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 FAFSA® Application | Federal Student Aid as the first step toward the application process.
Key Changes for New Borrowers (Effective July 1, 2026):
- Federal Graduate PLUS Loan Eliminated: No longer available for new graduate or professional students.
- New Graduate Unsubsidized Limits: Standard $20,500 maximum annual limit; $100,000 lifetime cap (includes prior undergrad loans). It’s available to all borrowers regardless of credit history.
- Legacy Provisions:
Existing Borrowers: Those with loans before July 1, 2026, can continue borrowing under older rules for their current program or for three more years, whichever is shorter.
Upon receipt of your FAFSA, the Office of Financial Aid will send you an award letter which will include 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 the 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. Access your refund by signing up for direct deposit.
Loan Repayments
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.
Private Loans
Private Lender Arrangement Disclosure
Pratt Institute Preferred Lender List Selection Process
Pratt Institute is committed to providing our students and their families with the best possible financial aid options. While we recognize that some students may need to utilize private education loans to help cover the cost of their education, we maintain a carefully vetted list of preferred private lenders to assist you. This disclosure outlines the rigorous process we use to evaluate and select the lenders featured on this list, in compliance with federal regulations (34 CFR § 601.10).
Maximize Federal Financial Aid First
Before applying for a private education loan, Pratt Institute strongly encourages all students and families to apply for and maximize their eligibility for Federal student aid (Title IV aid), as federal loans generally have more favorable terms and conditions than private loans.
- Maximum Federal Grant Aid: For the current academic year, the maximum Federal Pell Grant available to eligible students is $7,395
- Maximum Federal Loan Aid: The maximum annual Federal Direct Loan limits range from $5,500 to $12,500 for undergraduate students (depending on grade level and dependency status), and up to $20,500 for graduate students. Federal PLUS loans are also available up to the cost of attendance minus other financial aid.
Selection Timeline, Method, and Criteria
To ensure fairness, transparency, and that lenders are selected on the basis of the best interests of the borrowers, the Pratt Institute Financial Aid Office conducts a comprehensive Request for Proposal (RFP) process. The most recent selection process was conducted without prejudice and for the sole benefit of our students, according to the following timeline:
- November 2025: A formal Request for Proposals (RFP) was published and distributed to private student loan lenders.
- February 2026: All submitted proposals were thoroughly reviewed by the selection committee. Lenders were evaluated based on a variety of factors in the borrower’s best interest, including highly competitive interest rates, excellent borrower benefits, flexible repayment options, high-quality customer service, and technological efficiency.
- March 2026: Virtual interviews were conducted with the top-ranking lenders to further assess their services, ask clarifying questions, and ensure they meet the high standards expected for Pratt Institute students.
Based on this comprehensive review, Pratt Institute selected the following four lenders for our preferred lender list:
- Citizens Bank
- SoFi
- Sallie Mae
- College Ave
Please refer to the flyer for the specific loan details, interest rates, and features for these selected lenders. Additionally, detailed model disclosure forms (providing specific loan terms required by the Truth in Lending Act) for each of these lenders are available upon request or on the lender’s application portal.
Lender Affiliations
In compliance with federal regulations, Pratt Institute certifies that, to the best of our knowledge, none of the lenders listed on our preferred lender list are affiliated with each other. They are separate, independent lending institutions.
Your Right to Choose
Students and families do not have to borrow from a lender on the preferred lender list. You have the right to select any private education lender of your choice.
Pratt Institute will promptly process the documents required to obtain a loan from any eligible lender you select. Your choice of lender will not affect your eligibility for other forms of financial aid, nor will Pratt Institute deny, impede, or cause unnecessary delay in the loan certification process for borrowers who choose a lender that is not included on the preferred lender list. We strongly encourage you to compare multiple lenders to find the loan terms that best fit your individual financial needs.
Code of Conduct and Conflict of Interest
Pratt Institute strictly adheres to a Financial Aid Code of Conduct, exercising a duty of care and a duty of loyalty to our students. We explicitly declare that there are no conflicts of interest between Pratt Institute, our financial aid staff, and any of the lenders on our preferred list. Furthermore:
- Pratt Institute does not participate in any revenue-sharing arrangements with any lender.
- No employee of the Financial Aid Office receives gifts, trips, or any form of compensation from lenders.
- No lender is assigned to a first-time borrower automatically.
- We do not accept offers of funds for private loans in exchange for providing concessions or promises regarding a specified number or volume of loans.
If you have any questions about this disclosure, Federal Title IV aid, or the private loan process, please contact the Office of Student Financial Services at Pratt Institute.