Financing Your Education at Pratt
Choosing a college should be based on the quality and reputation of the program rather than on finances. We understand, however, that many families face financial concerns when choosing a highly regarded college such as Pratt Institute, and we are committed to providing sufficient financial assistance to make the cost more affordable. This commitment is directly reflected by the large amount of institutional gift money awarded each year. Pratt offers various kinds of assistance from need and merit-based financial aid including tuition scholarship, and grants to loans, assistantships, work-study employment, and tuition management programs. By combining federal, state and institutional funds, we make every effort to assist you in meeting the increasing cost of a college education. In fact, over 90 percent of our students receive some kind of financial assistance.
The Institute tries to ensure that no student is prevented from completing his or her education because of lack of funds. Financial aid at Pratt is awarded on the basis of financial need and merit. Need is determined through specific application requirements (explained further on the site). The student and family are expected to contribute, based on their ability to pay. It is only through a working partnership of the federal and state governments and contributions of Pratt alumni and industry scholarships that Pratt is able to maintain an effective financial aid program in this time of escalating costs. While the student and family is expected to pursue available aid from private donors and other outside scholarships.
There are three types of federal student aid: Grants—financial aid that doesn’t have to be repaid (unless, for example, you withdraw from school and owe a refund). • Work-Study—allows you to earn money for your education. • Loans—allow you to borrow money for your education. You must repay your loans, with interest.
Our financial aid application process is simple and straightforward. If you follow the directions in this booklet, you will receive your award package early enough to enable you to make a fully informed decision. Of course, I hope you will call your financial aid counselor if you have any questions about the forms themselves or about your award.
Our counselors are eager to help you learn about your eligibility for the wide range of financial aid programs available. You may obtain more detailed information by downloading our financial aid brochure.