Drake University advanced to seventh in the "Great Schools, Great Prices" rankings and gained sole possession of fourth place in the overall rankings of 142 Midwest Universities - Master's category published by U.S. News and World Report magazine in the 2007 edition of "America's Best Colleges."
Last year Drake ranked eighth in the "Great Schools, Great Prices" category. The rankings are based on a formula that relates a school's academic quality, as indicated by its U.S. News ranking, to the net cost of attendance for a student who receives the average level of need-based financial aid. "The higher the quality of the program and the lower the cost, the better the deal," according to the magazine.
This year's rankings show 61 percent of Drake students receiving grants based on financial need. Drake students also receive tens of millions of dollars in scholarships based on academic merit, which are not calculated in this category.
“We are delighted that we continue to be ranked by U.S. News & World Report — and by our peers — as one of the very best in the Midwest,” said Drake University President David Maxwell. “At the same time, it is important for people to know that we are financially accessible. This past year, we spent more than $35 million on financial aid, and we will continue our strong commitment to provide financial access to Drake for those who are qualified."
Drake continues to be ranked No. 2 in reputation for academic quality (peer assessment). It has the highest ranking in its category of any Iowa college or university. Drake improved in several areas this year, including student/faculty ratio, average freshmen retention rate and freshmen in the top 25 percent of their high school class.
U.S. News' annual "America's Best Colleges" special issue and complete guidebook will be on newsstands and in bookstores on Monday, Aug. 21. All of the latest U.S. News rankings are available at http://www.usnews.com/.