A Guide to Financing Your Drake Education - Drake University - Financial Aid Awards Costs and Payments Credits and Refunds
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Drake University 2018-2019 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
DEPARTMENTAL AND ENDOWED AWARDS ........................... 7
the types of financial
Computerized 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
2018-2019 EDUCATIONAL COSTS ............................................ 11
COSTS AND PAYMENTS ........................................................... 12
Payment Options ....................................................................................... 12
Billing Notes ............................................................................................. 13
WITHDRAWING: THE IMPACT ON
FINANCIAL AID....................................................................... 13
If you have specific questions YOUR RIGHTS AND RESPONSIBILITIES ............................. 15
about your financial aid,
write to the Office of ADDITIONAL FINANCIAL AID 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, x2905; 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,
too, at www.drake.edu/finaid/. COSTS AND PAYMENTS WORKSHEET……………………..21
FINANCIAL AID 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 students from a variety of federal, Your Financial Aid Awards notice is
Might I Receive? state, private and University extremely important. Some awards
sources. With the exception of require you to accept or decline, sign
Drake University is dedicated to Federal and State funds, your fi- the award notice and return it to the
providing financial assistance to nancial aid is applicable only at Office of Student Financial Planning.
students in a way that, based upon Drake University; you cannot
available University resources, take it with you if you decide to Drake University supports the
ensures equal access to Drake for transfer to another university. National Candidate Reply Date,
all individuals seeking admission.
which allows admitted prospective
If your financial need or full cost undergraduate students until May 1,
A typical freshman financial aid of attendance is met, you may not without penalty, to make a decision
package for a student with a need be eligible for additional aid, among offers of admission and
of $25,500 might look like this: including work, without reducing financial aid. By accepting financial
other previously awarded aid. aid, you are agreeing to comply with
*Scholarship or grant $18,000
the requirements and responsibilities
Work study program $2,000 under which it was awarded.
Financial Aid Package Accepting financial aid reserves
**Student loans $5,500 Notification funding in your name, but it is
Your Financial Aid Awards notice is NOT an obligation to attend
Total $25,500 your official notification of the award Drake University.
of financial aid monies through
*May include Drake Grant, Drake’s Office of Student Financial You may accept or decline any of
Federal Pell Grant, Iowa Tuition Planning. the financial aid offers without
Grant, other state monies, or affecting any other part of the
other outside and/or departmental Your Financial Aid Awards notice, awarded financial aid package;
scholarships while not a commitment of funds, is however, awards that are declined
an initial indication of funds from will not be replaced with other
**Includes Federal Direct Loans Federal, State, Drake or any aid aid sources.
(subsidized and/or unsubsidized) awarded by any individuals or
agencies other than Drake’s Office of
The staff of Drake’s Office of Student Financial Planning.
Student Financial Planning be- Departmental scholarships listed in the
lieve it is of primary importance financial aid award section of your
that you know the various types letter will include scholarships for
of aid Drake offers. “Financial which you have received official
aid” means assistance provided to notification from a department within
the University.
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, or you may beyond eight semesters is generally
on your award letter may be contin- report these sources and awards on limited to federal and state assistance
gent on the maintenance of a spe- the front of your award letter. with Drake-funded aid awarded on a
cific grade point or other academic If you do not receive the financial aid limited basis.
or performance benchmarks. Please expected from an outside source, or if
be aware that your awards notice you receive a different amount, contact Note that financial aid eligibility ends
may be revised if you do not achieve the Office of Student Financial when a student has earned the required
specific scholarship or grant criteria. Planning for a review of your credits for his/her degree program.
previously awarded financial aid
If you have questions about the package. Please see Satisfactory Academic
amount of aid to which you believe Progress Standards on page 9 for
you should be awarded, please General Eligibility Guidelines additional information.
contact the Office of Student Students must be admitted to a
Financial Planning for a degree program and enroll in 12 or
review of your awards. You should more credits in fall and/or spring to Combined Undergraduate
retain your awards notice for your receive Drake grants and and Graduate Programs
records and to use as a reference
whenever you have questions about
scholarships including athletic In general, students in combined
awards. Eligibility for full-time undergraduate and graduate
your financial aid package.
