by our College Data Analytics TeamA lot of students will not be asked to pay the full, advertised sticker price of a school. Instead, they will be given a financial aid offer that will include a combination of scholarships, grants, loans, and work-study. The total price of attendance at Drake University can feel overwhelming, but bear in mind that many students receive some sort of financial aid.
Just what financial assistance solutions will Drake deliver, and just what are you going to be eligible for? Read on for answers. Read on to learn how much school funding will be available to you.
Eligibility for aid and scholarships is driven mostly by your household’s income and need. Continue reading to find information to help you understand just how much assistance you can expect to receive from Drake University.
Colleges use loans, grants, scholarships and work-study to minimize what students actually pay out of pocket. Bear in mind that not all aid is equal, and the amount any one student receives can vary widely.
At Drake University, 100% of the incoming full-time class was awarded financial aid roughly 636 freshmen).
| Type of Aid | % of Freshmen Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 100% | $35,498 |
| Institutional grants & scholarships | 100% | $31,785 |
| Federal Pell grants | 25% | $5,944 |
| State/local grants | 21% | $7,487 |
| Federal student loans | 49% | $5,410 |
Grants and scholarships are the most valuable form of aid because, unlike loans, they never have to be repaid. Across the undergraduate body at Drake, roughly 97% of undergraduates were awarded grant or scholarship aid averaging $33,072 (across approximately 2619 students).
| Award | % of Undergrads Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 97% | $33,072 |
| Federal Pell grants | 22% | $5,800 |
| Federal student loans | 44% | $6,578 |
For on-campus title-IV students, average grant aid came to $35,708.
The figures below show the average net price — cost after all grant and scholarship aid — broken out by family income.
| Family Income | Average Net Price |
|---|---|
| $0 – $48,000 | $26,484 |
| $30,001 – $75,000 | $25,855 |
| Over $75,000 | $32,807 |
Remember these are net prices — what families pay after gift aid, not before.
The net price represents the average annual cost a title-IV-receiving student pays after grant aid is subtracted from the full cost of attendance.
| Cohort | Average Net Price |
|---|---|
| On-campus title-IV students | $29,127 |
| Off-campus title-IV students | $30,288 |
For a personalized estimate based on your family’s financial situation, use Drake’s official net price calculator: www.drake.edu/admission/first-yearstudents/costsfinancialaid/netpricecalculator/.
A typical borrower at Drake leaves with $19,500 in federal loans.
| Metric | Amount |
|---|---|
| Median federal debt (all student-aid borrowers) | $19,500 |
| Median federal debt (graduates only) | $23,000 |
| Typical 10-year monthly payment (graduates) | $243.84/mo |
Under a standard ten-year plan, the median graduate’s monthly payment lands near the figure above.
Percentiles reveal the spread — half of all borrowers fall between the 25th and 75th percentiles. The figures below chart the debt distribution at Drake.
| Percentile | Cumulative Federal Debt |
|---|---|
| 10th percentile (lowest-debt students) | $5,500 |
| 25th percentile | $11,000 |
| 75th percentile | $30,500 |
| 90th percentile (highest-debt students) | $38,000 |
Median debt varies by family income, by first-generation status, and by dependency status.
Debt by Income Tier
| Income tier | Median federal debt |
|---|---|
| Low income | $17,500 |
| Middle income | $19,000 |
| High income | $19,500 |
By First-Generation Status
| Cohort | Median federal debt |
|---|---|
| First-generation students | $19,000 |
| Continuing-generation students | $19,500 |
Dependent vs Independent Students
| Cohort | Median federal debt |
|---|---|
| Dependent students | $19,425 |
| Independent students | $24,000 |
The Department of Education computes summary indicators that describe debt outcomes at a glance. Drake.
The Stafford loan program is the largest source of federal direct loans to undergraduates. These figures summarize annual Stafford program activity at Drake:
| Metric | Value |
|---|---|
| Stafford loan recipients | 14818 |
| Total Stafford loan amount | $399,596,310 |
Veterans and active-duty service members may qualify for the Post-9/11 GI Bill or DoD Tuition Assistance.
Post-9/11 GI Bill activity
| Metric | Value |
|---|---|
| GI Bill recipients | 52 |
| Total GI Bill amount | $817,673 |
| Average GI Bill amount per recipient | $15,724 |
DoD Tuition Assistance activity
| Metric | Value |
|---|---|
| DoD Tuition Assistance recipients | 7 |
| Total DoD amount | $23,750 |
| Average DoD amount per recipient | $3,393 |
References
More about our data sources and methodologies.