New students who submitted their FAFSA by February 1 will receive their award package by mail in March as soon as they are accepted to Pratt. This should provide enough time to make a fully informed decision. Financial aid awards are posted online. Once you are accepted and have submitted your deposit, you will receive an email with your Pratt One-key and instructions on how to access your package online.
If you do not receive an email, check your spam filter. Please feel free to 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.
Continuing students are packaged in June as soon as the final grades are in for the spring semester.
The Loan Process
As part of your financial aid package, you are eligible to borrow Federal Direct student and/or parent loans. All of the steps outlined below must be completed in order for Pratt to receive your loan funds and apply them to your student account.
Steps to complete your Federal Direct Loan Application:
Step 1 - (New Borrowers) Complete Loan Entrance Counseling. This step should take between 15 and 30 minutes. Please visit studentloans.gov/myDirectLoan/index.action in order to complete this step. You will need some personal information including your name, social security number, date of birth and your Federal PIN number (this is the same PIN that you used when you electronically signed your FAFSA. If you do not have your PIN number, you can request it by visiting, www.pin.ed.gov/PINWebApp/pinindex.jsp
Step 2 - (New Borrowers) Complete a Direct Loan Master Promissory Note. In order to complete this step, you must also have the PIN number referred to in the above step. If you do not have your PIN number, please follow the instructions above in order to receive one. If you are borrowing a Federal Direct Stafford Loan (subsidized and/or unsubsidized), please complete the Federal Direct Stafford Loan Promissory Note.
If you are borrowing from the Federal Direct Grad PLUS program, you must also complete a Federal Direct Grad PLUS/PLUS Master Promissory Note. *Please review your financial aid package for the type(s) of loan(s) you are applying for.
Step 3 *For Grad PLUS/PLUS Borrowers ONLY* If you are applying for a Grad PLUS or your parent is applying for a PLUS loan, applicants are required to complete a credit check every time you borrow online at studentloans.gov/myDirectLoan/index.action. PLUS and Grad PLUS loans will not be processed without credit approval. Please be sure to accurately input your information (name, address, SS#, date of birth, etc.) exactly as you did on your promissory note or the credit check and promissory note will not match which can cause lengthy delays in the processing of your loan and the receipt of funds.
Accepted Students Only
Follow the steps below to access your financial aid package. You must have been accepted to Pratt before a financial aid package can be created.
Complete Entrance Counseling on the Studentloans.ed.gov site below. Entrance Counseling is the second step of obtaining financial aid at Pratt Institute. The US Department of Education requires that all students receiving a student loan must complete a brief counseling session. On this site, you will review general information. You will also take a brief quiz verifying your understanding of the student loan process. This step should take between 15 and 30 minutes.
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.
If you are a graduate/professional student and have not previously received a PLUS loan through the FFEL or Direct Loan programs at Pratt Institute, you must complete Direct Loan Entrance Counseling before you can receive a Direct PLUS Loan.
You may complete Direct Loan Entrance Counseling electronically via studentloans.gov. A Federal Student Aid PIN is required to complete online Direct Loan Entrance Counseling.
A. If you intend to borrow Stafford Loan, Parent PLUS or Graduate PLUS loan funds beginning July 1st, 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.
B. 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 and mail or fax it back to our office. Instructions are on the form.
Entrance Counseling is required for those who have not borrowed a student loan at Pratt Institute before.
Financial Aid Exit Counseling
All students who have received Federal Stafford Loans during their course of study at Pratt Institute are required to complete Exit Counseling when they graduate, withdraw or cease to be enrolled at Pratt. The primary purpose of this session is to help you better understand your student loans debt. You will review the regulations, repayment options and the consequences of default. Also, you will be reminded of your rights and responsibilities as a Federal Stafford Loan/GradPLUS borrower.
You may complete Direct Loan Exit Counseling electronically via the StudentLoans.gov web site at studentloans.gov or simply using the "Complete Exit Counseling" link below. After you login you will click on the button that says "Exit Counseling" to get started. You will need your FAFSA PIN and SSN to complete this process. Please be sure to have the following available:
- Three references with complete addresses (This excludes Pratt faculty or staff as references and dormitory addresses)
- Driver's License (if applicable)
- Employer's address and phone number (if applicable)
IMPORTANT - This Exit Counseling link only pertains to the Federal Direct Loan and Grad PLUS Programs, not the Perkins, Pratt or Alternative Loan Programs. If you have any questions about the Exit Counseling process, please come into the Brooklyn or Manhattan campus Financial Aid Office, call us at 718-636-3599 or email at firstname.lastname@example.org.
*THIS IS A MANDATORY REQUIREMENT FOR ALL STUDENTS WITH FEDERAL STAFFORD LOANS AND/OR GRADPLUS LOANS.