Pratt Institute’s Responsibility and Commitment
We have prepared the following report to help our community understand the financial impact of the COVID-19 pandemic for Pratt Institute, and to address the questions posed by Pratt’s Student Government Association (SGA) and many members of the student body.
We encourage you to read the entire report to gain insight and understanding of every aspect of the impact of this crisis on Pratt as well as the additional decisions that the Institute has made regarding refunds.
The administration of Pratt Institute takes our responsibility for facilitating student success and our role as stewards of the long term sustainability of Pratt Institute very seriously.
All of our decisions are guided by these objectives, knowing that the choices we make today will impact the value of a Pratt degree for generations.
Financial Impact of COVID-19 on the Institution
Like many other private, not-for-profit colleges, Pratt is heavily dependent on tuition as its primary source of revenue. This year, more than 80% of Pratt’s operating revenue came from tuition and fees.
This year, it is estimated that more than $13 million of our $225 million budgeted revenue will be lost as a result of the COVID-19 crisis.
The negative effect is projected to have an even greater impact on next year, with losses in revenue estimated at between $20-40 million or more.
This year, Pratt has provided more than $62 million in scholarship aid to students. Next year, we anticipate students will need much more financial support.
Additional information about Pratt Institute’s sources of revenue and how tuition is spent is available in this online report.