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Resource Center Managing Student Loans When Transferring Colleges
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Resource Center Managing Student Loans When Transferring Colleges

Managing Student Loans When Transferring Colleges

Managing Student Loans When Transferring Colleges

Transferring colleges can affect your student loans. Find out why it’s important to contact your student loan servicer and notify them that you are transferring colleges, and learn how to keep your loans from entering repayment when you transfer. For more information, read MEFA’s article, 8 Tips for Transferring.

Transcript
Managing Student Loans When Transferring Colleges

Please note that this transcript was auto-generated. We apologize for any minor errors in spelling or grammar.

Hi everyone. Jonathan here from Mifa, and I want to 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.

Now, if you’ve borrowed a loan at your initial college 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 college 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 agreements are actually between the college and the lender, so 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 in a school. This way. Any loans that are set to start repayment after you leave college, don’t go into repayment before they’re supposed to.

Now if you have any questions, call us at eight hundred four four nine mifa or email us at college [email protected].