Understanding Drake University Tuition Costs and Financial Aid

Choosing a university is a significant investment. Understanding the cost of tuition, available financial aid, and long-term value is crucial. This article provides a comprehensive overview of Drake University's tuition, fees, financial aid opportunities, and other associated costs.

Gross vs. Net Tuition: Understanding the Real Cost

When evaluating tuition costs, it's essential to differentiate between gross tuition, often called the "sticker price," and net tuition, which represents the actual amount a student pays after factoring in scholarships and grants. Drake University's gross annual tuition for full-time undergraduates (12-18 credits) is $52,988 before any scholarships or grants are applied.

Net Tuition Costs After Scholarships

Drake's net cost of tuition after the Presidential Scholarship ranges from $17,988-$25,988 for freshmen and $23,988-$28,988 for transfers. This is just the starting point, as many additional scholarship opportunities are available from Drake and outside sources. Coupling this with federal and state grant opportunities available after FAFSA form completion can further decrease your net tuition. The average need-based scholarship or grant awarded to first-year students at Drake University was $33,539. Additionally, 70% of first-year students received need-based financial aid.

The Tuition Guarantee: Predictable Costs

Drake University offers a tuition guarantee, ensuring that your gross tuition will not increase over four years once enrolled. This contrasts with many peer institutions that raise tuition each year while the value of academic scholarships remains the same. The Tuition Guarantee is available to undergraduate first-year/transfer students entering in Fall 2026, as well as undergraduate transfer students entering in Spring 2027. The Guarantee does not apply to part-time students or those in graduate/professional programs but is available to pre-pharmacy students as first-years and sophomores.

Additional Costs: Room, Board, and Other Expenses

Beyond tuition, students should consider the cost of room and board, books and supplies, transportation, and personal expenses. If you choose to take advantage of on-campus housing and meal plans, an example of 2026-27 costs can be found below. The total cost is the sticker price, plus the cost of food and housing, books and supplies, and transportation and personal expenses. At Drake University, the total cost is $68,242. Room and board costs contribute significantly to the overall expense. The total charge for housing and meals is $12,876 per year, which is considered average and falls into the bottom 35% percentile nationally. When these figures are combined, the total cost for a student living on campus or paying room and board fees amounts to roughly $65,006 per year.

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Course Ready Program: Included Course Materials

Drake University's new Course Ready Program covers all required course materials for the academic year. This includes items such as physical books, digital materials, online access codes, lab supplies, art supplies, and calculators.

Financial Aid Opportunities

Drake University offers various financial aid options, including need-based scholarships, merit-based scholarships, grants, loans, and work-study programs. Financial aid can include grants, loans, scholarships, and work-study jobs. Financial aid packages vary depending on your financial need. Most colleges determine financial need based on your FAFSA. 59.29% of students receive financial aid. The average aid package awarded is $40,774.

Need-Based Aid

Need-based scholarships and grants consider a student’s financial status. The average need-based scholarship or grant awarded to first-year students at Drake University was $33,539. 70% of first-year students received need-based financial aid in fall 2023. Need-based self-help aid includes federal loans and work-study. The average need-based self-help aid awarded to first-year students was $4,803.

Merit-Based Aid

Merit-based aid, also called non-need-based aid, is awarded for a specific talent or academic achievement. The average non-need-based scholarship or grant awarded to first-year students at Drake University - excluding any athletic scholarships, if applicable - was $31,782.

Work-Study Programs

Drake University offers a range of work-study opportunities designed to assist students in financing their education while gaining valuable work experience. Eligible students can participate in federal and institutional work-study programs that provide part-time employment on campus. Compensation for work-study jobs at Drake University generally aligns with minimum wage standards, with some variation depending on the nature of the position and required responsibilities.

Read also: Opportunities at Drake University

Student Loan Debt

How much student loan debt you accumulate can affect your financial life long after college ends. Ideally, your total student loan debt should fall below your anticipated starting salary once you graduate. At Drake University, the median federal loan debt among borrowers who completed their undergraduate degree is $23,000. The median monthly federal loan payment (if it were repaid over 10 years at 5.05% interest) for student federal loan borrowers who graduated is $244. Additionally, 19% of graduating students at Drake University took out private loans. Students with private loans had an average of $45,343 in private loan debt at graduation. The average total indebtedness of the 2024 graduating class was $36,374. 57% of graduating students who have borrowed any loan type in 2024.

Financial Aid Application Process

The Financial Aid Application is due on March 1.

Drake University's Value Proposition

Drake University provides a valuable educational experience, reflected in its high accomplishment rate and internship participation. Drake students have a 97.3% accomplishment rate. This is the percentage of graduates who are employed, in grad school, or pursuing professional goals within six months. 92.7% of Drake undergrads reported having an internship while in school. Nationwide, only 60% of students had internships in 2023.

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