAL AID AT
selection are specific to each             DRAKE UNIVERSITY
scholarship and, in almost all cases,
these scholarships are substitutions for
merit scholarships already awarded.        The Higher Education Act of 1965, as      The academic progress of financial aid
For example, the student has a             amended, requires students to maintain    recipients will be monitored a
Presidential Scholarship for $16,000       satisfactory progress toward their        minimum of once each academic year.
and receives an XYZ Endowed                degree in order to receive financial      Students who have a change in their
Scholarship for $1,000. The new            aid. At Drake University, these           SAP eligibility will be notified by
awards for the student are Presidential    standards apply to students who are       letter and/or email. Students should
Scholarship $15,000 and XYZ                receiving or applying for financial aid   contact the Office of Student Financial
Scholarship $1,000.                        from one or more of the various           Planning with questions regarding t h e
                                           federal, state, or institutional grant,   intent and interpretation of these
Outside Scholarships                       scholarship, work, or loan programs.      standards.
Many firms and agencies extend
educational benefits to their              The Drake University Satisfactory         Quantitative Measure (Pace)
employees. Contact the personnel           Academic Progress (SAP) Standards         Students must earn two-thirds or (67%
office of your father’s and/or moth-       for Financial Aid apply to all students   rounded) of their attempted credit
er’s place of employment to find           seeking to establish or maintain          hours (on a cumulative basis) in order
out if the employer(s) will help           financial aid eligibility. These          to continue to receive financial aid.
finance your education. Don’t for-         standards apply to a student’s entire     The pace is calculated by dividing the
get to contact businesses and orga-        degree program including terms in         total number of credit hours the
nizations within your community            which financial aid was not applied       student has successfully completed by
for possible scholarship funds.            for or disbursed.                         the total number of credit hours the
Libraries are good places to check                                                   student has attempted. All credit
for information, too.                      These standards contain both a            hours attempted (withdrawals, repeats,
                                           quantitative (pace) component and a       incompletes, passed, failed, etc.) are
Please note that outside awards            qualitative (cumulative GPA)              included when calculating the pace of
are used in meeting financial need.        component. These are the minimum          completion. Students who do not
If your outside awards combined            standards required in order to maintain   achieve the quantitative measure of
with need-based aid exceed need or         financial aid eligibility. Specific aid   progress toward earning a degree or
cost of attendance, a revision of          programs, college, or department          certificate will lose financial aid
your financial aid package would           standards may require MORE                eligibility but have the option of
be necessary. Please report outside        THAN these minimum standards for          appealing for the restoration of
awards to the Office of Student            good academic standing and                financial aid.
Financial Planning as the information      continued approval for enrollment.
becomes available.                                                                   General financial aid eligibility will
                                                                                     terminate when the credit hours
                                                                                     required for a specific degree/program
                                                                                     are earned or the student has attempted
                                                                                     greater than 150% of the credit hours
                                                                                     required for a specific degree/program

