Transferring colleges can affect your student loans. MEFA’s Associate Director of College Planning Jonathan Hughes explains why it’s important to contact your student loan lender and notify them that you are transferring colleges and how to make sure your loans do not enter repayment when you transfer schools. For more information, read MEFA’s article, Tips for Transferring.
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[00:00:00] Hi everyone. Jonathan here from MEFA, and I wanna take a minute of your time to talk about transferring colleges.
Maybe the college you had your heart set on, turned out to not be the right fit for you, or maybe you’re headed off to your top choice now after starting off somewhere else. There’s all sorts of reasons that students may transfer from one college to another. So if you’ve borrowed a loan and are getting ready to transfer, here are some tips to help you.
Be sure to contact your lender and cancel any loan disbursements you might have scheduled for the upcoming semester at the college you’re transferring from. If you don’t cancel your upcoming disbursement in time, it may get sent to your old college. That call will then have to send a refund to your lender, and this can mean more stress or phone calls and possibly more interest accruing on your loan that you may have to pay.
Secondly, if you need to borrow for the college you’re transferring to find out what your lender’s process is for doing so many loan [00:01:00] agreements are between the college and the lender. You may need to actually apply again for a new loan to your new college. Finally, make sure that your lender is aware that just because you’ve left your first college, you’re still enrolled despite any loans that are set to start repayment after you leave college.
Don’t go into repayment before they’re supposed to. As always. Good luck and if you need any help, here’s where you can find us.
