Drake University requires that each student complete the Free Application for Federal Student Aid (FAFSA) to determine eligibility for financial assistance. This form is available on-line at www.fafsa.ed.gov. You must indicate Drake University's federal school code (001860) on the form for your information to be forwarded to Drake University's Office of Student Financial Planning.
Loan AssistanceDrake's Office of Student Financial Planning (Carnegie Hall) awards, certifies and disburses student loans for law students. In order to be considered for loan programs, a student must be admitted to the law school, enroll at least half-time each term (5 credits), and complete the following:
*File the Free Application for Federal Student Aid (FAFSA) for the appropriate year.
*Provide documentation as requested by the Office of Student Financial Planning
*Be awarded the loan(s) on his/her financial aid award notice
*Submit Loan Request Form(s)
*Complete the Federal Direct Loan Master Promissory Note(s) (MPN)
*Complete the Federal Direct Loan Entrance Counseling
*Comply with satisfactory academic progress guidelines
Beginning in late-March, official financial aid award notices indicating the maximum dollar eligibility for each loan program per enrollment period will be mailed to students who have submitted the FAFSA to Drake University. This notice will also provide instructions and/or other material that must be completed to finalize loan borrowing.
Federal Loan Programs
Federal Direct Unsubsidized Stafford LoansThe Federal Direct Unsubsidized Stafford Loan is a non-need-based federal loan which also allows the student to defer payment while enrolled at least half-time. Students are awarded this loan on the financial aid award notice and must complete the instructions and/or applications for the loan as indicated in the notice. The maximum possible eligibility is $20,500 per academic year. Interest begins to accrue for this loan at disbursement with the option of paying or capitalizing the interest.
The interest rate for the Federal Direct Unsubsidized Stafford Loans is 6.8%. The aggregate borrowing maximums (which include all Federal Stafford loans no matter what the grade level at the time of the borrowing) is no more than $138,000 in total combined Subsidized and Unsubsidized Stafford Loan.
Federal Direct Graduate PLUSThe Federal Direct Graduate PLUS loan is a non-need based loan which also allows the student to defer payment while enrolled at least half-time. Students are awarded this loan on the financial aid award notice and must complete the instructions and/or applications for the loan as indicated in the notice. A credit review, conducted by Federal Direct Loans, is required for certification of this loan, and the loan will not be made to borrowers with adverse credit. The maximum possible eligibility is the Cost of Attendance for an enrollment period (as established by Drake University) minus all other forms of financial aid. The interest rate for the Federal Direct Graduate PLUS is 7.9%, and interest begins to accrue at disbursement with the option of paying or capitalizing the interest.
For additional information and forms visit http://www.drake.edu/finaid/
Income-Based Repayment InformationIncome-Based Repayment (IBR) is a repayment plan for the major types of federal student loans that caps your required monthly payment at an amount intended to be affordable based on your income and family size. Drake Law School encourages students to visit the following Income-Based Repayment websites:
Click here to access the Federal Student Aid Income-Based Repayment informational website
Click here to access IBRinfo.org for general information and updates about the IBR program
Public Service Loan Forgiveness InformationHeather Jarvis is a leading expert on public service loan forgiveness. She has provided the Law School with the following links to help students complete the loan forgiveness process correctly.
• Department of Education's Letter to Borrowers about the process
• Instructions for Completing the Employment Certification for Public Service Loan Forgiveness form
• Employment Certification for Public Service Loan Forgiveness form
Ms. Jarvis is also available to answer questions about public service loan forgiveness on her forum.
Other Loan Programs
Private Education LoansPrivate education loans may provide other sources of funding for students (up to the identified Cost of Attendance in combination with all other financial aid awards). Drake’s current policy is to award all federal loan eligibility first since the federal loans, in general, provide the lowest interest rates and best terms and are eligible to be included in Federal Loan Consolidations. Drake cannot "recommend" a particular private lender since the decision to borrow a private education loan and whether the terms and conditions are right for the borrowers rests with the student borrower and any co-signers required. Information about private education loans can be obtained by Internet searches on the topic.
Bar Study LoansQualified third-year students may also process a "bar study" loan. Bar Study Loan eligibility guidelines are specific for each lender but all programs require the student to be without adverse credit. For information about particular Bar Study Loans, complete an Internet search on the topic.