                                                                                                                      9
Qualitative Measure (Grade Point          Repeated Coursework                            If an appeal is granted, the student
Average)                                  When a student repeats a course, the           may be placed on probation for one
Students must have a 2.00 (University)    most recent grade received, if improved,       payment period if they can meet the
cumulative GPA in their degree or         will be used in the calculation of the         SAP standards at the end of the next
certificate program to continue           cumulative GPA. Each time a course is          period of enrollment, or the student
receiving financial aid. Students wh o    repeated, the credit hours will count as       can be placed on a formal academic
do not meet this qualitative measure of   attempted credits.                             plan and must meet the requirements
progress toward earning a degree or                                                      of that plan by a specified point in
                                          Credit by Examination
certificate will lose financial aid                                                      time.
                                          Credits earned by examination may be
eligibility but have the option of        used to satisfy cumulative credit
appealing for the restoration of          requirements.
                                                                                         Evaluation Process
financial aid.                                                                           The routine evaluation of Satisfacto ry
                                          Non-credit Coursework                          Academic Progress according to these
Transfer Credits                          Non-credit coursework will not be              standards occurs on an annual basis
Upon admission, transfer students will    counted in the completion rate                 following the close of the spring term.
be assumed to be maintaining              determination.                                 Evaluations for a student granted a
satisfactory academic progress.                                                          probationary period will occur at the
Transfer credits that are accepted at     Loss of Eligibility                            end of the next period of enrollment.
Drake University will be counted in       If a student loses financial aid eligibility
both the total attempted credits and      for failure to meet the SAP standards,         Appeal Process and Satisfactory
completed credits in determining the      the student may regain eligibility by          Academic Progress Question
pace and must be included during each     submitting a successful appeal or by           The Financial Aid Committee will
evaluation. Transfer GPA will not be      meeting Drake University’s minimum             evaluate student appeals for restoration
used in determining satisfactory          SAP standards.                                 of aid. For questions regarding this
academic progress compliance for                                                         policy or the appeal process, please
                                          Re-establishing Eligibility and Appeals        contact:
credits transferred to Drake
                                          A student who has lost eligibility due to
University.
                                          not meeting the minimum SAP standards
                                                                                         Kristi Fuller, Assistant Director for
                                          for pace and/or GPA can make-up
Incomplete Grades                         deficiencies while not receiving financial     Continuing Student Programs
An incomplete or “I” grade will be        aid or by successful submission of an          Office of Student Financial Planning
treated as a failing grade in the         appeal.                                        Carnegie Hall
cumulative GPA. An incomplete will                                                       Drake University
also be counted as attempted credit       A student may appeal in writing based          2507 University Ave.
hours for purposes of determining         on extenuating circumstances, such as a        Des Moines, IA 50311-4505
pace.                                     death of a family member, illness or
                                          injury of the student, or other                E-mail: kristi.fuller@drake.edu
Withdrawals                               extenuating circumstance. The appeal           Phone: 515-271-2779 or 1-800-44-
Credit hours from which the student       must contain information regarding why         DRAKE, ext. 2779
has withdrawn or received a grade of      the student failed to make SAP and what
“W” will be counted as attempted          has changed in the student’s situation
credit hours for purposes of              that will allow him/her to meet SAP at
determining pace.                         the next evaluation period.

10
2019-2020 EDUCATIONAL COSTS

Books/Supplies                         Tuition (Full-time Students)
Full-time undergraduate students
should plan to spend about $550                 Program                                     Semester         Academic Year
per semester for books and supplies.
Graduate students may expect to        Undergraduate Tuition Guarantee entry 2019-2020 $ 21,347                   $ 42,694
spend about $240 a semester for              Undergraduate entry 2018-2019                    $ 20,625            $ 41,250
books and supplies. Law students
should plan to spend about $1,000 a          Undergraduate entry 2017-2018                    $ 19,458           $ 38,916
semester.                                    Undergraduate entry prior to 2017-2018           $ 19,156            $ 38,312
Personal/Transportation                      Law                                             $ 21,200             $ 42,400
Personal costs vary from $1,500 to           Pharm.D. (P1-P3)                               $ 20,895              $ 41,790
$2,900 depending upon dependency
status, degree program and place             Pharm.D. (P4)                                   $ 23,516             $ 47,032
of residence while attending Drake
                                       * Tuition for the M.B.A and General graduate programs is charged on a
University. Depending upon             per-credit-hour basis.
whether the student lives on or off
campus, or with parent, transporta-    Room (Residence Hall Students Only)
tion costs allowable for financial
aid purposes vary from $990 to                 Double Occupancy               $ 2,946               $ 5,892
$2,900.

                                       Board
Off-campus Room/Board                          All Residential Plans           $2,478               $4,956
Costs for off-campus room and
board vary depending upon depen-
dency status and type of living
arrangement (i.e., with parent, in
an apartment, etc.). Typical costs     Part-time Undergraduate Students              charged on a per-credit basis. If you
range from $2,000 to $12,640 for       To qualify for financial aid as a full-       have questions regarding “per credit”
the nine-month academic year.                                                        costs visit drake.edu/accounts or
                                       time student, enrollment must be 12 or
                                       more hours per semester. Part-time            contact the Office of Student Accounts
                                       students (those taking less than 12           at 1-800-44- DRAKE, x2151; locally
                                       credit hours per semester) are                and from outside the United States,
                                                                                     call 1-515-271-2151.

