Can you redirect money from FAFSA to a different college if you decide you don t want to go to the first?
I have to withdrawal from the college I wanted to go to since there s just no possible way I can pay it in full, and I m hoping that maybe I can go to a community college instead. It s probably too late for that anyways, but if I do end up going to a smaller place instead, can I have it set up to use the money given to me by FAFSA at the new college?
I already signed a master promissory note, so I already know I ll have to pay it back no matter what, but can I just sign another for the other place if I get in? Is there something I have to do to void the first? Will there be any fees to switch?
- SquidLv 74 months agoFavourite answer
There is no such thing as FAFSA money. FAFSA simply collects financial data and provides that to your college, and then your college financial aid office decides what to offer you.
Once you fill out your FAFSA, that data is available to every college and university. That includes community colleges. Simply contact the financial aid office at the community college and ask for an appointment to discuss financial aid.
If you've signed a promissory note, call them and cancel it. You would have to pay back anything you've already withdrawn, but if it went straight to tuition that will happen automatically when you withdraw.
It's not too late for the community college. Most of them accept applicants right up to the first day of classes.
And finally...college is free if you do it right. Don't take student loans. Apply for at least a couple dozen grants and scholarships or you are wasting money.
- nancyLv 74 months ago
You can't transfer a particular college's financial aid package to another school, but the new school will issue you a new package, based on it's own cost of attendance and resources. All you have to do is add the school code of the college you want to attend to your FAFSA. The FAFSA will then be sent to that school and, once you are admitted, they will give you a new award letter. Don't worry about aid that the other school has offered you--they can only disburse it if you are enrolled, so if you never start there, they have to cancel any aid that you have there. Signing the Master Promissory Note does not commit you to paying anything back unless you actually received the aid and it was applied to your account. However, you should contact the school and formally withdraw your application. At some schools, if you don't formally withdraw they can charge you for part (or even all) of the semester and you won't have any financial aid to pay it with because they will have had to cancel it.
- MSLv 74 months ago
FAFSA doesn't give you money. The school uses the FAFSA (which is just an application) to determine the aid that you are offered. The community college will use that to determine its own aid package for you. You cannot take money meant for one school and use it at another. You should contact the Financial Aid offices at both schools to determine the steps you need to take. If you have not taken any classes at the first school, then you will not have to pay anything there.
- MatthewLv 64 months ago
Talk to your school and tell them that there is no way that you can pay for the school and that you need to withdraw. If you haven't yet begun classes they'll probably allow it without a penalty. Then you can have your fast for sent to another school
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- Anonymous4 months ago
Did you at least include the name of both colleges while filing your FAFSA?