01.06.09 | Does My Stafford Loan Transfer To My New School?
Contrary to popular belief when you change school’s between semesters your Stafford loan funds do not simply transfer over to your new school with you.
The reason being is because the new school needs to receive a copy of your Student Aid Report (SAR). That is the report the FAO uses to determine your eligibility for the Stafford loan and how much it will be for. Just because you received $5,500 at one school does not necessarily mean you will receive the same amount at the new one.
As for your lender, who had already disbursed half of your Stafford loan funds to your old school in the Fall, you will need to contact them for three reasons. 1. You want to make sure they do NOT disburse the second installment to the old school, 2. they should be made aware of where you are currently enrolled so they can send a school certification form to your new school, and 3. you want to make sure they know you are still enrolled half-time or greater as defined by your school so they do not begin billing you.
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I have a question. I applied for the Stafford Loan when I was trying to enroll in the Art Institute of Pittsburg and now I want to go to Sanford Brown on April 20th 2009. How do I go about checking on my loan? and transferring? Please someone contact me and let me know how to do it. Thanks. Pam
April 6th, 2009 | #