                                                                                                                             11
COSTS AND PAYMENTS

How will I receive my                     Payment Options              Here’s an example:
financial aid?                                                         Estimated Costs
                                          Drake University offers                                     Semester          Year
All scholarships, grants and loans        students and families a     Tuition/fees for entering
awarded by Drake’s Office of              convenient four                first-year student            $ 21,347      $ 42,694
Student Financial Planning and            installment payment         Room and Board                   $ 5,424      $ 10,848
accepted by you will be credited          plan for the Fall and       Student Activity Fee              $ 73         $ 146
directly to your account. Federal         Spring semesters.           TOTAL                            $ 26,844      $ 53,688
Direct Loans certified by July 1,         Students or Authorized      Financial Aid Award
will appear as an estimated credit        Users can sign up for                                       Semester          Year
on your bill, but actual credit will      Drake’s payment plan,
not be made until these loan funds                                    Scholarship/Grant                 $ 10,000      $ 20,000
                                          once statements are         Federal Direct Loan               $ 2,722       $ 5,445
arrive. Work study is not credited        available, for a $30 fee
to your bill.                                                         (net amount)
                                          per semester. Statements TOTAL                               $ 12,722      $ 25,445
                                          are generally available
Remember, one-half of your academic       by the last week of July    T o determine the amount one would owe for one semester:
year award is credited to your            for fall and by the last    Semester Costs - Financial Aid Award = Amount Due.
account at the beginning of each          week of November for        In this example: $26,844- $12,722 = $14,122. To determine
semester. Outside scholarships/           Spring. Tuition and fees your     own balance due, use the Costs and Payments
                                                                      Worksheet on page 21.
loans are not credited until the          are due the first day of
funds are received from the               the semester unless the
donor/lender. Unless a donor              account is enrolled in the
specifies, outside scholarships/loans     payment plan. The
are to be applied to the semester in      installments are due beginning
which they arrive.                        September 1 for Fall and February 1         If you have questions or concerns
                                          for Spring.                                 regarding your account or payment
What happens if I am                                                                  plan, please contact the Office of
entitled to a refund to                   First-year students and transfer            Student Accounts at 1-800-44-
help cover some of my                     students must forward a non-                DRAKE, option 4; locally and from
living costs?                             refundable tuition deposit of $250, for outside the United States, call 1-515-
If your student account is credited       full-time undergraduate study, to the       271-2151 option 4. The manager of
                                          Admission Office by May 1. The              student accounts may use information
with more funds than you owe
                                          deposit will be deducted from your          about the financial aid you are eligible
Drake, you will receive a check for
                                          semester bill when you register.            to receive in discussing individual
the amount of your credit balance or if
                                          Financial aid may not be used to pay        payment for past-due accounts.
you signed up for direct deposit, the
                                          the deposit. Students interested in
funds will be deposited into the
                                          obtaining a deposit waiver should
account designated. Refunds are not
                                          contact the Admission Office directly.
available until the term begins.
12
Important Billing Notes
1. Employment earnings are paid each        WITHDRAWING: THE IMPACT ON
month DIRECTLY to the student for
hours worked and DO NOT show as a
                                            FINANCIAL AID
credit on the tuition bill.
                                            Complete Withdrawals                           Complete Withdrawals Federal Policy
2. Outside scholarships (i.e., Rotary,      Students withdrawing from Drake                (see “Complete Withdrawals” for
Elks, etc.) are credited to student         University should do so by initiating their    information regarding the withdrawal
accounts only AFTER the money is            intent to withdraw through myDUSIS. If         process and the calculation of enrollment
received by Drake University.               students are unable to withdraw through        percentages)
                                            myDUSIS, they should formally withdraw
3. For Federal Direct                       through their College Dean’s office or the     During the first 60 percent of the
Subsidized/Unsubsidized loans,              Office of the Registrar. A portion of the      enrollment period, financial aid from
                                            tuition charges may be credited to the         federal, certain state and institutional
estimated fees may be calculated by
                                            student’s account if the withdrawal occurs     programs is earned based on the number of
multiplying the requested loan amount       before 60 percent of the enrollment period     days the student remains enrolled.
by approximately 1 percent. For PLUS        (semester) has been completed. After 60
loans, estimated fees may be calculated     percent of the enrollment period, no           Financial aid from private scholarship
my multiplying the requested loan           adjustment to tuition is made.                 programs is returned to those programs per
amount by approximately 4 percent.                                                         their individual regulations. Private loans
                                            T he percentage of the period that the         and payments made by students and
4. The first disbursement of Federal        student remained enrolled is derived by        parents are not subject to the earned aid
Direct Student Loans certified by July 1    dividing the number of days the student        percentage. T hese funds are used to pay the
will appear on your bill as an estimated    attended by the number of days in the          remaining balance after adjustments to
credit and will help in calculating your    enrollment period. Calendar days are used;     federal, state, institutional aid, and
payments. Actual credit will not be made    breaks of five or more days are excluded       institutional charges have been completed.
until the loan funds arrive.                from both the numerator and denominator.       Any credit balance remaining is returned to
                                            Scheduled breaks are measured from the         the student/parent. Drake has to return any
5. Federal Direct PLUS Loan proceeds        first day of the break to the next day that    unearned federal financial aid based on a
certified by July 1 will appear on your     classes are held. If a break begins on         Return of T itle IV (R2T 4) funds
                                            Wednesday and no classes are held the          calculation. Federal returns are credited in
bill as an estimated credit and will help
                                            following weekend (classes resume on           the following order: Federal Unsubsidized
in calculating your payments. Actual
                                            Monday), the five day break would be           Direct Loans, Federal Subsidized Direct
credit will not be made until the loan      excluded from the calculation.                 Loans, Federal Direct Grad PLUS, Federal
funds arrive.                                                                              Direct Parent PLUS, Federal Pell Grant,
                                            T he enrollment period for the Fall semester   Federal SEOG, T EACH Grant,(Drake is
                                            contains 105 days.                             not a participant in this program) and other
                                            Examples for Fall percentages:                 T itle IV aid.