second Bachelor’s Degree students programs are considered under-
is limited to the need-based Drake graduate students for the first four
Grant. years of the program. Programs like
What If I Receive Other Aid
the Pharm.D. program have com-
Not Included in My Award
Students may be ineligible for bined undergraduate and graduate
Letter? components. For financial aid pur-
Federal Financial aid at Drake
If you receive outside scholarships, University if they are receiving poses, after four years the student is
grants, work or loans that were not Federal Financial aid at another considered to have the equivalent
included in your official award letter, school at the same time. of a bachelor’s degree. Financial
or if you receive a larger amount aid is then awarded on a graduate-
than anticipated on your award letter, student basis, and all Drake pro-
your previously awarded financial grams intended for undergraduate
How Many Semesters May
assistance will be reviewed by students are discontinued. Depart-
I Receive Financial Aid?
the Office of Student Financial mental awards may continue for
Planning. On-campus employment Eligibility for Drake-funded grants both the fifth and sixth years.
also may affect your financial aid. and scholarships for full-time
If necessary, adjustments will be undergraduate students entering
made to assure your financial aid the University directly from high
awards are within federal and state school is based on a maximum of
regulations. eight consecutive semesters.
Students transferring to Drake are
granted a number of semesters in
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 2018-2019 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 $6,095. 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 2018-2019, 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
PLUS and unable to secure a co- (less than 30 credits), $6,500 as a FAFSA, be admitted to a degree
signer. Please note that awards are sophomore (30 to 59 credits), and $7,500 program, be enrolled at least
made on a funds available basis with as a junior or senior (60 credits or more). half-time (six credit hours
no guarantee of awards to all members Graduate and professional per term in a degree program for
of a priority group. No federal dollars school students may borrow up to undergraduates; five credit hours
have been allocated to the Health $20,500 per year. Independent for graduate students), receive an
Profession Loan program for several undergraduate and graduate students
award letter listing the loan
years so funds for current borrowers are may have expanded borrowing
and submit a Loan Request Form to
limited by the amount collected from capabilities based on cost of
attendance and other financial aid
the Office of Student Financial
students in repayment. The Health
Profession Loan program provides long- received. For information regarding Planning. Detailed information about
term loans to full-time pharmacy the lifetime aggregate borrowing student requirements such as
students pursuing Doctorate of limits for these loans, contact the Federal completing student loan entrance
Pharmacy Degree at Drake University. Direct Student Loan Program or Drake’s counseling and a Master Promissory
Repayment begins one year after Office of Student Financial Planning. Note (MPN) are included on the Loan
graduation or one year from the date you Request Form provided in the award
cease being a full-time student in the The Federal Direct Loan Program notice packet of eligible students
College of Pharmacy and Health includes both subsidized (need-based)
Sciences. The interest charge of 5 and unsubsidized (not based on financial When you graduate or cease half-time
percent begins at the time of need) loans. You may have either loan enrollment, information will be sent to
repayment. In certain cases, payment of type or a combination on your award you by the Office of Student Financial
a loan may be deferred letter. Planning to complete an exit
or canceled. Application is counseling session online at
made by filing a FAFSA. Drake During the time you are enrolled https://studentloans.gov
awards are typically no greater at least a half-time the federal gov-
than $6,000. ernment will pay the interest on
your Subsidized Federal Direct Loan(s).
NOTE: Current federal regulations For subsidized loans disbursed after July
require students applying for the HPL to 1, 2012 and before July 1, 2014, no
include parental information on the interest accrues until the grace period
FAFSA regardless of dependency begins. Principle payments begin after
status or age. the six month grace period.
Federal Direct Loan Unsubsidized Federal Direct Loan
The Federal Direct Loan is a part of the interest will accrue during the in-school
William D. Ford Direct Student Loan periods. You have the option of paying
Program. If a Federal Direct Loan is part the interest while you are a student or
of your financial aid package, a Loan adding the interest to the principal of
Request Form will be included with your loan.
Your Financial Aid Awards notice.
