Graduate Loans

Domestic Students

(International Students see International Student Loans below)

Federal Direct Loan Program

How to Apply: A FAFSA must be filed and received by Pratt before eligibility for the loan can be determined. Note: Students who borrowed under the Federal Stafford Loan Program during their undergraduate period of study must move to Direct lending.

To be eligible for a Federal Direct Loan, a student must be:

1. A U.S. citizen or permanent resident
2. Enrolled in or admitted as at least a half-time matriculated student at Pratt Institute

NOTE: The student must not owe refunds on Federal Pell Grants or any other awards paid, or not be in default on any student loan.

Annual Loan Limit: $20,500—graduate and professional students (subsidized and unsubsidized).

The annual loan limits for students enrolled in a program of study for less than one academic year in length are prorated.

Aggregate Loan Limits $138,500—undergraduate and graduate combined.

Any student is eligible for a full-interest subsidy during the time he or she is in school and for a six-month grace period before payment must begin for subsidized loans.

1. All student loans will be disbursed in two installments, one each semester.
2. A percentage (approximately 3 percent) of the loan amount will be deducted from each disbursement as insurance and origination fees.

Steps to Completing a Direct Subsidized, Unsubsidized, PLUS and Grad PLUS Loan

0. Complete the FAFSA at www.fafsa.gov - Once we receive your completed FAFSA form, an award letter will be processed for you and you may begin the Direct Loan Process.
0. If you are an undergraduate or graduate/professional student and have not previously received a FFEL or Direct Loan program loan at Pratt Institute, you must complete Direct Loan Entrance Counseling before you can receive a Direct Loan. You may complete Direct Loan Entrance Counseling electronically via the StudentLoans.gov Web site at https://studentloans.gov.  A Federal Student Aid PIN is required to complete online Direct Loan Entrance Counseling.
0.  If you intend to borrow Stafford Loan, Parent PLUS or Graduate PLUS loan funds beginning July 1^st, 2010 or thereafter, you must complete a Direct Loan Master Promissory Note (MPN). Although you may have previously signed an MPN to receive FFEL Program loans, a FFEL MPN cannot be used to make Direct Loans.  The FFEL Program is obsolete.  To complete a Direct Loan MPN electronically, you must have a Federal Student Aid PIN.  The Federal Student Aid PIN is the same PIN used to complete the Free Application for Federal Student Aid (FAFSA).  To apply for a PIN if you do not already have one, or for customer service regarding a previously assigned PIN, visit www.PIN.ed.gov. 
0. Complete and return the Loan Confirmation Form via fax or mail. As per the Department of Education, all Direct Loan Borrowers (be it parent or student) must complete a Loan Confirmation Form. This is a necessary step that must be completed prior to school certification of the loan(s) you wish to borrow.  You can print the Loan Confirmation Form from the Pratt Institute website: http://www.pratt.edu/uploads/DIRECT_LOAN_CONFIRMATION_FORM.pdf and mail or fax it back to our office.  Instructions are on the form

 

RIGHTS AND RESPONSIBIITIES OF RECIPIENTS
All borrowers are required to submit a Master Promissory Note (MPN) to apply for a Federal Direct Loan (subsidized and unsubsidized). The MPN is an application for the Direct Loan Programs and is valid for ten years from the time that you originally submit it to the guarantee agency.  Please keep in mind that you will still have to submit the Free Application for Federal Student Aid (FAFSA) each year by February 1st. The Office of Financial Aid will notify you via your electronic financial aid award letter of your loan eligibility. If any changes are made to your financial aid, a new letter with the most current information will be emailed to your Pratt email address. You should keep all the letters you receive from the Office of Financial Aid in order to keep track of any award revisions. Along with your electronic award letter you will be able to gain access to an electronic master promissory note (MPN).

If you have NOT applied through Pratt before, this process may prompt the printing and mailing of an MPN. If you have borrowed before at Pratt and an MPN is already on file with Studentloans.gov, you must notify them of your requested loan amount. Prior borrowers may have different interest and repayment terms based on when they borrowed their first loan. All borrowers must attend school at least half-time to be eligible to borrow any type of loan.

Students who are registered for Thesis in Progress (TIP) also have a minimum attendance requirement. The first year of TIP, the student is considered full-time for financial aid purposes only; the second year, the student is considered half-time for financial aid; and the third, the student must be registered for at least 6 credits in the major or electives to be eligible for aid. Six months after ceasing to be at least a half-time student, the borrower must make formal arrangements with the lending institution to begin repayment.

The following regulations apply: 1. The minimum monthly payment will be $50 plus interest. 2. The maximum repayment period is 10 years. 3. The maximum period of a loan from date of the original note may not exceed 15 years, excluding authorized deferments of payments. 4. Repayment in whole or part may be made at any time without penalty.

 

International Student Loans:

(1)  Global Student Loan Corporation     A US co-signer is not necessary.

(2) Citi-Assist Loans International students must  have co-signers who must be a US citizen or permanent resident. 

(3) International Student Loan Center: international students must have a co-signer who must be a US citizen or permanent resident.

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Exit Counseling

If you have borrowed student loans, you are required to take an Exit Interview Examination prior to your graduation date.  It is expected that you take this exam midway through your final semester here at Pratt.  Please select the link to complete your Exit Counseling.

DISBURSEMENT AND REFUND OF CREDIT BALANCES
The Institute requests all loan disbursements, for graduate level students on the first day of classes each semester. Your loan funds arrive as requested only if you file all your required applications in a timely fashion. If your loan funds have not arrived at the Institute as expected, please contact your financial aid counselor or contact the Financial Aid Information Center at 718-636-3599 for assistance. The loan funds are sent to the Institute and they are posted on your student account three days later. If your loan amounts exceed your balance, then you will be written a refund check 14 days after this credit has been created on your account. All refund checks are mailed to students at the address submitted to the Registrar’s Office. If you have any questions regarding your refund checks, please feel free to contact the Bursar’s office at 718-636-3618