Transferring and College Loans

If I transfer from one college to another, does my existing college loan transfer with me, or do I need to reapply for loans at the new school? I'm planning to switch schools and I'm worried about how this works financially.

When it comes to student loans, it's important to note that your loans, whether they're federal or private, are not directly tied to the institution. They are attached instead to you, the borrower. Therefore, yes, your existing college loans 'move' with you when you transfer.

However, you still need to inform your loan servicers of your transfer. You'll need to keep making payments until you've enrolled at least half-time at your new school if you're in your six-month grace period after previously dropping below half-time enrollment.

In regards to acquiring new loans, you'll need to add your new school to your FAFSA. Your new school's financial aid office will then use your FAFSA to create a financial aid package for you, which can include new federal student loans.

Remember to check with your new school's financial aid office to understand their specific transfer policies and get assistance in accessing any available financial support. They can give you specific instructions, deadlines, or requirements for transferring loans.

Don't hesitate to utilize your new school's resource and ask any questions that come up. Navigating financial matters can feel overwhelming, but remember that the financial aid team is there to support you.