Transferring Institutions qualify for less aid??

Paying for College
1

Hi, I am in the process of transferring from UT Austin to Texas A&M because it is cheaper and similar prestige level of my program that I got accepted into. I will be at Texas A&M in the Spring. I have all federal loans and grants; Pell grant, Texas Excellence grant, and of course the loans. Since I am transferring in the Spring, does that mean that I will qualify for less aid even though it is all federal? I lived about 40 minutes from TAMU so I may have to commute if I do not get enough aid. I have read and it said that transfer students, especially during mid year, qualify for less, but it did not specify if it was because the institution they were transferring to did not have enough funds for their students, or what. Any idea? I am very nervous actually that this may not allow me to attend my new university.

Thanks.

2

I think Texas Excellence grant is from Texas not Federal

3

Yes. You are right. I apologize.

4

Pell grant and Direct loans should be the same. Perkins loans likely to be different as it depends on the school.

5

Thank you for your prompt response. I believe I did not qualify for the Perkins loan/was not available at my current institution but I think it was because I did not need it considering I received enough to finance that year. I see that you are quite active on this page and you seem quite knowledgeable of financial aid and scholarships. I have a few more questions, some reiterated for the purpose of clarification, if you don’t mind me asking.

  1. Granted everything on FAFSA stays the same and if I received all state(Texas Excellence) and federal loans and grants(Pell grant and DIRECT loans), my financial aid would be roughly the same correct? It just adjusts to the institution's COA?
  2. On the FAFSA when it asks what classification you are (Freshman, Sophomore, Junior, Senior), do you classify yourself on the number of hours or the years you have been in college.
  3. I need to cancel my loans and grants for the Spring at my current institution in order for my loans to disburse for the spring at the institution I am transferring at correct?
6
  1. You should re-file your FAFSA to include the new school.
  2. The years you've been in school
  3. You should inform the old school that you won't be attending in Spring.

Also, there won’t be any Perkins Loans for Spring, unless Congress acts.

7

The Perkins loan program does not expire until 2017,and will continue for any student who has taken a Perkins loan

8

^My bad. See http://www.ifap.ed.gov/dpcletters/GEN1503.html

However, see http://chronicle.com/article/Perkins-Loan-Program-a/233527/

9

You won’t likely get any Perkins loans because those will have been awarded to Fall students.