Drake University

In 2022, tuition for full-time students at Drake University was $49,466 a year.

Tuition increased 4% in 2023–from $47,564 the previous year. On average, college tuition goes up about 3% every year.

If this information makes going to college sound impossible, remember, the "sticker price" of tuition doesn't always tell the full story. Many students owe far less than the sticker price after grants, scholarships, and tuition discounts kick in. And, student loans can make thecost of college more manageable until you're done with college.

Drake University meets 79% of the demonstrated financial need for undergraduates. First-year students that attend Drake University full-time are awarded $36,707 a year in financial aid, on average.

Students in the class of 2023 who had taken out student loans graduated with an average of $34,470 of debt.

In-state vs. Out-of-state Tuition at Drake University

Drake University is a private, nonprofit institution, so it has the same tuition for students from Iowa as it does for students who live in other states.

Public schools receive funds from the state to help them cover costs. These institutions offer reduced tuition for students who are residents of that state.

Choosing a college where you qualify for in-state residency can cut the cost of college tuition. Don't forget to confirm your state's criteria for in-state tuition. Every state has its own rules about what makes someone eligible for in-state tuition. In many states, students must have lived in the state for 12 months before starting school to qualify for in-state tuition. There may be other criteria as well, depending on where you live.

Explore other Iowa colleges

Tuition for International Students at Drake University

Tuition at Drake University is the same for each student.

Students from outside of the U.S. usually do not qualify for for federal financial aid, but may be eligible for private or Drake University-specific grants, scholarships, and other funding opportunities. International students who demonstrate financial need may qualify for the following types of financial support at Drake University:

•Drake University-specific scholarships

International students without financial need may be eligible for merit-based institutional scholarships and athletic awards.

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Drake University Living Expenses, Fees, and More

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Tuition is not the only cost of attending college; there are other costs associated with college, like room and board, facility fees, and books and supplies. Let's take a look at what impacts these costs, and what to expect at Drake University.

Room and Board Costs at Drake University

Housing and campus dining at Drake University is $11,858 a year. This number covers the cost of living in dorms or other on-campus housing, and a meal plan that enables you to eat in the Drake University's on-campus cafeterias and dining halls. Students who live off campus but would like to be able to eat in the campus dining can choose to be on a meal plan. The cost of board-only is $6,210.

Meal-plan costs vary based on on the number of meals you intend to eat on-campus

How Much Do Books Cost at Drake University?

The cost of books often surprises first-year college students. The actual cost of books and supplies depends on the courses you take and the textbooks, computer programs, or other materials are required.. To save money, many students choose to use books from the library or buy used textbooks and materials.

Annual Fees

Most schools charge some yearly fees to offsets cost associated with maintaining facilties, like the library, gym and computer labs.

Keep in mind, there could also be additional fees associated with participating in certain activities, like joining a fraternity or sorority, or participating in sports or other extracurriculars. Most colleges have resources so that those who may struggle to participate because of cost can find ways to lower or eliminate these costs.

The Cost of Transportation at Drake University

The total cost of transportation in college depends on a few key factors. Will you take a subway, car or an airplane to get to school? Will you need to pay to park on-campus? Is the campus easy to get around on foot? Do you plan to bring a car or are you planning to use public transportation? All of these factors can make a big difference in your estimated cost of transportation. At Drake University, freshman are allowed to park on campus.

A school's location can impact your transportation budget. Small, rural schools may be easier to get around, but the cost of getting to campus may be higher. On the other hand getting around in a city is usually expensive, but there may be more buses, trains and affordable flights to actually get to school. Drake Universityis in a city in Iowa.

Other Costs

When creating a budget for college, be sure to factor in personal expenses, like movies, takeouts, furniture or appliances for your dorm or housing, and essentials like laundry detergent, toothpaste and toilet paper.

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Total Tuition and Expenses at Drake University

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Now, let’s look at the breakdown of all expenses, to get a better idea of the actual cost of attending Drake University.

Total Cost of Drake University

What will the cost of attending Drake University be? Here is a breakdown of tuition and expenses.

2023 Total Tuition and Expenses
Tuition	$49,466
Room and Board	$11,858
Board Only	$300
Other expenses	$1,845

The total estimated cost will vary depending on whether you are going to live on-campus or off-campus.

