Does Financial Aid Transfer When You Switch Colleges?

I'm considering transferring colleges and I'm curious if my financial aid package will automatically move with me. Are there steps I need to take to ensure I get similar aid at my new school?

Financial aid does not automatically transfer when you switch colleges. Each institution has its own policies and procedures for financial aid, and the amount of aid you receive can vary greatly from one school to another.

When applying to a new institution as a transfer student, you will need to complete the financial aid application process for that school. This often involves filling out the FAFSA again with the new school's codes, using the same information as you used for your original application. Financial aid allotments are school-specific, so your aid package might be different at each institution depending on their financial aid budget and your demonstrated need.

Additionally, certain types of aid, particularly institutional grants or scholarships, may not transfer at all, as they are often specific to the original institution. For example, if you received a merit scholarship from your current school, this will definitely not transfer to your new institution, as it's based strictly on school-specific funding.

Similarly, any work-study awards you received at your current school won't transfer, as those are based on specific job availability at individual schools.

Financial aid transfer can be a complex process and it's recommended that you reach out to the financial aid office at your new institution for guidance during this transition.

It's also important to note that the school's Net Price Calculator can be a useful tool to get an estimate of your expected financial aid package at the new school. This can be helpful in understanding if transferring might impact your financial circumstances.

Remember, transferring colleges can have a significant impact on your financial aid package, so it's always worth the time to do thorough research and ask for expert advice when considering this move.