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Saturday, October 31, 2009

Deferment / Financial Aid?

I%26#039;m about to transfer to a University from a Community College. I%26#039;m getting financial aid ( loans) in Comm.College. Just wanted to know if I can transfer my aid to my new school?Or do I have to pay the loan back once Im done with Community College? What do I do?



Deferment / Financial Aid?

1. Technically, your loans won%26#039;t %26quot;transfer%26quot; to the new college. Your new school will award you new loans based on their school%26#039;s policies and procedures (in keeping with the federal regulations as well). As far as you%26#039;re concerned, most of the steps in their financial aid process will probably be fairly similar to your old school%26#039;s process. If your old loans are with a lender that you like and you want to use that lender for your loans at the new school, give them a call to let them know.



2. As long as you are enrolled at your Community College at least half-time (i.e. 6 credits for a Bachelor%26#039;s candidate), your federal loans are eligible for in-school deferment status.



Most of the major private loan programs will also allow you to delay repayment while you are in school at least half-time (keep in mind that these are technically not %26quot;deferment%26quot; programs, since interest is always accruing on most private educational loans).



Often, in-school deferments can be arranged without the student%26#039;s participation. However, it%26#039;s always good to monitor your loans%26#039; repayment statuses any time you make a transition like this. Your schools will all *eventually* be reporting your enrollment information to the National Student Loan Data System (NSLDS) your loan companies. First, your old school will let NSLDS know that you are no longer enrolled there and, then, your new school will let them know that you ARE enrolled with them. Sometimes, though, your new school might take a little while to report your enrollment status and, until they do, your loans might appear to be in repayment (actually, in your grace period for the first 6 months).



A simple call to the lender(s) of your loans can usually satisfy them that you will be continuously enrolled during this whole process. At most, you will need to complete an %26quot;in-school deferment form%26quot; for each lender.



Deferment / Financial Aid?

Not for sure but I think it is once you have completed any school not a specific one. My step daughter transferred univeristy she still owes all of hers she didnt have to pay back the old ones yet. Its not done PER school its done as once you complete school although you need to contact the place that has your student loans and make sure they know you are transferring possibly keep the loans through the same loaner.



Deferment / Financial Aid?

You can continue to defer your loans at the university, even if you take a year off and return to school at least half time you can put loans you are paying on back into deferment. Your new school will calculate your aid there based on your FAFSA so you won%26#039;t actually transfer your financial aid.

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