When you transfer to a new school, your financial aid doesn’t automatically transfer with you. Transfer students must update the school selection list on their FAFSA® to ensure that their financial aid application is released to their new school. Once your new school has your FAFSA®, they will then make you a new financial aid offer that may differ from the one given by your previous school.
Inform Current School About Transfer
Speak to someone at the financial aid office at your current school about your plans for transferring. Depending on the school’s refund procedures, you may need to pay some financial aid back to the college before transferring. If these bills aren’t paid, your school could withhold transcripts, making it difficult for you to transfer your credits to your new school.
Update Your FAFSA® Information
Your federal student aid cannot simply get transferred from one school to another. Instead, your new school will assess your eligibility from scratch based on the data on your Free Application for Federal Student Aid (FAFSA®) and its own college financial aid application forms.
There is space on the online FAFSA®for up to 10 different schools. The paper and PDF FAFSA® forms have space for four different schools. If you want to add an 11th school to the online FAFSA®, you should choose a school for deletion.
You can easily add a new school to your online FAFSA®. Simply add your new school’s Federal School Code, sometimes called the Title IV Institution Code, and submit your updated information.
You can also update your school on your paper Student Aid Report. Simply add the Federal School Code, sign the form, and mail it back to the address listed.
Your new school’s financial aid office can also update your details. You’ll need to speak with someone at the financial aid office if you need to make further changes to your FAFSA® that can’t be made yourself. For example, you should note any substantial changes in your circumstances, such as if your parents have increased or decreased their incomes or you spent a substantial amount of your reported savings.
Your new school should receive the details of your updated FAFSA® in one to two weeks. You’ll get a new Student Aid Report (SAR) at this time.
Submit New Financial Aid Forms to Your New School
Most schools require their students to submit additional forms for financial aid. They use the information on these forms in combination with the FAFSA® data to determine each student’s financial aid eligibility. Complete and submit these forms as soon as you can to minimize disruptions.
While the time for preparing a new financial aid package varies from school to school, you shouldn’t need to wait any more than a month after you receive your SAR, as long as you submitted your college financial aid forms in a timely fashion. Contact your new school’s financial aid office to check your status if you’re left waiting longer.
Follow the process for transferring your financial aid quickly and thoroughly to make sure you don’t experience any disruptions transferring between schools.