Total Estimated Costs
On-Campus	$63,817
Off-Campus	$52,259

The breakdowns above provide a good estimate of the total cost of attendance before financial aid and scholarships. Tuition and fees may vary depending on program, course level, location, and more.

Drake University’s tuition and fees change based on: •Academic program for both full and part-time students •Class time for part-time students •Course load for both full and part-time students •Course level for both full and part-time students

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Financial Aid at Drake University

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The majority of Drake University undergrads use financial aid to help pay for school. In 2023, 1,635 of the 2,835 undergrads enrolled received financial aid. Drake University meets 79% of the demonstrated financial need for undergraduates.

The average financial aid package for a full-time, first-year student is around $36,707 a year. Around 60% of Drake University undergrads take out student loans to cover any remaining costs. Drake University graduates who have student loans graduate with an average of $34,470 of student loan debt.

The average debt for each loan type varies.

Average Debt By Loan Type
Federal Loans	$21,184
Drake University-Specific Loans	$13,361
Private Loans	$42,668

Most Common Loans for Drake University Students
Federal Loans	58%
Institutional Loans	38%
Private loans	19%

Most students take out institutional or government loans, because they tend to have lower interest rates and more flexible repayment options than private loans. Loans from the federal government can be subsidized or unsubsidized. Subsidized loans do not accrue interest during school, while unsubsidized loans begin accruing interest at the time the loan is issued. If students do no qualify for enough federal loans to cover the cost of tuition, some take out private loans. Parents can also take out ParentPLUS loans, which are government loans for parents who are helping their children pay for college.

The Free Application for Federal Student Aid (FAFSA) helps colleges determine how much financial need students and their familes have, so they can offer a financial aid package that meets, or come close to meeting, their need. For more information on Drake University financial aid, keep reading, or visit their financial aid website.

Scholarships at Drake University

Some students may receive grants and scholarships to help pay for college. Unlike loans, scholarships and grants do not have to be paid back.

In 2023, Drake University awarded 1,608 need-based scholarships to students, giving away total of $44.9 million to help students with financial need cover the cost of school. An additional $31.27 million in merit-based scholarship money was awarded to students without demonstrated financial need.

Net Cost of Drake University

The net price of college is the actual cost of attending a school for one year. Net cost is calculated by subtracting any scholarships, grants or other aid that does not need to be paid back from the total cost. Student loans are not part of the calculation, because they need to be repaid.

Now that we have a sense of the total estimated costs for Drake University students, we can subtract the average financial aid package to find the estimated net cost. Net cost can vary depending on a students’ need and the financial aid award received.

When considering whether a school fits your budget, it is important to consider the estimated net cost, not just the sticker price of tuition. Often, schools with the highest tuition also offer the most generous aid packages, so estimate your net cost before eliminating a school because it does fit your budget.

The average amount of financial aid received by a full-time first year student with demonstrated need at Drake University was $36,707 in 2023. By substracting the average financial aid package from the estimated costs, we get a number that may make the cost of Drake University seem more manageable.

Estimated Net Cost for Full-Time Students
On-Campus	$27,110
Off-Campus	$15,552

What will attending Drake University really cost you? The answer depends on several factors.

As of 2011, colleges are required to have a net price calculator on their website to help prospective students and their families make more informed decisions about the actual cost of attending that school, based on their financial situation. You can find the Drake University's net cost calculator on their website.

Drake University Tuition Payment Plans

Some students choose to use payment plans to make the cost of tuition fit more comfortably in their budget.

Drake University offers an Installment Payment Plan, which allows students to pay tuition in a series of smaller chunks instead of one lump sum.

Does Drake University Offer Tuition Waivers?

Schools sometimes waiver tuition for certain groups, to make attending more affordable. Some schools offer tuition waivers for employees and their family members, underrepresented students, or military students. Even if you qualify for a waiver, other expenses and fees are the responsibility of the student.

Drake University has some full or partial tuition waivers available for: - Employees or Children of Employees

Check the financial aid website for more information on payment plans and tuition waivers.

Drake University's Endowment

An endowment is the total value of a school's investments, donations, and assets. Endowment is not necessarily an indicator of the quality of a school, but it can give you a sense of how much money a college can afford to invest in expanding programs, improving facilities, and supporting students.

As of 2022, the total market value of Drake University's endowment was $226.2 million. The average college endowment was $905 million in 2021. The school spends $12,666 for each full-time student enrolled.

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Learn More About Drake University

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