I'm planning to switch colleges and I'm concerned about how my financial aid will transfer. What steps do I need to take to make sure my aid moves to the new school smoothly?
Transferring financial aid is a matter of communicating with your prospective school's financial aid office and updating your Free Application for Federal Student Aid (FAFSA). Here's a step-by-step guide:
1. Contact the financial aid office: Your first step should be to reach out to the financial aid office at the school you plan on transferring to. They can provide you with details about their specific transfer process. It's beneficial to do this early, as financial aid is often awarded on a 'first-come, first-served' basis.
2. Update your FAFSA: You will need to update your FAFSA to include the school code of your new university. This will ensure your FAFSA info will be sent to your new school. Simply log into your FAFSA account, select 'Make FAFSA Corrections', and update the school code in the 'School Selection' section.
3. Look into transfer scholarships: Many schools offer specific scholarships for transfer students, so be sure to inquire with your new school's financial aid office and investigate any opportunities online. These can help bridge any gaps left by changes in your financial aid.
4. Consider your other aid: Some types of financial aid might not transfer seamlessly. Scholarships, grants, or aid from your current school may not follow you to your new school. Private scholarships could also have rules about transferring schools, so you should contact the scholarship provider to clarify their policy.
5. Cancel aid at your current school: Once you've confirmed your transfer, remember to cancel any remaining financial aid disbursements at your current school to avoid any complications.
Remember, your financial aid package may look different at your new school. Each school has its own cost, endowment, and policies, which can impact the amount of aid you receive. So, it's fundamental to stay in contact with both your current and future school's financial aid offices throughout the process.
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