How Transferring Colleges Can Affect Financial Aid
"Whether it's to find a better fit for a major or to attend college closer to home, many students transfer from one university to another. In addition to considering the academic and social factors of moving schools, students should also be aware that transferring schools can affect student loans and their overall financial aid package, including scholarships and grants," U.S. News and World Report writes.
"While credits earned at one school can transfer to another, many financial aid packages won't. That's because the cost of attendance at a school is a factor in determining financial aid award and eligibility for student loans. Additionally, most scholarships and some grants are specific to an institution, so you may lose that money upon transferring.
Students who qualify for federal loans and grants, such as Pell Grants, should also qualify for them at their new school, but there's a process to follow in order to reestablish federal aid at a new school.
'It isn’t seamless. It’s not automatic,' says Jill Desjean, senior policy analyst for the National Association of Student Financial Aid Administrators. 'You need to make sure your other school gets added to your FAFSA, and the other school will need to get that information because that determines your eligibility.'"
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Publication Date: 10/27/2023
