by our College Data Analytics TeamThe majority of college students don’t pay the full price for their education, as financial aid packages, including scholarships, grants, loans, and work-study opportunities, help to offset the costs.
Interested in understanding the financial aid resources available at Drake and your eligibility? Find the answers you seek below.
$27,511.00 is the typical Drake University’s first year financial aid package. About 100% of first year students receive financial aid, most of which is in the form of grants and scholarships.
Loans are included in the umbrella of ‘financial aid’, even so, the only true discount from the cost of college is a grant or scholarship that you don’t have to pay back.
Worried about the student loans that might be part of a financing offer? View the average amount of debt per student at Drake University.
Colleges and universities offer institutional scholarships and grants as financial assistance to help students cover tuition fees and other educational costs. These awards, which do not require repayment, can be merit-based or need-based. Merit-based institutional scholarships recognize students who have exceptional academic records, special talents, or skills in particular areas. Eligibility for these scholarships often depends on factors such as a student’s high school performance, standardized test scores, or involvement in extracurricular activities. In contrast, need-based institutional grants are designed for students who show financial need. The amount awarded usually depends on the student’s family’s financial condition and aims.
The following numbers apply to scholarships and grants largely offered by the school itself.
100% of new students (778 total) were given scholarships at Drake University, averaging $25,502.00 per student. This puts it the top 25th percentile among colleges and universities nationwide.
As well as scholarships, 22% of freshmen (175 total) obtained a federal grant, for about $5,558.00 a piece.
The next table displays grant and scholarship distributions by family income for freshman students getting any kind of federally-funded Title IV aid, such as Federal PLUS loans.
| Income Level | Percent of Freshman | Average Assistance |
|---|---|---|
| Income 0-30k | 7.70% | $32,334.00 |
| Income 30k-48k | 6.93% | $32,311.00 |
| Income 48k-75k | 10.40% | $31,555.00 |
| Income 75k-110k | 10.78% | $27,218.00 |
| Income 110k + | 31.45% | $24,525.00 |
The table above shows undergrads who are getting Title IV aid, which is federal assistance from the government in the form of grants, loans, and work-study. Learn more here.
779 Drake undergrads obtain grant aid (this is about 100% of the entire undergraduate student population). The average amount these students receive is $27,511.00.
Check out the Tuition and Fees page or the Cost Per Credit Hour page to find out more.
References
More about our data sources and methodologies.