So, you’re thinking of transferring institutions and wondering if your financial aid will transfer, too.
The answer is a bit complicated.
Because it’s money we’re talking about, and money talk is always complicated.
But, since I am the Financial Aid King, I can (and will) help break it down:
File the FAFSA
To receive a financial aid decision from your desired college or university, you must file the Free Application for Federal Student Aid (FAFSA) form.
If you’ve already filed the FAFSA form, you should log back in and add the school code of the institution you plan on transferring to — assuming it’s not already there.
If you’re a New York State resident, make sure your NYS TAP application is completed, too.
Once you receive your financial aid decision, contact the institution’s office of financial aid if you have questions or concerns. They’re there to help!
View our guide on how to file the FAFSA form if you need additional guidance!
For Federal Grants & All Types of Loans
If you already have federal grants or other types of loans,any amount left over or unused will transfer from your previous institution to your new institution.
Federal Work-Study, however, is a different story. Check with the college or university you are transferring to about the availability of work-study positions.
If they do not have empty slots, check to see if there are alternative job opportunities available through your school that are not part of the Federal Work-Study program.
For Scholarships
Of course, you can lose any merit scholarship(s) you obtained through your previous college or university. But you can also gain merit scholarships for transfer students from your new institution for academic, athletic, musical, or artistic achievements.
There are even scholarships specifically offered to transfer students — like the Phi Theta Kappa (PTK) Scholarship, for members of the academic honor society.
It is important to research and apply for as many scholarships as you can before transferring.
We know having to apply for scholarships again is kind of a drag, but that money is valuable to your education! Free money can go a long way.
Mind the Gap
If there is still a balance after everything’s said and done, look for outside scholarships (TL;DR above), tuition payment plans through the institution, Parent Plus Loans, and other types of student loans.
Of course, the Financial Aid King has your back if you have any questions regarding grants, loans, and scholarships.
I am at your service!
