Transfer Tips for College Students

"If students withdraw, graduate or leave a school, lenders are automatically notified and can prematurely start the standard six-month grace period before repayment, warns Jarvis," Fox Business reports. "'Assuming that you go ahead and register them at another school, lenders will also be notified of that and your loans can be put into an in-school deferment status.' Students should be mindful that federal financial aid has a time limit with transfer students, according to Andy Dryden, director of Student Success Strategy at Hobsons. 'Federal financial aid regulations will stop providing you with financial aid if you exceed the threshold of 150% [of the required credit hours needed to graduate],' he says."

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