Financial Aid @ 2 schools

kelsmom
Sat, 03 Nov 2012 17:40:00 +0000

Let your current school know that you will not be returning, and ask them to cancel your aid for spring term. If they don’t, you might have issues with the new school … most schools will require the spring loan to be canceled before they will award you a loan. Just give your current school’s financial aid office written notice that you want your spring aid canceled. You can do it now, if you want.

I want to warn you that you will only be eligible for the annual loan limit for whatever grade level your new school will classify you. For example, if you are now a sophomore, you are eligible for $6500/year … but if your new school doesn’t take all of your credits, you might be a freshman there. In that case, you will only be eligible for $5500/year in loans. If you received $3250 at the first school, you will then only be eligible for $5500-$3250=$2250 for spring.