Explore the Many Financial Aid Types Available at PrattMWP
Students who apply for Financial Aid will be considered for the following financial aid programs:
- PrattMWP Merit Scholarship: Determined by PrattMWP’s Admissions Professionals, based on a student’s portfolio, and academic achievements at the time of admission. Students must maintain a 2.5 GPA to continue receiving their scholarship during sophomore year. This award does not need to be repaid. Merit scholarships are reevaluated for a student’s junior and senior year at Pratt Institute.
- PrattMWP Grant: This grant is awarded by PrattMWP’s Financial Aid Office and is based on a student’s remaining financial need after all other financial aid has been awarded. This award does not need to be repaid.
- Federal Pell Grant: The Pell Grant is determined by the federal government, and is based on a student’s financial need. This award does not need to be repaid.
- Federal Supplemental Educational Opportunity Grant (SEOG): This grant is also determined by the federal government, and is awarded to students with exceptional financial need. This award does not need to be repaid.
- NYS Tuition Assistance Program (TAP): Awarded to New York State residents who demonstrate financial need. This award is determined by completing the NYS Electronic TAP Application (ETA). NYS residents can complete this application after their FAFSA is completed. This award does not need to be repaid.
- Federal Work Study Program: Work study eligibility is determined by information provided on the FAFSA, and is offered to students who show financial need. Students maintain a part-time job on campus, while attending school, and are allowed to work up to five hours a week. Students are paid New York State minimum wage and will receive a bi-weekly paycheck. Students are required to complete a timesheet, and submit it to our Human Resources department in a timely manner. These funds are not earned upfront and are not applied to your college tuition bill. Funding for this program is limited, and will be offered on a first come basis. Eligible students will be offered work study on their Financial Aid Award Letter. Students must maintain a 2.0 GPA at the end of each semester to remain eligible for Federal Work Study.
- Federal Student Loans: Low interest loans offered by the federal government. Students must complete a FAFSA to be considered eligible for a all federal loans. All students that accept a federal loan will need to complete a Master Promissory Note and Entrance Counseling Session online, so they understand what their loans entail. Students will be notified by the Financial Aid Office when these requirements are available.
- Federal Perkins Loan: Offered to students that show exceptional financial need. Interest rate is fixed at 5%. Loan repayment begins 9 months after graduation or if the student stops attending. Interest begins to accrue at time of repayment.
- Federal Direct Subsidized Loan: Offered to students based on financial need. Interest rates are fixed at 4.45% for loan disbursed on or after July 1, 2017. Interest does not accrue while the student is in school. Repayment begins six months after the student graduates or stops attending. Maximum loan amounts are $3,500 for freshmen and $4,500 for sophomores.
- Federal Direct Unsubsidized Loan: Offered to students regardless of financial need. Current fixed interest rate is 3.76%. Interest does accrue while the student is in school. Repayment begins six months after the student graduates or stops attending. Maximum loan amounts are $5,500 for freshman and $6,500 for sophomores. An additional $4,000 is available to students whose parents have been denied the Federal Direct Parent PLUS Loan (see below).
- Federal Direct Parent PLUS Loan: Offered to the parent of a dependent student, so they may bridge the gap between a student’s financial aid eligibility and their total cost of attendance. Interest rates are fixed at 7.0% for loan disbursed on or after July 1, 2017. Parents are required to complete a separate loan application, and the application process does require a credit check. This loan is not based on financial need and can cover up to the student’s entire cost of attendance. Interest does accrue while the student is in school. Repayment begins 60 days after the loan has been fully disbursed, but parents do have the option to defer payment until the student graduates or stops attending.