Drake University Savings Calculator - Plan Your College Fund
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Balance and Expenses by Years
Total Costs by Child
Planning to save for Drake University? Our Drake University savings calculator helps you determine exactly how much you need to save monthly to cover college costs. With current tuition rates of $49,944 for in-state students and $49,944 for out-of-state students, plus a 64.1% admission rate, strategic financial planning is essential for your Drake University college fund.
About Drake University
Drake University is a highly selective institution with 2,669 students. The college maintains high academic standards with average SAT scores of 1290 and ACT scores of 27.0. Understanding these costs upfront allows families to create an effective savings strategy for their Drake University education fund.
Current Drake University Costs
- In-State Tuition: $49,944 per year
- Out-of-State Tuition: $49,944 per year
- Total Students: 2,669
- Admission Rate: 64.1%
Use our calculator above to determine your personalized savings plan for Drake University.
Smart Savings Strategies for Drake University
Given the premium cost tuition costs at Drake University, early planning is crucial. Consider these approaches:
1. Start Early
Begin saving when your child is young to take advantage of compound interest
2. 529 Plans
Tax-advantaged education savings accounts are ideal for Drake University planning
3. Automatic Savings
Set up monthly transfers to consistently build your Drake University fund
4. Investment Growth
With Drake University's tuition costs, consider growth-oriented investments for long-term savings
Drake University Graduate Outcomes
- Median Earnings (10 years): $71,901
- Loan Repayment Rate: 1328.0
- Value Rating: Excellent
These outcomes show positive return on investment, making your Drake University savings strategy more compelling from a financial perspective.
Frequently Asked Questions
Drake University costs $49,944 per year for in-state students and $49,944 for out-of-state students. These figures represent tuition only and don't include room, board, and other expenses.
The best time to start saving for Drake University is as early as possible. Even small monthly contributions can grow significantly over time, especially given the $49,944 annual cost. Starting when your child is born gives you 18 years to save.
Drake University has a 64.1% admission rate, making it highly competitive. With 2,669 total students and average test scores of 1290 SAT and 27.0 ACT, preparation and planning are important.
Drake University graduates earn a median salary of $71,901 ten years after graduation, with a 1328.0 loan repayment rate. This represents positive value given the $49,944 tuition cost.
Use our Drake University savings calculator above to determine your monthly savings goal. The amount depends on your child's current age, expected tuition increases, and investment returns. For current $49,944 costs, earlier planning reduces monthly requirements.
Saving $100 monthly for 18 years at 7% return will give you $43,072. This falls short of the estimated $215,265 total cost by $172,193. To fully fund college, you'd need to save at least $500 monthly.
Saving $250 monthly for 18 years at 7% return will give you $107,680. This falls short of the estimated $215,265 total cost by $107,585. To fully fund college, you'd need to save at least $500 monthly.
Saving $500 monthly for 18 years at 7% return will give you $215,361. This covers the estimated $215,265 total cost for 4 years at Drake University with $96 extra for additional expenses.
Saving $1000 monthly for 18 years at 7% return will give you $430,721. This covers the estimated $215,265 total cost for 4 years at Drake University with $215,456 extra for additional expenses.
Saving $2500 monthly for 18 years at 7% return will give you $1,076,803. This covers the estimated $215,265 total cost for 4 years at Drake University with $861,538 extra for additional expenses.