If you transfer to another college, the financial aid funds are not automatically transferred to the other college. It is very possible that you may not receive the same types or amounts of aid at the new school because of the differences in cost of attendance and the availability of funds. Your awards are determined by student eligibility (determined on the FAFSA), the cost of attendance at each school, and the total number of aid dollars available at each school at the time you make your request.
It can take up to 3 months for your paperwork to be processed, so you want to notify the school you are transferring to immediately.
Federal Pell Grant and Academic Competitiveness Grant
If you are receiving a Federal Pell Grant or Academic Competitiveness Grant (ACG), you should also be eligible to receive this aid at the school you plan to attend, unless your former school granted a professional judgment. Professional judgments that are granted at one college may not necessarily be granted at another. It is your responsibility to notify the college of your special circumstances to find out if you qualify for a professional judgment.
Remember: Southwestern awards are based on terms, while many colleges are based on semesters. If you received a Federal Pell Grant at a semester-based college and transfer to Southwestern, you will receive the remainder of your Federal Pell Grant divided by the remaining terms.
If you are receiving a loan from your former school, you should also be able to receive a loan from the school you plan to attend. However, if you received your yearly maximum at your former school, you may not have eligibility left at the school you plan to attend. It is also important to remember that loans are based on need, which is determined by each school based on the cost of attendance.