Student Loans for Transfer Students

If you are a college student and you plan on transferring to a new school, in most cases, you will need to reapply for student loans on a yearly basis. The Stafford and Perkins loan programs are government-backed financial aid sources that require you to apply for new funding each year, regardless of the school you decide to attend. There are some other things that you should be aware of before you finalize your plans to transfer.

Stafford and Perkins Loans

The Stafford loan is the main government student loan program. The Perkins loan program is also available to qualified students. What to watch out for when you transfer to another school is the amount of aid the new school will give you in Stafford or Perkins funding. Make sure to find out the exact amount that you qualify for before you enroll, as you may need to apply for a private student loan to cover the difference.

If you are transferring to a new school mid-year, since you will not be attending your old school for the next semester, you should contact them to make sure they do not receive another aid payment.

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