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Are Transfer Students Eligible for Financial Aid?
College is all about getting your education where it counts most, including financially! Sometimes, transferring schools might be necessary for you to pursue your dreams, but you’re probably wondering about your financial aid. Fortunately, this guide explains financial aid for transfer students so you can rest easy while you apply to your new school.
Does my financial aid automatically transfer with me to the new school?
The short answer to this question is no, your financial aid doesn’t automatically transfer with you to a new school. Along with your acceptance letter, you’ll receive a financial aid package from your transfer school that could include scholarships or grants that you weren’t previously eligible for.
You should check with your new school and your financial aid provider to see how your financial aid is impacted by your transfer. Either way, your financial aid will be dictated by the information you include in your application to FAFSA and CSS Profile.
Will attending a new school impact my financial aid eligibility?
If you’ve already been awarded federal financial aid from completing your FAFSA, it’s likely that you’ll maintain that aid although the amounts you receive may differ depending on the new school you’re transferring to. The impact your transfer school has on your institutional financial aid can vary depending on a number of factors. The school’s tuition or financial aid package can affect how much aid you’re likely to receive. These things tend to fluctuate if you’re moving from your hometown to a different state or if your family has new financial circumstances.
Your student loans will also enter into repayment status once you transfer, so it’s important to keep that in mind during this process. Though, you can apply for deferment once you’re enrolled at your new school. Be sure to take precautions to remain eligible for financial aid.
Steps to receive financial aid at your new college
The following is a brief outline of the steps to take when transferring to a new college that you’ve been admitted to. Remember to always work closely with the financial aid department at your new school.
- Start by logging back into your FAFSA and CSS Profile applications to update them with the new school you’ve applied to then re-submit the applications
- Discuss financial aid with your new and current advisor to understand your options
- Await your financial aid offer from your school of choice
- Evaluate the new financial aid package in comparison to your current one
- Accept the package or write a financial aid appeal letter
What financial aid will I qualify for at my new school?
Depending on your circumstances, you may still qualify for financial aid when you transfer schools. It’s already a requirement to fill out FAFSA each year to remain eligible, so the process should feel somewhat familiar. Your new school might also offer more or less institutional scholarship funding, which can impact your financial aid eligibility.
There are also outside opportunities for you to gain money for school. For example, there are transfer scholarships available that you can apply for; check your college’s website for more information on these. Additionally, you can always be searching for other private scholarships throughout your time in college to make it more affordable. Be sure to remember that all student loans you previously received will enter repayment status when you transfer.
Frequently asked questions about transfer students and financial aid
Will I get financial aid if I transfer?
Do I have to resubmit my FAFSA or CSS Profile to qualify for transfer aid?
You probably have more questions about the transfer process, and fortunately, they can be answered! For instance, some students ask if it’s possible to transfer into an Ivy League university or how they should start writing their transfer essay. Scholarships360 has the resources for you, even the tools to transfer from your local community college!