Can I transfer my financial aid to another college?

If I decide to transfer to another college, will my financial aid package transfer over as well? I'm worried about losing the aid I currently rely on and would appreciate any advice or experiences regarding financial aid during a college transfer.

The answer is largely dependent on the specifics of your financial aid package. One thing to note right off the bat is that need-based federal financial aid, like Pell Grants and federal student loans, can be transferred as long as you re-file the FAFSA for the new school. Your eligibility for federal aid is determined by your financial need, not the specific school you're attending.

However, things are less straightforward when it comes to institutional aid - scholarships and grants that are awarded by the college itself. This type of aid often cannot be transferred over because it’s specific to that institution. Many colleges use institutional aid as a tool to attract students, so that aid is inherently tied to your attendance at that particular school.

When you're thinking about transferring, it's imperative to contact the financial aid offices at both your current school and the school you hope to transfer to. They’ll be able to provide accurate, detailed information about how aid will be affected by a transfer.

Remember that since you'll be a new student at the school you're transferring to, you'll be considered for aid all over again. You'll need to fill out their financial aid applications and meet their deadlines. Depending on the cost of attendance at the new school and their financial aid policies, your new financial aid package could be larger, smaller, or roughly the same as your current one. For example, some private colleges and selective schools can be quite generous with aid for transfer students, whereas others may distribute a larger portion of their aid to first-time freshmen.

So, transferring schools will call for a new financial aid application process, and it will mean a new aid outcome. Planning ahead by researching the new school’s financial aid policies and openly communicating with the financial aid offices at both schools will give you a clearer picture of your financial future post-transfer.