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What transfer students should know about federal student loans


Tuesday, March 05, 2013

If you decide to transfer to a different school anytime during your college education you will want to make sure you are still eligible to receive to receive financial assistance, including federal student loans.?

Most students worry about how many credits they can transfer. However, it is just as important to realize they cannot transfer the financial aid they received from their first college.  American Student Assistance (ASA), a student loan resource Web site, reminds those who transfer to make sure they apply for financial aid at their new school.

ASA also recommends students contact the new college's financial aid office to make sure all financial aid they received has been processed. This information is usually posted to the student's account on the school's Web site. However, if it seems that something is missing or the student has questions, a call to the financial aid office is in order

To ensure a smooth transfer process, students who received federal loans to finance their studies at one college should contact their loan providers prior to transferring, according to Fox Business. Failure to do so could lead to trouble, as lenders will receive notification from the school when the student leaves. The lender may then assume that the student has graduated or dropped out and will begin scheduling loan repayments. By notifying the loan provider of your transfer status, you will be eligible for in-school deferment on your federal student loans. Just provide your loan servicer with proof that you are in school more than half time, and they will tell you how to defer your loans.

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