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Financial Aid

Midyear Transfer Student Checklist

If you're planning to transfer, you'll need to take some important steps to maintain your in-school status. Here's why:

When you transfer schools, your lender/servicer will record the last date you attend your current school. (They will also do this when you graduate.) This is your "official separation date." The separation date determines when you must begin to repay your Federal Stafford loan(s). That means that, to maintain your continuous enrollment (in-school) status, you must inform your lender/servicer of your new graduation date. If you don't, you may go into repayment early - while you're attending your new school.

Get academic counseling at both schools and request the transfer and course requirements from the admissions office at your new school before you transfer. This knowledge will help you complete your academic program as soon as possible, minimizing your total educational costs.
 

Discuss your transfer plans with a financial aid advisor at your new school. Find out about financial aid and scholarship deadlines.
  

Cancel disbursements of loans at your present school, then reapply at your new school if you transfer in mid-year. School procedures and processing time may vary. If costs are higher (or lower) at your new school, your financial aid package may change.
 

Find out deadlines for submitting all required financial aid forms and financial aid transcripts, and ask about anticipated dates for awards.
 

Request scholarship information. Some schools have special scholarships for transfer students. The academic departments may also have scholarships for students in a particular discipline.
 

Maintain continuous enrollment. As mentioned above, the anticipated graduation date (last date of attendance) that your school has most recently provided to your lender determines when you begin to repay principal. Your new loan certification may not reach your lender in time to prevent you from entering your grace period or repayment. Therefore, complete an enrollment verification form, have the school certify it, and send it to the lender immediately.
 

Notify the lender immediately about the following:

Your decision to transfer

Any name or address change

Any enrollment status changes, e.g., drop below half-time

Any change in your expected graduation date.

 

REMEMBER: If you don't notify your lender or servicer that your graduation date has changed, then you may have to start repaying your loan months, even years, earlier than you expected.