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: FAFSA will not automatically transfer a student’s financial aid to a new or different school. Students financial aid eligibility is calculated on a number of different factors, including factors that are specific to the school a student is attending. While some types of financial aid, such as Federal Stafford Loans, are typically transferable from one school to another, other types of financial aid, such as Federal Work-Study, certain state-based grants, campus-based aid, and Federal Perkins Loans, are often not transferable to another school.
When a student transfers to a new school, that school will need to recalculate the students financial aid eligibility. Since each schools cost of attendance, available financial aid funds, and financial aid criteria/policies are different, the student may not qualify for the same types of financial aid, or receive the same amounts from each type of financial as they did at their previous school. For students who are transferring schools, you will need to contact the financial aid office at your current school and inform them of your intended transfer to the new college or university.
Your current schools financial aid department will be able to inform you about any money currently owed, or any federal student aid refund you may be eligible for. Next, students will want to login to FAFSA and add their new schools information. This will allow the new school to have access to the students federal financial aid information. Your new school should then send you a Student Aid Report within a few weeks, detailing what federal financial aid programs you qualify for and what amounts you are eligible for at the new college or university. For any questions regarding financial aid at the new college or university, contact that college or university’s financial aid office.