4Other Loans Federal Direct Graduate PLUS loans The repayment period begins 60 days after
If eligibility for these loans was can be consolidated with all other the loan is fully disbursed. However, a
indicated on your award notice and Federal Direct Student Loans. An exit parent may request a deferment of
you wish to borrow the loan(s), counseling session will be required if principal while the student is enrolled at
please complete the applications or you drop to less than half-time least half time and for an additional 6
follow the instructions included enrollment, graduate, or withdraw from months after the student drops to less than
with your award letter. school. half-time enrollment or graduates.
Contact your loan servicer to request a
deferment.
Federal Direct Parent Loan for
Federal Direct Graduate PLUS Loan Undergraduate Students (PLUS) After you have received your award
(for graduate students only) The Federal Direct PLUS loan is notice, your parent may apply for the
The Federal Direct Graduate PLUS loan available to parents of dependent Federal Direct PLUS loan online at
is available to graduate students based undergraduate students. The borrower https://studentloans.gov. Detailed
upon the difference between the must be a biological or adoptive parent information about requirements such as
student’s cost of education less financial of the dependent student filing a FAFSA completing the Federal Direct PLUS
assistance. or a stepparent included on the Master Promissory Note (MPN) are
dependent student’s FAFSA, must be a included on the Federal Direct Parent
After you have received your award U.S. citizen or eligible non-citizen and PLUS Online information sheet provided
notice, you may apply for the Federal have no adverse credit. Parents may in the award notice packet.
Direct Graduate PLUS loan online at borrow the difference between the
https://studentloans.gov. student’s cost of education less financial Private Education Loans
Detailed information about student assistance. Completing a FAFSA form Students and families may borrow
requirements such as completing student is required to obtain a PLUS loan. private education loans to help fund
loan entrance counseling and a Master their cost of attendance expenses. There
Promissory Note (MPN) are included on are many private loan products available
the Federal Direct Graduate PLUS and any private education loan should
Online information sheet provided in be researched thoroughly before a
the award notice packet of eligible decision to borrow. The selection of a
students. lender is a borrower decision.
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
under Campus Resources in myDrake. Contact the Office of
Work Study program. Students
Students self-select a position and Student Financial Planning to
awarded Federal Work Study will
contact the campus employer to discuss this option.
be given priority in the hiring for
arrange an interview. You are
positions.
responsible for establishing a work Student employment earnings are
schedule with your supervisor so that paid each month for hours worked
Many students are offered employ-
you can earn the total amount of your during the previous month.
ment as part of their financial aid
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
with area community service of the work award cannot be directly
the employer. The work study
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 payment in the fall.
First-year students, who qualify for
contact employers to apply for
work study, can be assigned
positions of 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 complete
at studentemployment@drake.edu.
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
The scholarships listed in this section (unless ROTC Scholarships and are to be utilized as officer-
otherwise specified) are tuition-specific (may The Department of Military trainees instead of enlisted soldiers
only be used toward the cost of tuition). Science offers ROTC within their Military Occupational
scholarships to qualified Specialty (MOS)
students on a competitive basis
Fine Arts Scholarships
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 need or
(Sophomores), $450.00 books, a $450-$500 monthly
tuition, the Fine Arts Scholarship will be reduced
(Juniors) and $500.00 stipend, and a promotion to E-5.
or cancelled. You may be considered for a fine
(Seniors) per month for 10
arts 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:
enlist, or already be enlisted, in basic training and AIT, ROTC basic
Athletic Scholarships
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 Patty J Alley at
only be awarded to students admitted to and
they wish to compete for active patty.j.alley.mil@mail.mil
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 Web site
For detailed information regarding the Crew
scholarship program, visit the Crew Scholars site
highly recommended that www.drake.edu/finaid/scholarshi
at
soldiers enroll as soon as they ps
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
Merit 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. Merit 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. Merit 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.
Merit scholarships (except the National Alumni and Carpenter Scholarships An unlimited number of $1,000 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 March 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. Students should contact the
Scholarship $15,000 and XYZ receiving or applying for financial aid Office of Student Financial Planning
Scholarship $1,000. from one or more of the various with questions regarding the intent and
federal, state, or institutional grant, interpretation of these standards.
