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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.

Also see: Can you transfer into an ivy league school?

Key Takeaways

Key Takeaways

  • Your financial aid package doesn’t automatically transfer to your new school since there’s going to be fluctuations based on school size, tuition, and more
  • Talk to your financial advisors to find out how transferring will impact your financial aid
  • Student loans enter repayment status when you transfer, so be sure to apply for deferment if you need it
  • Update your financial aid applications for FAFSA and the CSS Profile because your aid package is based on that information
  • You can get new scholarships and grants at your new school, but if you’re unhappy with your new financial aid package, you can write an appeal letter 
Key Takeaways

Frequently asked questions about transfer students and financial aid

Will I get financial aid if I transfer?

Yes, if you qualify for financial aid to begin with. Transferring does not prevent you from being able to receive aid, and you’ll be able to qualify for transfer scholarships as well. Your new college or university will likely consider you for an aid you qualify for at the time you apply.

Do I have to resubmit my FAFSA or CSS Profile to qualify for transfer aid?

If you’ve already filled out your financial aid applications for the year, you do not have to redo the whole application, but you do need to log in and add the school you are applying to transfer to and then submit your changes.. If you haven’t completed and sent in your FAFSA or CSS Profile for the year, be sure to do it as soon as possible.

Additional resources

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!