So I’m seriously considering transferring colleges, but my mom was saying that I’ll have to pay back all the scholarship and grant money that I was awarded. Is that typically how it works? Like say I got $5,000 for one semester and they billed me for $20,000. Would I have to pay back the school $25,000? To me that seems odd but she was convinced that’s how it would work. Thanks for any advice.
If you leave in the middle of a term, you could end up having to repay the college for your financial aid awarded.
BUT if you complete the term, you should not have to repay any financial aid, need or merit based, that you received for THAT term.
So…for example…if you have a $5000 scholarship for the year…and you complete that year…you would not repay the money.
If you left after one semester, you would only have received $2500…and would not get the other half if you transfer. No repayment of what you got.
You would be responsible for paying for terms you are enrolled at for school one.
I’m a little confused by your example.
If your school cost for one semester is $25,000…and you get a $5000 scholarship for one semester…you would have to pay the school the $20,000 bill anyway…if you are an enrolled student.
Hi sorry for the confusion. I meant for my first semester The cost was 25, the scholarship was 5, so the bill was 20. Now that it’s a year later, if I decided to transfer would I have to pay back that scholarship money from first semester. Nonetheless, I think you answered my question thank you!
No. You would not need to pay back money from previous semesters completed.
I suppose there could be some provision in some scholarship someplace that says you need to complete your degree at that college…but I’ve never heard of such a thing.
People transfer all the time…who,have had scholarships at school number one for a year…or two before they transfer. They don’t have to pay anything back.
You need to be aware that the school you transfer to may not give you much aid. Transfers often get lousy aid.
So…do not cut ties with your current school until you SEE the FA offer from the new school and are certain it’s affordable.