Explore the Many Types of Financial Aid Available at PrattMWP
Students who apply for financial aid will be considered for the following aid programs:
- PrattMWP Merit Scholarship: • Determined by PrattMWP’s Admissions Office, based on a student’s portfolio, standardized test scores and high school/college transcripts 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 upon relocation to Pratt Institute for the student’s junior and senior years.
- PrattMWP Grant: Awarded by PrattMWP’s Financial Aid Office 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: A need-based grant awarded by the federal government, and determined based on the information submitted on the student’s FAFSA. This award does not need to be repaid.
- Federal Supplemental Educational Opportunity Grant (SEOG): A need-based grant also awarded by the federal government, and is awarded to students that demonstrate 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. Students are required to complete the New York State Student Aid Payment Application to be considered for this grant. This award does not need to be repaid.
- Federal Work Study Program: Work study eligibility is a need-based work program and is offered to students who show exceptional financial need. Students maintain a part-time job on campus while enrolled at PrattMWP. Students are paid New York State minimum wage and will receive a bi-weekly paycheck. 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 borrow a federal student loan will be required to complete a Master Promissory Note and Entrance Counseling Session. Students will be notified by the Financial Aid Office when these requirements are available.
- Federal Direct Subsidized Loan: Offered to students based on financial need. Interest rates are fixed at 5.05% for loans disbursed on or after July 1, 2018. 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 5.05% for loans disbursed on or after July 1, 2018. 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 independent students or to dependent students whose parents have been denied the Federal Direct Parent PLUS Loan.
- 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 7.6 % for loans disbursed on or after July 1, 2018. 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.