How to Transfer Student Loans to a Different School

Learn what steps to take when changing schools and transferring your student loans

Changing schools? When you transfer to a new college or university, your financing is not automatically forwarded to your new school. This makes it essential to understand how to transfer your student loans. Ensuring your student loans are in order before you transfer can decrease your risk of encountering problems, such as not being able to start the term on time due to a delay in student loan disbursement. Find out more about the steps involved when transferring your student loans with this guide from Citizens Bank.

Steps to transferring your student loans

Review the steps below to ensure your student loans transfer successfully to your new school:

  1. Meet with a financial aid counselor

    Make an appointment with the financial aid counselor at your current school as well as one at your new school. During these meetings, you'll find out what steps you need to take to make the transition as smooth as possible. Bring documentation on your federal and private student loans, federal aid or grants, scholarships, and any institutional aid you have received from your current school. Also, while meeting with the financial aid counselor at your new school, be sure to ask if there are any school-specific scholarships available for which you could apply.
  2. Re-submit the Free Application for Federal Student Aid (FAFSA)

    No matter when you're transferring, you will need to re-file the FAFSA. If you are transferring student loans midway through the academic year, you can use the same tax information you used when you filed the FAFSA the previous year. Simply log onto the FAFSA website and request that your information be submitted to your new school by adding the new school's code to the form. Likewise, if you have already submitted next year's FAFSA, tax information doesn't need to change - just the school code. If you know you will be transferring before submitting the FAFSA for next year, make sure to enter the appropriate code for your new school.
  3. Contact your student loan servicer and sources of free aid

    If you are transferring student loans, you will need to contact your loan servicer directly and ask about the process. It's a good idea to speak with your servicer as soon as possible to avoid inadvertently entering your grace period when you leave your current school. If you have any outside scholarships or grants (not through the government or the school) you'll also want to update the organization on your new school. You can coordinate with your new school's financial aid office if you need official documentation from the college. Because the cost of the new school will likely differ from that of your former school, you may need to apply for a change in your student loan amount.
  4. Make arrangements for additional financing, if necessary

    Because not all scholarships, grants or student loans (such as Federal Perkins Loans, which are limited and tied to individual schools) will transfer, you may find yourself in need of additional financing. At Citizens Bank, we offer two distinct options for financing an education: the Citizens Bank Student Loan™ and the Citizens Bank Student Loan™ for Parents. Both loans come with flexible terms, several repayment options and competitive rates. Contact an Education Finance Specialist for more information on our private student loan options.
  5. Reach out to your new school's financial aid office

    Once you've made the necessary arrangements for transferring your student loans, contact the financial aid office at your new school to confirm that all necessary documentation has been received. It's best to do this as soon as possible to avoid any delays at the beginning of the semester.

Find out more about student loan options available at Citizens Bank

The process for transferring student loans might seem tricky at first, especially if you're in need of additional loans to cover the cost. For information on how to transfer student loans or to learn more about either of our private student loan options, contact an Education Finance Specialist.