Are Student Loans Transferable From One School To Another

Transfer Student Loan

If you want your new school to continue the financial aid you have to apply again. For this purpose, you are bound to know the school code of your new school and all the necessary information about FAFSA.

You have to meet the requirements from both the schools you are transferring to and transferring from.

Unfortunately, the answer is NO. You are unable to transfer your loan from one school to another. In case of school transfer, you have to re-apply for federal financial aid by filling out a FAFSA form for the school you are transferring to. In case you stop attending a school, your loan from that particular school goes into a six month grace period and after that into repayment. If you want paying while you are still in the school, you can defer on these loans until you are graduated from your new school. For this purpose you have to fill up a form for deferment. In case of direct loans, you have to put your request to Department of Education Loans or you can simply use the loan forms for the loans taken out through private lenders.