Does financial aid transfer to another college?

I'm planning to transfer to a new school next semester and I'm concerned about my financial aid package. Will my current aid transfer over, or do I have to reapply for financial aid at the new college?

When you transfer schools, your financial aid does not automatically transfer with you. Financial aid is granted by your specific institution and the government, so you'll need to start the process again for your new school.

Here is the process you'll need to follow:

1. FAFSA: You will need to update your FAFSA information. This includes changing the school code to reflect your new institution. By doing so, the new school will get access to your FAFSA information and determine your eligibility for federal grants or loan adjustments based on your financial circumstances. Be aware that, in addition to FAFSA, you may need to fill out school-specific documentation, like the CSS Profile.

2. Institutional Aid: Each school has its own aid funds, and the amount available can vary greatly. In other words, what is available at your current school may not be the same at your new institution. Thus, you'll have to apply for any institutional scholarships, work-study, or grants that are offered by your new school.

3. State Aid: If you're moving to a new state and currently receive state-specific aid, you should check with your new school's financial aid office to see if you qualify for any state funding there.

4. Outside Scholarships: If you're receiving scholarships from outside organizations, let them know about your plan to transfer. They can then let you know if the scholarship will still apply at the new school.

Remember, it's important to start this process as soon as possible, as some aid is awarded on a first-come, first-served basis. Different schools have different deadlines for financial aid applications, which are usually well before you'd actually enroll or maybe even officially hear you've been accepted, so plan on starting this process alongside your main transfer application, or potentially even before. Also keep an eye out for scholarship deadlines, which can differ from the general financial aid one.

If you have any questions, don't hesitate to reach out to the new school's financial aid office - they're there to help, and have guided many transfer students through this process before!