A Guide to Financing Your Drake Education - Drake University - Financial Aid Awards Costs and Payments Credits and Refunds
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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
UniversityFINANCIAL 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.
1Your 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).
2Need-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.
3The 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.
4Other 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
5Work 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.
6SPECIAL 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 7Students 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
9Qualitative 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.
102019-2020 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.
11COSTS 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.
12Important 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
13Unearned 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 $4,117You 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.
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