Outside Scholarships scholarship, work, or loan programs.
Many firms and agencies extend Quantitative Measure (Pace)
educational benefits to their The Drake University Satisfactory Students must earn two-thirds or (67%
employees. Contact the personnel Academic Progress Standards for rounded) of their attempted credit
office of your father’s and/or moth- Financial Aid apply to all students hours (on a cumulative basis) in order
er’s place of employment to find seeking to establish or maintain to continue to receive financial aid.
out if the employer(s) will help financial aid eligibility. These The pace is calculated by dividing the
finance your education. Don’t for- standards apply to a student’s entire total number of credit hours the
get to contact businesses and orga- degree program including terms in student has successfully completed by
nizations within your community which financial aid was not applied the total number of credit hours the
for possible scholarship funds. for or disbursed. student has attempted. All credit
Libraries are good places to check hours attempted (withdrawals, repeats,
for information, too. These standards contain both a incompletes, passed, failed, etc.) are
quantitative (pace) component and a included when calculating the pace of
Please note that outside awards qualitative (cumulative GPA) completion. Students who do not
are used in meeting financial need. component. These are the minimum achieve the quantitative measure of
If your outside awards combined standards required in order to maintain progress toward earning a degree or
with need-based aid exceed need or financial aid eligibility. Specific aid certificate will lose financial aid
cost of attendance, a revision of programs, college, or department eligibility but have the option of
your financial aid package would standards may require MORE appealing for the restoration of
be necessary. Please report outside THAN these minimum standards for financial aid.
awards to the Office of Student good academic standing and
Financial Planning as the information continued approval for enrollment. General financial aid eligibility will
becomes available. 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 who 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 Satisfactory
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
credits transferred to Drake Re-establishing Eligibility and Appeals contact:
A student who has lost eligibility due to
University.
not meeting the minimum SAP standards
for pace and/or GPA can make-up
Kristi Fuller, Assistant Director for
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.
102017-2018 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 2018-2019 $ 20,625 $ 41,250
spend about $240 a semester for Undergraduate entry 2017-2018 $ 19,458 $ 38,916
books and supplies. Law students
should plan to spend about $1,000 a Undergraduate entry 2016-2017 and prior $18,598 $37,196
semester. Law $ TBD $ TBD
Personal/Transportation Pharm.D. (P1-P3) $ TBD $ TBD
Personal costs vary from $1,500 to Pharm.D. (P4) $ TBD $ TBD
$2,900 depending upon dependency
status, degree program and place * Tuition for the M.B.A and General graduate programs is charged on a
of residence while attending Drake per-credit-hour basis.
University. Depending upon
whether the student lives on or off Room (Residence Hall Students Only)
campus, or with parent, transporta-
tion costs allowable for financial Double Occupancy $ 2,846 $ 5,692
aid purposes vary from $990 to (estimated)
$2,900.
Board
All Residential Plans $2,424 $4,848
Off-campus Room/Board (estimated)
Costs for off-campus room and
board vary depending upon depen-
dency status and type of living
arrangement (i.e., with parent, in Part-time Undergraduate Students charged on a per-credit basis. Day
an apartment, etc.). Typical costs To qualify for financial aid as a full- and evening credits are charged at
range from $2,000 to $12,640 for time student, enrollment must be 12 or different rates. If you have questions
the nine-month academic year. more hours per semester. Part-time regarding “per credit” costs,
students (those taking less than 12 please contact the Office of
credit hours per semester) are Student Accounts at 1-800-44-
DRAKE, x2151; locally 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 $ 20,625 $ 41,250
Student Financial Planning and installment payment Room and Board $ 5,270 $ 10,540
accepted by you will be credited plan for the Fall and Student Activity Fee $ 75 $ 150
directly to your account. Federal Spring semesters. TOTAL $ 25,970 $ 51,940
Direct Loans certified by July 1, Students or Authorized
will appear as an estimated credit Financial Aid Award
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 $ 8,500 $ 17,000
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 $ 11,222 $ 22,445
are generally available
Remember, one-half of your academic by the last week of July To 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: $25,970- $11,222 = $14,748. To determine
semester. Outside scholarships/ your own balance due, use the Costs and Payments
Spring. Tuition and fees
loans are not credited until the Worksheet on page 21.