                                            Withdrawal on Day 1 =1/105 = 1                 Students may need to repay financial aid
                                            percent                                        that they did not earn.

                                            Withdrawal on Day 2 = 2/105= 1.9
                                            percent

                                            Withdrawal on Day 64 = 64/105=
                                            61 ≈ 100 percent

                                                                                                                          13
Unearned state and institutional program         Compre ssed Courses
 funds are to be returned to their specific       (courses that don’t span the entire        ENROLLMENT CHANGES
 program.                                         semester)
                                                                                             Financial Aid Adjustments
 A student who remains enrolled beyond the        T itle IV (federal student aid)
                                                                                             Changes in Enrollment (other than
 60 percent point earns all aid for the period.   regulations define any course that
                                                                                             complete withdrawals)
 T he 60 percent point must be met, without       exists within a semester but does not
 rounding off to the nearest percent, to earn     span the entire semester as a
                                                                                             Financial aid may be adjusted during the first two weeks
 100 percent of aid for the period.               compressed course (i.e. a weekend
                                                                                             of enrollment based upon changes in enrollment and
 Institutional costs play no role in              and evening course that meet for
                                                                                             changes in tuition and fees. Eligibility for financial aid
 determining the amount of T itle IV funds to     shorter periods). For compressed
                                                                                             for increased enrollment is not “ automatically”
 which a withdrawn student is entitled.           courses, a student may be considered
                                                                                             calculated with an enrollment change. Please contact the
 Students will be responsible for payments of     withdrawn from the semester if he or
                                                                                             Office of Student Financial Planning to discuss changes
 costs not covered by the amount of aid           she drops a course even after
                                                                                             in enrollment and your financial aid eligibility.
 earned. Student/parent payments toward           completing another course within the
 original charges may not be refunded in the      semester. For example, a student
                                                                                             An increase in enrollment after the first two weeks of
 same proportion as the revised aid. T his        enrolls for two courses; three credits
                                                                                             class will not result in an increase in Federal Pell Grant.
 policy is subject to federal regulations,        each, in the fall semester. T he first
 specifically, the Higher Education               course meets every other weekend
                                                                                             Tuition Adjustments Based
 Amendments of 1998, Public Law 105-244.          during November, after completing
 Please contact the Office of Student             the first course and prior to beginning    on Enrollme nt Changes
                                                                                             (other than complete withdrawals)
 Financial Planning to discuss individual         the second course; the student drops
 circumstances.                                   the second course. According to
                                                                                             A reduction of credit hour enrollment within the first
                                                  regulations, the student is considered
                                                                                             two weeks of the semester may occur without tuition
 Re funds                                         withdrawn from the fall semester for
                                                                                             penalty. After the first two weeks of the enrollment
 Refunds based on complete withdrawals will       federal student aid purposes and is
                                                                                             period, a change from full-time to part-time status or a
 be calculated and processed once all             subject to a Return of T itle IV student
                                                                                             reduction in credit-hour enrollment, other than a
 adjustments, tuition, room and board and/or      aid calculation. T his is not limited to
                                                                                             complete withdrawal, will not change tuition charges.
 financial aid have been made.                    weekend courses.
                                                                                             For example, a student enrolled full-time will receive no
                                                                                             tuition adjustment if he or she drops below full-time
 A student living in a University residence
                                                                                             enrollment after the first two weeks of the semester.
 hall who withdraws from the University may
                                                                                             T uition adjustments for increased enrollment continue
 receive a prorated credit for room and board
                                                                                             throughout the term.
 beginning with the Monday of the week
 following approved withdrawal.

