Federal Direct Loan Programs
Pratt’s graduate programs currently participate in both William D. Ford Direct Loan and the Federal Graduate PLUS Loan. These programs are available to U.S. citizens and permanent residents who are matriculated toward the degree and are not in default of any previous student loans. Please complete the FAFSA form online at www.fafsa.ed.gov as the first step towards the application process.
William D. Ford Direct Loan has a maximum annual borrowing limit of $20,500. ($10,250 per semester) It’s available to all borrowers regardless of credit history.
Federal Graduate PLUS Loan has NO maximum annual borrowing limit. Student can borrow up their cost of attendance. Funds from this loan are often used to finance indirect educational costs such as room & board, transportation, personal expenses and other educational expenses. To be approved for this loan the students must not have adverse credit history as this loan is credit based.
Upon receipt of your FAFSA, the Office of Financial Aid will send you an award letter which will includes both loans above along with detailed processing instructions. In addition, as a professional graduate student your own personal FA Counselor will reach out to assist and guide you during entire process.
Loans are disbursed 10 days prior to start of term and loan refunds are available no later than on the 14th day of classes. For quicker refunds, please activate your Pratt Debit Prepaid Visa Card.
Loan repayments begin six months after graduation or withdrawal from Pratt. The are many repayment options including: Pay As You Earn and Income Based Repayment. In addition, there is also a loan forgiveness program that you may qualify for.
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