FAFSA And Transferring To A New College

Q: If I have decided to transfer to a new college, but have already filed my FAFSA with the information for my current college, will my FAFSA money automatically transfer with me to my new college?

A: Great question! The short answer is: no, your FAFSA money won’t automatically transfer with you when you switch schools. While it might seem like your financial aid should just follow you from one college to the next, it’s not quite that simple. Financial aid is tied to a lot of school-specific factors, like tuition costs, available funds, and even the type of aid you’re eligible for at your old school versus the new one.

For a full walkthrough of the FAFSA form, timelines, and what to expect, see our step-by-step overview on FAFSA and Financial Aid.

When you transfer schools, your new college will need to recalculate your eligibility for federal financial aid based on its own criteria and costs. That means that while some aid, like Federal Direct Subsidized and Unsubsidized Loans, is transferable, other types, like Federal Work-Study or certain state-specific grants, might not be. The new school may offer a different aid package or have a different pool of funds to work with.

CollegeWhale Tip: Transferring schools doesn’t automatically move your aid — each college builds its own financial aid package, so stay in close contact with both financial aid offices.

Here’s the Step-by-Step Breakdown:

When you decide to transfer to a new college, don’t expect a smooth ride without doing a little work behind the scenes. Here’s what you’ll need to do to ensure your FAFSA is updated and you don’t miss out on any aid opportunities:

• Step 1: Notify Your Current School’s Financial Aid Office: First thing’s first, you need to let your current school know you’re transferring. They’ll be able to give you the rundown on what you owe, any refunds you might be eligible for, and what you need to do to wrap things up with them.
• Step 2: Update Your FAFSA: You’re not done after filling out the FAFSA once. You’ll need to log back into your account at StudentAid.gov and update it with your new school’s information. It’s as simple as adding your new school’s name and school code, then submitting the updated FAFSA so the new school can access your data.
• Step 3: Await Your FAFSA Submission Summary (FSS): After updating your FAFSA, you’ll receive an updated FAFSA Submission Summary (formerly called the Student Aid Report or SAR). The FSS confirms your information and shows what your new school will use to determine your federal aid eligibility.
• Step 4: Follow Up With Your New School’s Financial Aid Office: After getting the FSS, it’s crucial to reach out to your new school’s financial aid office to get more details about your financial aid package and make sure everything is in order. Some schools might require additional paperwork or verification to process your aid.

CollegeWhale Tip: Updating your FAFSA is only half the job — your new school may need extra forms or verification before releasing any aid.

What Financial Aid Transfers and What Doesn’t?

When you’re transferring, the big question is whether or not the aid you’re used to will follow you to your new school. Some aid, like federal student loans, is pretty flexible and can be applied to any accredited college or university. However, certain types of financial aid are tied specifically to the school you’re attending or its programs.

Here’s what typically transfers:

• Direct Subsidized & Unsubsidized Loans: These federal loans generally follow you to any eligible college. The amounts you qualify for may change based on your new school’s cost of attendance.
• Pell Grants: If you’re eligible for a Pell Grant, it’s also transferable to your new school. The amount may adjust depending on enrollment level and your new school’s cost of attendance.
• Direct PLUS Loans: If your parents were taking out a Parent PLUS Loan for you, they can continue doing so at your new school once your updated FAFSA is processed.

But here’s what might not transfer:

• Federal Work-Study: Work-Study funding is limited and school-specific. Your new school must determine if they have available Work-Study funds; it is not guaranteed to follow you.
• State and School-Specific Grants: Many state grants or institutional scholarships are tied to your original school or state. These typically do not transfer unless your new school offers an equivalent program.
• Perkins Loans: The Federal Perkins Loan program ended in 2017. If you still have an older Perkins Loan, it remains associated with your original school and does not transfer.

CollegeWhale Tip: Your aid amounts may change after transferring — a different cost of attendance can increase or decrease what you’re eligible to receive.

Don’t Forget About Deadlines

Timing is everything when transferring colleges. Make sure that you’re keeping track of FAFSA deadlines both at your current school and your new school. Schools often have specific deadlines for financial aid, and missing those could leave you scrambling to find alternative funding sources.

• File Early: Don’t wait until the last minute to update your FAFSA. If you’re transferring in the fall, update your FAFSA by the spring or summer at the latest. This will give you enough time to work out any issues.
• Be Proactive: If you’re uncertain about how the transfer will affect your aid, contact both your current and future school’s financial aid offices. They can give you specific details about deadlines and documents needed.

CollegeWhale Tip: Missing a school’s priority deadline can mean missing out on free money — mark every deadline on your calendar.

Other Considerations

If you’re transferring and you’ve received any kind of merit scholarship, grant, or institutional aid from your old school, you’ll want to check with your new school’s financial aid office to see if they offer something similar. Some schools may have transfer-specific scholarships or financial aid opportunities that can help bridge the gap.

Also, keep in mind that if you’re transferring mid-year, your financial aid package might be adjusted to reflect your new enrollment status. For instance, if you were part-time at your old school and now you’re going full-time, that could change your aid package. If you’re only going to be attending for one semester, your financial aid may also be prorated.

So while FAFSA itself doesn’t automatically transfer your financial aid when you transfer schools, you can update your FAFSA and work with both schools to ensure that you get the most financial aid possible. Just be proactive, stay on top of deadlines, and don’t hesitate to reach out to your new school’s financial aid office. They’re there to help make your transfer process as smooth as possible.