<p>I have been attending a school for a few years now and am transferring. I have financial aid left over until summer 2013 there (Pell and Stafford) but will not be registering for anymore classes @ said institution. I have filled out a FAFSA for the new college I have been accepted to. I know I qualify for financial aid but will the aid I have remaining at the old college be a problem when looking to qualify for new aid at this new college for spring 2013, even though I won't be touching the remaining aid at the first school? Thanks!</p>
<p>Let your current school know that you will not be returning, and ask them to cancel your aid for spring term. If they don’t, you might have issues with the new school … most schools will require the spring loan to be canceled before they will award you a loan. Just give your current school’s financial aid office written notice that you want your spring aid canceled. You can do it now, if you want.</p>
<p>I want to warn you that you will only be eligible for the annual loan limit for whatever grade level your new school will classify you. For example, if you are now a sophomore, you are eligible for $6500/year … but if your new school doesn’t take all of your credits, you might be a freshman there. In that case, you will only be eligible for $5500/year in loans. If you received $3250 at the first school, you will then only be eligible for $5500-$3250=$2250 for spring.</p>
<p>Would the loan limit be affected or different at all if I was attending college in a diploma program (not even assoc degree) and now will be filling out the fafsa for a bachelors degree? Are the annual totals still the same (I am a sophomore in the diploma program but will be a freshman in the bachelors.) Thanks!!</p>
<p>The loan limit is tied to year in school for any undergraduate program - so I assume you were awarded $6500 for the current year at the school where you are a sophomore. If you are only going to be a freshman at the new school, you will only be eligible for the difference between $5500 and whatever you have received at your current school so far this year. </p>
<p>Some schools use a method called Borrower Based Aid Year for determining loan amounts, and you might be eligible for a larger loan at the new school using that method … you would have to ask to find out if the new school uses BBAY. I have never worked at a school that uses this method, so I am not familiar with exactly how it works.</p>