Does Financial Aid Transfer?

The answer is Yes and No. Your financial aid records can be transferred to a new school.

However, the actual funds you received at your old school cannot be transferred to your new school.

When you are accepted at a new school, you simply need to transfer your financial aid records. Be aware that you may not receive the same types or amounts of aid at the new school. This is because there will be differences in cost of attendance and the availability of financial aid funds.

Awards will be determined by your level of eligibility, the cost of attendance at the new school, and the total amount of aid dollars available at the new school.

To begin this process, you should contact the financial aid office of the new school and make sure that you understand their financial aid application procedures.

Be aware that it can take months for all of the necessary financial aid paperwork to be processed. So keep track of the process and stay in touch with your new financial aid process.

Pell Grants
If you are receiving a Pell Grant, you should also be eligible to receive this aid at your new school, unless your former school granted a special exception. Special exceptions granted at one institution may not necessarily be granted at another.

The new school will only receive the original information you supplied on your FAFSA. You need to notify the financial aid office at the new school to make another request for a special exception. Your new school will determine your eligibility for a Pell Grant based on your attendance at that institution.

Student Loans
If you have student loans at your old school, you should also be able to receive a loan from the school you plan to attend. However, if you already received your annual maximum at your old school, you may not have eligibility left at the school you plan to attend.

Check with the financial aid office at the old school to determine if you will be eligible for additional loans at the school you are going to attend