Example of a Recalculation
T his example is for illustration purposes only. Actual charges and refund amounts may vary.
T he following is an example of charges and credits for a student who totally withdrew from
classes on the 49th day in the fall term (49/105 = 46.7 percent). T his student paid in full
 before withdrawing.

     O riginal Charges                        Re vise d Charge s
         T uition $21,347                      T uition $ 9,969
          Fees    $73                          Fees     $73
     O riginal Financial Aid                  Re vise d Financial Aid
         $2,722 Direct Loan                          $1,271
         (received amount)
         $900 Drake Grant in Aid                     $ 420
         (received amount)
         $10,000 Presidential Scholarship            $ 4,670

     Total O riginal Aid                      Total Re vise d Aid
        $13,622                                    $6,361

     Stude nt Payment                         Re fund
14       $7,798                                     $4,117
You have several rights as a
YOUR RIGHTS AND RESPONSIBILITIES                                                       financial aid recipient:
                                                                                       1. Information given to Drake’s
Do I need to do anything                 7. You will need to submit information        Office of Student Financial
special to receive and keep              requested by financial aid processors,        Planning is treated confidentially.
my financial aid package?                Drake or any other institution or
You must comply with all the rights      program to which you are applying for         2. You may appeal Drake’s financial
and responsibilities contained in this   aid to clarify your eligibility for aid. If   aid offer if you feel it is unfair or
handbook.                                you are selected for verification or          unreasonable.
These include:                           financial aid review, you and your
                                         parent(s) (if applicable) will be             3. You may appeal a financial aid
1. Be sure to review your notice of      required to provide specified                 policy or procedure. The appeal may
awards.                                  documentation. This may include               be initiated through Drake’s
                                         federal tax information and federal           Associate Director of Student
2. You must comply with all federal      financial aid verification worksheets.        Financial Planning.
requirements of the 1983                 Failure to submit requested
Amendments to the Military               information could result in the loss of       4. You may have your financial
Selective Service Act.                   available funds. The absolute deadline        need reviewed if your circumstances
                                         for the completion of the federal             change during the academic year.
3. If you owe money from a prior         verification process (all requested           Contact the Office of Student
over-award of federal funds at any       documentation received by the Office          Financial Planning if you feel your
institution, you need to make            of Student Financial Planning and             calculated financial need should
arrangements for repayment of the        verification review is complete) is           be reviewed.
over-award. You are not eligible for     typically in the month of September
financial aid if you owe a refund on     following the award year (i.e. for 1920       Selective Service
federal funds.                           September 2020) or 120 days after the         Requirement For Financial
                                         last day of a student’s enrollment            Aid Recipients
4. You must be in good standing          whichever is earlier. The Office of           The Department of Defense
and be making satisfactory               Student Financial Planning strongly           Authorization Act, 1983, which
academic progress as outlined in         recommends that documents be                  amends the Military Selective
this handbook. You are not eligible to   provided no later than one month prior        Service Act, denies federal financial
receive financial aid for credits that   to either of the above deadlines due to       aid under the Title IV programs
are not used to complete your            the possibility of additional necessary       (Federal SEOG, Federal Work Study,
degree requirements.                     follow-up prior to the deadline. Failure      Federal Pell Grant, Federal Direct
                                         to meet this deadline results in the loss     Subsidized/Unsubsidized Loan and
5. You must report any additional        of federal financial aid eligibility.         Federal PLUS) of the Higher
financial aid (scholarships, grants,     Please note that there may be earlier         Education Act to any student who is
loans or work) that you receive          deadlines for various forms of                required to register for the Selective
that are not listed on your              financial aid (such as loan                   Service but fails to do so.
current awards notice from Drake         certifications) or for state or private       General registration requirements
University.                              programs that require FAFSA filing.           apply to males who are at least 18
                                                                                       years old and were born after
6. You must meet other conditions        8. You must repay all loans according         December 31, 1959. If you believe
listed on your awards notice and         to your established repayment                 you are not required to register,
contained elsewhere in this hand-        schedule. You are not eligible for            call the Selective Service Office at
book.                                    financial aid if you are in default           1-800-688-6888 for information
