Grants, including Presidential, Pratt, Pell, Federal Supplemental Educational Opportunity (SEOG) grants, etc., are deducted from your bill when awards are finalized. If you have any questions about your financial aid awards, call Financial Aid at (718) 636-3599. Please visit our Financing Your Education section within Admissions for detailed information, some helpful links are below.
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Federal Perkins Recipients
The deadline to sign for your Perkins Loan is December 15, 2012. The Federal Perkins Loan Promissory Note is to be signed electronically. If you are awarded a Perkins Loan, your FASFA pin number is required in order to complete this process online. No financial aid will be credited to a student’s account until after the first 30 days of class. However, before you can sign for the Perkins Loan, your financial aid file must be completed. You will be notified by mail when you will be able to sign your promissory note. If you do not electronically sign the note, you will not receive the loan. Each student must sign for the loan; your parents CANNOT electronically sign this loan for you.
Federal Direct Loans
If your Stafford or Plus Loan has been processed by Financial Aid, we have listed the estimated gross amount of your Federal Direct Loans for the current semester as “Pending Financial Aid” on the bottom of your statement. You must enroll for at least 6 credits and meet the federal requirements to qualify for a loan.
The TAP award on your bill is only an estimate. If it differs from your NYS award certificate, deduct the amount on your certificate and return it with your bill to the Office of the Bursar. You must enroll for at least 12 credits and be a New York State resident to qualify for a TAP award.
Assistantship wages are paid directly to you by paycheck for work you perform over the course of the semester. Assistantships are not deducted from your bill.
Federal work-study wages are paid directly to you by paycheck for work you perform over the course of the semester. Work awards are not deducted from your bill.
Students receiving scholarships not awarded by Pratt Institute must send a copy of the scholarship letter to the Bursar’s office, attention Ms. Olivia Goode. Bursar clearance is only given in the event that the outside scholarship covers tuition and fees in full or the outstanding portion of tuition after financial aid has been received. Payment from either scholarships or third parties is expected within the semester the tuition is charged. The Bursar’s office will not extend clearances to allow a student to register for a subsequent semester if the outside scholarship or third-party payment has not been received.
Return of Title IV Funds (R2T4)
The HEA Amendments of 1998, Public Law 105-244 substantially changed the way FSA funds are handled when an FSA program recipient completely withdraws from school. The change in the law makes clear that Title IV funds are awarded to a student under the assumption that the student will attend school for the entire period for which assistance was awarded. Under the Return of Title IV (R2T4) regulations, a student “earns” the assistance s/he has been awarded in direct proportion to the number of days of the payment period (semester) s/he remains enrolled, through the 60% point in the semester. A student who withdraws after the 60% point earns 100% of the aid. If a recipient of FSA grant or loan funds withdraws from school after beginning attendance during a semester, Pratt Institute must calculate the amount of assistance the student earned. If the amount disbursed to the student is greater than the amount the student earned, the unearned funds must be returned. If the amount disbursed to the student is less than the amount earned, then the student is eligible to receive a post-withdrawal disbursement. If the student has received excess funds that must be returned to the government, Pratt Institute shares the responsibility of returning those excess funds with the student. The Pratt’s portion of the excess funds to be returned is equal to the lesser of the entire amount of the excess funds, or the student’s total tuition and fee charges multiplied by the percentage of unearned funds. If Pratt Institute is not required to return all of the excess funds, the student must return the remaining amount. Pratt must return its share of unearned funds to the Department of Education through the Office of the Controller.
The student must be fully eligible to receive federal funds prior to the date of withdrawal, that is, the conditions that make a student eligible for a “late disbursement” must be met before the student withdrew in order for Title IV aid to be considered “aid that could have been disbursed” and included in the R2T4 calculation. For example:
• The ISIR must have been processed with an official EFC
• The student must be in good academic standing and have met academic progress requirements
• A Direct Loan must have been certified and originated
• Federal Perkins/FSEOG was awarded
Determining the Amount of Aid the Student Earned
The semester begins on the first day of class and ends on the last day of final exams. Any scheduled breaks of five consecutive days or more should be excluded from the count of days. This includes Spring Break. The amount of aid a student has earned is determined by dividing the number of days that the student attended by the number of days in the semester, then multiplying the result by the amount of federal aid the student was entitled to receive. This amount is compared to the amount of aid the student actually did receive to determine whether FSA funds must be returned or whether the student will receive a post-withdrawal disbursement.
If a student has received less Title IV funds than s/he has earned, the student (or parent) must receive a post-withdrawal disbursement within 120 days from the date of withdrawal. Pratt must send a written notice to the student within 30 days of Pratt Institute’s determination of withdrawal. The notification must:
- Identify earned Title IV funds not credited to the student’s account
- Explain the ability of the student to accept or decline payment
- Advise the student to respond within 14 calendar days
The student (or parent) must be given at least 14 calendar days to accept the post-withdrawal disbursement. If the student (or parent) fails to make a timely response, Pratt may choose not to make the post-withdrawal disbursement upon due notification to the student or parent. However, Pratt may always opt to pay the student after this deadline upon receipt of the student or parent’s notice of acceptance. Pratt Institute must have a formal published policy on post-withdrawal disbursements. Remember that all promissory notes must be signed by the borrower before loan payments may be made.
For Further Guidance
For a more comprehensive treatment of the R2T4 regulations, readers should turn to the 2012-13 FSA Handbook, Volume 2, Chapter 6. This chapter presents extended discussion of each element of the R2T4 calculation and provides examples, worksheets, case studies and regulatory citations to assist in a better understanding of this process. Additional guidance can be found in Dear Colleague Letters GEN-04-03 (February 2004); GEN-00-24 (December 2000); GEN-98-28 (November 1998).
Please feel free to contact your financial aid counselor or the office at the information below should you have questions or would like additional assistance.
200 Willoughby Avenue
Myrtle Hall, 6th Floor
Brooklyn, NY 11205
Fall/Spring of operation (Fall/Spring)
Monday - Wednesday and Friday: 9:00 am until 5:00 pm
Thursday 9 am until 6:00 p.m.
Monday – Wednesday and Friday: 9:00 am until 5:00 pm
Thursday 9:00 am until 6:00 pm
Summer hours of operation
Monday - Friday: 9:00 am until 4:00 pm
Monday – Friday: 9:00am until 4:00 pm