Transfer financial aid from one school to another?

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Intranetusa
Posts: 63
Joined: Tue May 15, 2012 7:29 pm

Transfer financial aid from one school to another?

Postby Intranetusa » Sun Jul 08, 2012 3:40 pm

Hi I have 2 questions about financial aid.
1. Can I transfer aid from 1 school to another? Say I got into a law school in Philly and got 20k in financial aid from that school (student loans, which I think is Fed govt?), but can I choose to attend another school in Baltimore instead and use that aid?
(I haven't applied for financial aid in that Bmore school)

2. If I accept financial aid in the forms of loans for "university X" am I now bound by law to attend that university?

Can I accept the financial aid/govt student loans and then decide not to go to that university? As in I wish to defer or cancel admissions, so that money automatically goes to someone else right? They're not going to still give it to me and expect me to pay it off.

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2014
Posts: 5834
Joined: Sat Jun 05, 2010 3:53 pm

Re: Transfer financial aid from one school to another?

Postby 2014 » Sun Jul 08, 2012 4:01 pm

If you accept financial aid you aren't bound to attend there, you can even get as far as starting school and decide to drop out or go to somewhere else and you can pay them back already disbursed funds.

By and large everyone attending will get the cap on Stafford loans which is like 20k or just over it and the rest of it is financed with GradPlus. It doesn't matter what school you are at, as long as they are accredited the loan portion of your financial aid will probably be the same. You aren't taking it from anyone else and unless your school does need based grants, the form you fill out doesn't really do anything other than get your information in their system.

Intranetusa
Posts: 63
Joined: Tue May 15, 2012 7:29 pm

Re: Transfer financial aid from one school to another?

Postby Intranetusa » Sun Jul 08, 2012 5:09 pm

Thanks a lot!




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