                                         on a Federal Perkins Loan, Federal            regarding exemptions.
                                         Health Professions Loan, Federal
                                         Direct Subsidized/Unsubsidized Loan                                                 15
                                         or Federal Direct PLUS received at
                                         any institution.
What does the term
ADDITIONAL FINANCIAL AID                                                              “academic year” mean
INFORMATION                                                                           for financial aid purposes?
                                                                                      Sequence of Terms
Where Can I Seek                           Will My Financial Aid Stay                 Drake’s academic year begins
Counseling About Financial                 The Same Through All The                   with the summer term and ends the
Assistance?                                Years I Study At Drake                     following spring (for example, the
                                           University?                                terms in order for the 2019-2020
Drake’s Office of Student                                                             year are Summer 2019, Fall 2019,
Financial Planning has staff members       In general, if your calculated             and Spring 2020). The P4 year in the
who can assist you in understanding        financial need, academic standing          College of Pharmacy is defined by
your financial aid, budgeting your         and place of residence (on or off          the college and divided by financial
resources, and managing your loans.        campus) remain consistent from             aid into two equal terms (for example,
You are encouraged to contact our          year to year, your financial aid           the 2019-2020 P4 academic year
office when you need help at 1-800-        awards also will remain consistent         first term begins on 5/20/19 and ends
44-DRAKE, option 3; locally and            from year to year. Presidential            on 11/17/19 and the second term
from outside the United States, call 1-    Scholarships, Trustee Scholarships,        begins on 11/18/19 and ends on
515-271-2905 to schedule an                and Presidential Transfer Awards do        05/15/20).
appointment. Other services provided       not increase in value from year to year.
by the Office of Student Financial                                                    Academic Year
Planning include assessing eligibility     Calculation of your eligibility for        For the purpose of administering
for financial aid, awarding aid, admin-    financial aid is based upon the            federal, state, private and institutional
istering emergency loans, and              information you and your family            financial aid programs, the Federal
recommending and processing Federal        provide on your FAFSA. If your             Title IV academic year as defined in
Direct Loans.                              family situation changes, such as          section 481(a) of the Higher
                                           another sibling enters college or          Education Amendments will be used.
Do I Need To Fill Out A                    your family’s income or assets sig-        Section 481(a) defines academic year
Financial Aid Application                  nificantly increase or decrease,           as a minimum of 24 semester credit
Each Year?                                 your financial aid award(s) may            hours earned AND a minimum of 30
Each year you must fully complete a        change.                                    weeks of instruction.
Free Application for Federal Student       You have the right to expect
Aid (FAFSA). Electronic filing is                                                     Grade Level and Loan Grade
                                            equitable treatment in the awarding of
available on the Web at fafsa.gov.                                                    Level Progression
                                           financial aid. Your application is         The university has defined grade
                                           individually reviewed by
The FAFSA must reach the processing                                                   level progressions as follows (and
                                           staff in the Office of Student
center by MARCH 1 in order to be                                                      financial aid will use this progression
                                           Financial Planning. Your award
considered for priority funding. If your                                              for determining the maximum
                                           also may change because of
FAFSA is received by the processing                                                   borrowing levels for student loans):
                                           changes in federal, state or institu-
center after MARCH 1, you are              tional funding or regulations.
considered a late applicant for Drake-                                                Undergraduate (credits earned)
                                           Please call the Office of Student          0-29 Freshman (1)
administered funds. Late applicants        Financial Planning if you have
are awarded on a funds-available                                                      30-59 Sophomore (2)
                                           questions about your financial aid
basis. Please contact the Office of                                                   60-89 Junior (3)
                                           package.
Student Financial Planning with                                                       90-124 Senior (4)
questions regarding completing                                                        124 and above Fifth Year Senior (5)
your FAFSA.
16
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