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, transfer students Student Accounts at 1-800-44-
help cover some of my and students re-enrolling must DRAKE, x2151; locally and from
living costs? forward a non-refundable tuition outside the United States, call 1-515-
If your student account is credited deposit of $250, for full-time under- 271-2151. The manager of student
graduate study, to the Admission accounts may use information about
with more funds than you owe
Office by May 1. The deposit will the financial aid you are eligible to
Drake, you will receive a check for
be deducted from your semester bill receive in discussing individual
the amount of your credit balance or if
when you register. Financial aid payment for past-due accounts.
you signed up for direct deposit, the
may not be used to pay the deposit.
funds will be deposited into the
Students interested in obtaining a
account designated. Refunds are not
deposit waiver should contact the
available until the term begins.
Admission Office directly.
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
The 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. These 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. The total amount of
5. Federal Direct PLUS Loan proceeds first day of the break to the next day that unearned Title IV funds, other than Federal
certified by July 1 will appear on your classes are held. If a break begins on Work Study, must be returned. Unearned
bill as an estimated credit and will help Wednesday and no classes are held the Title IV aid is the amount of disbursed
following weekend (classes resume on Title IV aid that exceeds the amount of
in calculating your payments. Actual
Monday), the five day break would be Title IV aid earned under the federal
credit will not be made until the loan
excluded from the calculation. formula. Title IV returns are credited in the
funds arrive. following order: Federal Unsubsidized
The enrollment period for the Fall semester Direct Loans, Federal Subsidized Direct
contains 105 days. Loans, Federal Direct Grad PLUS, Federal
Examples for Fall percentages: Direct Parent PLUS, Federal Pell Grant,
Federal SEOG, TEACH Grant,(Drake is
Withdrawal on Day 1 =1/105 = 1 not a participant in this program) and other
percent Title IV aid.
Withdrawal on Day 2 = 2/105= 1.9 Students may need to repay financial aid
percent that they did not earn.
Withdrawal on Day 64 = 64/105=
61 ≈ 100 percent
13Unearned state and institutional program Compressed 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 Title 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)
The 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 Title 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. This 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. The first
specifically, the Higher Education course meets every other weekend
Tuition Adjustments Based
Amendments of 1998, Public Law 105-244. during November, after completing
on Enrollment Changes
Please contact the Office of Student the first course and prior to beginning
(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
Refunds withdrawal 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 Title IV student
reduction in credit-hour enrollment, other than a
adjustments, tuition, room and board and/or aid calculation. This 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 is
Tuition adjustments for increased enrollment continue
entitled to a prorated credit for room and
throughout the term.
board beginning with the Monday of the
week following approved withdrawal.
Example of a Recalculation
This example is for illustration purposes only. Actual charges and refund amounts may vary.
The 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). This student paid in full
before withdrawing.
Original Charges Revised Charges
Tuition $20,625 Tuition $ 9,632
Fees $75 Fees $75
Original Financial Aid Revised Financial Aid
$2,722 Direct Loan $1,271
(received amount)
$900 Drake Grant in Aid $ 420
(received amount)
$9,000 Presidential Scholarship $ 4,203
Total Original Aid Total Revised Aid
$12,622 $5,894
Student Payment Refund
14 $8,078 $4,265You 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
When you accept your financial program to which you are applying for 2. You may appeal Drake’s financial
aid award, you have indicated that aid to clarify your eligibility for aid. If aid offer if you feel it is unfair or
you have read, understood and will you are selected for verification or unreasonable.
comply with all the rights and financial aid review, you and your
responsibilities contained therein. parent(s) (if applicable) will be 3. You may appeal a financial aid
These include: required to provide specified policy or procedure. The appeal may
documentation. This may include be initiated through Drake’s
1. Be sure to read the back side of federal tax information and federal Associate Director of Student
your notice of awards, sign it and financial aid verification worksheets. Financial Planning.
return a copy to Drake’s Office of Failure to submit requested
Student Financial Planning. information could result in the loss of 4. You may have your financial
available funds. The absolute deadline need reviewed if your circumstances
2. You must comply with all federal for the completion of the federal change during the academic year.
requirements of the 1983 verification process (all requested Contact the Office of Student
Amendments to the Military documentation received by the Office Financial Planning if you feel your
Selective Service Act. of Student Financial Planning and calculated financial need should
verification review is complete) is be reviewed.
