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 Entrance Counseling | Federal Student Aid 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, Create an Account (FSA ID)
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 submit an application every time you borrow: Parents Plus Loan Application and Graduate or Professional Students Plus Loan Application after the application is submitted, the Department of Education will conduct a credit check on all Direct PLUS Loan applicants. Parent PLUS 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.
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 Direct 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 loan 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 Direct Loan/GradPLUS borrower.
You will need your FAFSA PIN and SSN to complete Exit Counseling. 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 email@example.com.
*THIS IS A MANDATORY REQUIREMENT FOR ALL STUDENTS WITH FEDERAL STAFFORD LOANS AND/OR GRADPLUS LOANS.
Your student can access his or her financial aid award online. He or she should have received an email after acceptance to Pratt with instructions on how to access the package. If he/she did not, it may be in their spam filter. It is still possible to access it by following the instructions at the link above.
After all the financial aid is subtracted from the cost, the balance may be handled by applying for a Direct PLUS Loan. Below are instructions.
Complete a Direct Loan Master Promissory Note. Log in to: I’m a Parent of an Undergraduate Student. In order to complete this step, you must also have the PIN number that you used to file your FAFSA. If you do not have your PIN number, please obtain your PIN here.
Parent PLUS loan applicants are required to submit a Parents Plus Loan Application every time you borrow. After the application is submitted, the Department of Education will conduct a credit check on all Direct PLUS Loan applicants. 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.
Step 3 (ALL BORROWERS)
Complete and return the Loan Confirmation Form via fax or mail. You can print the Loan Confirmation Form from the How to Apply for Financial Aid page and mail or fax it back to our office. Instructions are on the form.