Explore the Many Types of Financial Aid Available at PrattMWP
- PrattMWP Merit Scholarship: A student’s eligibility is determined based on their application materials that were submitted at the time of acceptance. Students must maintain a 2.5 cumulative GPA at the end of their first year to maintain for the sophomore year. This award does not need to be repaid.
A student’s merit scholarship eligibility is reevaluated when relocating to the Brooklyn campus. Eligibility will be based on the student’s cumulative GPA at the end of the first semester of their sophomore year at PrattMWP. For a complete breakdown of GPAs and scholarship amounts please click here.
PrattMWP Grant: Eligibility 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: A need-based grant awarded by the federal government. Eligibility is based on the amount of financial need demonstrated 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 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 5.49% for loans disbursed on or after July 1, 2023. 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 first-year students and $4,500 for sophomores
- Federal Direct Unsubsidized Loan: Offered to students regardless of financial need. Interest rates are fixed at 5.49% for loans disbursed on or after July 1, 2023. 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 first-year students 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.
Additional Financing Options
- 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 8.05% for loans disbursed on or after July 1, 2023. 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 after the loan has been fully disbursed. Parents do have the option to defer repayment while the student remains in school, however, they must contact their loan servicer and request a deferment once the loan has entered repayment. Parents should email the Financial Aid Office if interested in this option.
- Alternative Student Loan: A loan that is designed to help students meet their college costs after all other types of aid has been awarded. There are several lenders that offer students the opportunity to borrow loan funds; however, a credit-worthy co-signer is usually required. Cosigners can be a parent, relatives, family friends, etc. The lender determines the interest rate. Students can apply for a fixed or variable interest rate when completing the loan application. Interest will begin accruing at the time of disbursement. Students can choose to begin repayment after graduation or immediately. Please click here to research available loan lenders and their online loan application instructions.
- Nelnet Monthly Payment Plan: A tuition payment plan is available for students that would like to finance their education interest-free throughout the academic year. The student's remaining annual balance is divided into 10 monthly payments over the academic year. Payments are due on the 15th of each month starting in July and ending in April. There is an $85 annual set-up fee that is due upon enrolling in the online monthly payment plan.