How much debt will I have to take on to pay for Drake University, and how easily will I pay it off? Keep scrolling down the page for answers.
Included in This Report:
- Average Loans for Freshman
- Average Undergraduate Loans
- Default Rate at Drake
- Frequently Asked Questions
- Additonal Information
Freshmen At Drake University Take Out an Average of $7,827 in Loans in Their First Year
At Drake University, 55.0% of incoming students take out a loan to help defray freshman year costs, averaging $7,827 a piece. This amount includes both private and federally-funded student loans.
The average federal loan is $5,457, which is 99.2% of the first-year borrowing cap of $5,500* for the typical first-year dependent student.
Unlike the data shown for freshmen, average undergraduate student loan amounts do not include private loans. In addition to unreported parent loans, this can increase the average amount borrowed significantly.