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

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Drake University

A Guide
to Financing
Your Drake
Financial Aid Awards

Costs and Payments

Credits and Refunds

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


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.

Your Financial Aid Awards notice          You should notify the Office of           Individual student circumstances are
is designed to give you a complete        Student Financial Planning                reviewed by the Office of Student
summary of your financial assis-          immediately upon receipt of outside       Financial Planning. Financial aid
tance. Scholarships and grants listed     sources of financial aid, 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).

Need-based Grants
                                           Federal Pell Grant
Drake Grants                               The Federal Pell Grant program is        The maximum full-time ITG award for
Your eligibility for a Drake Grant         designed to provide financial            2018-2019 is $5,650. You must be
as a first-year student is based on        assistance to eligible undergraduates.   enrolled for 12 credit hours per term to
calculated financial need and academic     Application is made by filing a          receive the full award. An
performance.                               Free Application for Federal             ITG will not be finalized until it is
                                           Student Aid (FAFSA).                     confirmed that you meet Iowa
Academic performance for transfer                                                   residency requirements. This may
students is determined by the              The Federal Pell Grant program           require a residency form to be
cumulative grade point average of          provides grants to full- and part-       completed.
all previous college work completed.       time students and may be used at
Only undergraduate students                any eligible college or university       Federal Supplemental
registered for 12 or more credit hours     you attend as an undergraduate           Educational Opportunity Grant
per semester are considered for Drake      or until you receive your first bac-     (FSEOG)
Grants. All Drake Grants are awarded       calaureate degree. The award             The Federal SEOG program pro-
on a funds-available basis. The priority   amount may vary according to the         vides financial assistance to under-
deadline is March 1.                       cost of the institution and the          graduates with exceptional financial
                                           number of hours for which you are        need to enable them to attend
Although you may be academically           enrolled. You must be enrolled for       college. The maximum eligibility for
eligible for a Drake Grant, such           12 credit hours per term to receive      these grants is $4,000 per student per
monies may not be offered because          a full award. For the 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.

The priority group also includes P3 or      You may be eligible to borrow up to           To qualify for a Federal Direct Loan,
P4 students denied a Federal Graduate       $5,500 per year as a first-year student       a student must file a
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.

Other 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
                                             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.

Work Study Program                        Every effort is made to match a         It is not possible for Drake to
Drake’s work program provides             student’s qualifications with the       make up any award that you do
                                          needs of on-campus employers.           not earn. If you choose to decline
part-time employment on and off
                                                                                  your work award, Drake will not
campus. Awards are based upon
                                          The hiring process for continuing       make up this amount in scholar-
calculated financial need as deter-
                                          students is designed to parallel a      ships or grants. In some cases, you
mined by information provided on
                                          “real world” experience. Job            may replace your work study award
the FAFSA. Need-based employ-
                                          openings are listed in Handshake        with Federal Direct Loan eligibility.
ment is funded by the Federal
                                          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
                                          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.

SPECIAL 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.
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
                                                     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
Students transferring from
MERIT SCHOLARSHIPS AND LEGACY                                                          another college/university
AWARDS                                                                                 All first-time transfer students enrolling full-
                                                                                       time at Drake are considered for Presidential
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.
                                                                                       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
                                           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

Qualitative Measure (Grade Point          Repeated Coursework                            If an appeal is granted, the student
Average)                                  When a student repeats a course, the           may be placed on probation for one
Students must have a 2.00 (University)    most recent grade received, if improved,       payment period if they can meet the
cumulative GPA in their degree or         will be used in the calculation of the         SAP standards at the end of the next
certificate program to continue           cumulative GPA. Each time a course is          period of enrollment, or the student
receiving financial aid. Students 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
                                          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.


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)

                                                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


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.

Important Billing Notes
1. Employment earnings are paid each        WITHDRAWING: THE IMPACT ON
month DIRECTLY to the student for
hours worked and DO NOT show as a
                                            FINANCIAL AID
credit on the tuition bill.
                                            Complete Withdrawals                          Complete Withdrawals Federal Policy
2. Outside scholarships (i.e., Rotary,      Students withdrawing from Drake               (see “Complete Withdrawals” for
Elks, etc.) are credited to student         University should do so by initiating their   information regarding the withdrawal
accounts only AFTER the money is            intent to withdraw through myDUSIS. If        process and the calculation of enrollment
received by Drake University.               students are unable to withdraw through       percentages)
                                            myDUSIS, they should formally withdraw
3. For Federal Direct                       through their College Dean’s office or the    During the first 60 percent of the
Subsidized/Unsubsidized loans,              Office of the Registrar. A portion of the     enrollment period, financial aid from
                                            tuition charges may be credited to the        federal, certain state and institutional
estimated fees may be calculated by
                                            student’s account if the withdrawal occurs    programs is earned based on the number of
multiplying the requested loan amount
                                            before 60 percent of the enrollment period    days the student remains enrolled.
by approximately 1 percent. For PLUS        (semester) has been completed. After 60
loans, estimated fees may be calculated     percent of the enrollment period, no          Financial aid from private scholarship
my multiplying the requested loan           adjustment to tuition is made.                programs is returned to those programs per
amount by approximately 4 percent.                                                        their individual regulations. Private loans
                                            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

Unearned 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                                     $4,265
You have several rights as a
YOUR RIGHTS AND RESPONSIBILITIES                                                       financial aid recipient:
                                                                                       1. Information given to Drake’s
Do I need to do anything                 7. You will need to submit information        Office of Student Financial
special to receive and keep              requested by financial aid processors,        Planning is treated confidentially.
my financial aid package?                Drake or any other institution or
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
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)
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.
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