<p>Ok, I am transfering Universities last minute. I only applied for transfer addmissions last week and classes begin Aug 27th. Classes also begin Aug 27th at the the school I am transfering from.</p>
<p>I have federal stafford loans and a signature student loan all from Sallie Mae that are supposed to be disbursed directly to the school in fall and spring. How do I get the money sent to the new school I am transfering to? Will this create any problems? I thought about the possibility that if Sallie Mae sends the funds to my current school and I withdraw my school might just send me the money the way they give refunds normally. I'm not sure if it will work that way though. It doesn't help that the school I am transfering to is 3,000 miles away and will take me 4 or 5 days to drive there.</p>
<p>Any idea's on what I should do about this? Any idea what will happen with my loan money? thanks.</p>
<p>I don't believe any loans "transfer" You must go through your new schools financial aid office. The loans go to the school, only amounts over tuition/fees are refunded to you. There won't be any refund from your old school if you are not attending. ASAP make your long-distance call to the new schools financial aid office and get as much of their cooperation as you can. It you were eligible at one school, you should be eligilble at the other if the tuition and costs of attending are the same or more at the new school. I fear you have some work to do (lots of phone calls) to make this happen in time for school.</p>
<p>uprising...I was hoping someone else would add some info.</p>
<p>You may be able to initiate the change in schools with the lender....but your new school will have a say in verifying your "demonstrated need" amount and total cost of attendance. </p>
<p>You are in a scary situation. I'd be afraid to withdrawal from the old school until I was sure I could pay for the new school cause I don't like risk ;-)</p>
<p>I sure hope your new school's financial aid office helps you out</p>