How does financial aid work when transferring colleges?

If I transfer to another college, how do I ensure that my financial aid is properly transferred? Do I need to complete new FAFSA forms, or can I update my existing ones?

When transferring colleges, it's essential to keep financial aid considerations at the forefront. To ensure your aid transfers correctly, some key steps should be followed.

First, ensure your new school's financial aid office is informed about your transfer. You would need to contact them directly and ask about their specific aid processes for transfer students.

Next, regarding your FAFSA® (Free Application for Federal Student Aid), you need to update the school selection list to include your new school. This is accomplished online through the FAFSA® website. There's no need to completely redo your FAFSA®; just go to the 'School Selection' section and add your new school's code, removing any schools you won't be attending. Make sure to submit the updates for them to take effect. This ensures your FAFSA® information is sent to the new school, which will then construct a financial aid offer for you based on your financial need and the school's available funding.

Keep in mind, though, that financial aid amounts can vary drastically from school to school, as different colleges may have vastly different costs of attendance and different available institutional aid packages. This means that even if you qualify for similar amounts of federal aid at both schools, your total financial aid amount may be lower or higher at the new school.

Finally, if you were receiving any scholarships at your old school, check to see if they can transfer with you. Many scholarships are institution-specific and will not transfer, but some may depending on their criteria. Review the rules and terms for each scholarship, or reach out to whoever awarded you the scholarship for clarification.

Remember that you will typically need to complete these steps for every year you're enrolled, not just when you initially transfer. College financial aid usually requires yearly updates and confirmations to ensure information is accurate and up-to-date.

In sum, a clear line of communication with both your current and prospective schools' financial aid offices, along with prompt action on required forms and processes, are key to successfully navigating the transfer of financial aid.