Hello. I have heard that if one drops out of college, one is required to pay back all the financial aid they received. So what I am wondering is that if i decide to drop out of a 4 year college and go to community college in order to transfer to another 4 year institution, do i have to pay back the financial aid for my first 4 year college i attended? Or does paying back the aid only apply if one drops out mid year? Thank you!!!
You don’t have to pay back financial aid if you transfer, just if you completely drop out. You probably won’t get a refund for anything that you already paid though.
@jadedjunior would going to a community college be considered transferring though? also, do you know if you can go to a community college after the first semester or if you have to go for a full year? Thank you!
You can transfer to most community colleges after a semester at other school. You don’t have to stay at other school for a year.
@4kidsdad Thanks for the reply! So does that mean if i transfer to community after a semester I dont have to pay back my financial aid to the 4 year college?
Most schools distribute the financial aid per semester, so you shouldn’t need to pay back the financial aid unless you didn’t finish the semester.