3. If you owe money from a prior typically in the month of September
over-award of federal funds at any following the award year (i.e. for 1819 Selective Service
institution, you need to make September 2019) or 120 days after the Requirement For Financial
arrangements for repayment of the last day of a student’s enrollment Aid Recipients
over-award. You are not eligible for whichever is earlier. The Office of The Department of Defense
financial aid if you owe a refund on Student Financial Planning strongly Authorization Act, 1983, which
federal funds. recommends that documents be amends the Military Selective
provided no later than one month prior Service Act, denies federal financial
4. You must be in good standing to either of the above deadlines due to aid under the Title IV programs
and be making satisfactory the possibility of additional necessary (Federal SEOG, Federal Work Study,
academic progress as outlined in follow-up prior to the deadline. Failure Federal Pell Grant, Federal Direct
this handbook. You are not eligible to to meet this deadline results in the loss Subsidized/Unsubsidized Loan and
receive financial aid for credits that of federal financial aid eligibility. Federal PLUS) of the Higher
are not used to complete your Please note that there may be earlier Education Act to any student who is
degree requirements. deadlines for various forms of required to register for the Selective
financial aid (such as loan Service but fails to do so.
5. You must report any additional certifications) or for state or private General registration requirements
financial aid (scholarships, grants, programs that require FAFSA filing. apply to males who are at least 18
loans or work) that you receive years old and were born after
that are not listed on your 8. You must repay all loans according December 31, 1959. If you believe
current awards notice from Drake to your established repayment you are not required to register,
University. schedule. You are not eligible for call the Selective Service Office at
financial aid if you are in default 1-800-688-6888 for information
6. You must meet other conditions on a Federal Perkins Loan, Federal regarding exemptions.
listed on your awards notice and Health Professions Loan, Federal
contained elsewhere in this hand- Direct Subsidized/Unsubsidized Loan 15
book. 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 2018-2019
Drake’s Office of Student year are Summer 2018, Fall 2018,
Financial Planning has staff members In general, if your calculated and Spring 2019). 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 2018-2019 P4 academic year
office when you need help at 1-800- awards also will remain consistent first term begins on 5/21/18 and ends
44-DRAKE, x2905; locally and from from year to year. Presidential on 11/18/18 and the second term
outside the United States, call 1-515- Scholarships, Trustee Scholarships, begins on 11/19/18 and ends on
271-2905 to schedule an appointment. and Presidential Transfer Awards do 05/17/19).
Other services provided by the Office not increase in value from year to year.
of Student Financial Planning Academic Year
include assessing eligibility for Calculation of your eligibility for For the purpose of administering
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
change.
Each year you must fully complete a 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 Level Progression
financial aid. Your application is
https://fafsa.gov. The university has defined grade
individually reviewed by
level progressions as follows (and
staff in the Office of Student
The FAFSA must reach the processing financial aid will use this progression
Financial Planning. Your award
center by MARCH 1 in order to be for determining the maximum
also may change because of
considered for priority funding. If your borrowing levels for student loans):
changes in federal, state or institu-
FAFSA is received by the processing tional funding or regulations.
center after MARCH 1, you are Undergraduate (credits earned)
Please call the Office of Student
considered a late applicant for Drake- 0-29 Freshman (1)
Financial Planning if you have
administered funds. Late applicants 30-59 Sophomore (2)
questions about your financial aid
are awarded on a funds-available 60-89 Junior (3)
package.
basis. Please contact the Office of 90-124 Senior (4)
Student Financial Planning with 124 and above Fifth Year Senior (5)
questions regarding completing
your FAFSA.
16You can also read
