294 financial aid
originally submit. Please keep in mind
that you will still have to submit the
Free Application for Federal Student Aid
(FAFSA) each year by March 1.
The Office of Financial Aid will
notify you via your electronic financial
aid award letter of your loan eligibility.
If any changes are made to your financial
aid, a new letter with the most current
information will be emailed to your Pratt
email address. You should keep all the
letters you receive from the Office of
Financial Aid in order to keep track of
any award revisions.
Along with your electronic award
letter you will be able to gain access to an
electronic master promissory note (MPN).
Prior borrowers may have different
interest and repayment terms based on
when they borrowed their first loan.
All borrowers must attend school at
least half time to be eligible to borrow any
type of loan. Students who are registered
for Thesis in Progress (TIP) also have a
minimum attendance requirement. The
first year of TIP, the student is considered
full time for financial aid purposes only;
the second year, the student is considered
half time for financial aid; and the third,
the student must be registered for at least
six credits in the major or electives to be
eligible for aid.
Six months after ceasing to be at
least a half-time student, the borrower
must make formal arrangements with
the Department of Education to begin
repayment. The following regulations
apply:
- The minimum monthly payment
will be $50 plus interest.
- The maximum repayment period is
10 years.
- The maximum period of a loan
from date of the original note may
not exceed 15 years, excluding
authorized deferments of payments.
- Repayment in whole or part may be
made at any time without penalty.
disbursement and refund
of credit balances
The Institute credits all loan disburse-
ments for graduate level students after
the add/drop period of each semester.
Your loan funds will be credited only if
you file all your required applications in
a timely fashion. If your loan funds do
not credit to your account as expected,
please contact your financial aid counselor
or contact the Office of Financial Aid at
718-636-3599 for assistance. If your loan
amounts exceed your balance, then you
will be written a refund check 14 days
after this credit has been created on your
account. All refund checks are mailed
to students at the address submitted to
the Registrar’s Office. If you have any
questions regarding your refund checks,
please feel free to contact the Bursar’s
Office at 718-636-3799.
Sources of Outside Scholarships
In addition to the Financial Aid
Information Center notices of outside
scholarships and scholarship workshops
held each month on campus, the
Financial Aid Office has lists of agencies to
which you may also apply. (Contact Peggy
West-Barton-Feagin at 718-399-4489 for
more information.)
Academic Progress
and Pursuit
Financial Assistance Standards
standards of academic progress
for determining eligibility for
pratt and federal financial aid
Pratt applies minimum academic
progress standards to all students
receiving Pratt aid, federal aid, and
state aid (including loans).
criteria
Measurable satisfactory academic progress
for a full-time graduate student means:
▶ (^) The student must complete a
minimum of 9 credits each semester
(TAP recipients must complete
a minimum of 12 credits each
semester).
▶ (^) The student’s cumulative grade
point average (GPA) must not fall
below 3.0.