What happens to the status of student loans if I transfer undergraduate schools?
Alex asked:
I just transferred undergraduate schools and still have some student loans from my previous school (Sallie Mae and Federal Direct loans). Is there some sort of clearing house that my new enrollment status will be sent to so that the loan agencies know that I haven’t just stopped going to school (and thus cause my loan payments to become due)? Or must I obtain enrollment verification from my current school and send it to each loan agency myself?
Link to Blog: Valuations
I just transferred undergraduate schools and still have some student loans from my previous school (Sallie Mae and Federal Direct loans). Is there some sort of clearing house that my new enrollment status will be sent to so that the loan agencies know that I haven’t just stopped going to school (and thus cause my loan payments to become due)? Or must I obtain enrollment verification from my current school and send it to each loan agency myself?
Link to Blog: Valuations
June 19th, 2009 in
Financial Aid | tags: Clearing House, Enrollment Status, Enrollment Verification, Federal Direct Loans, Federal Loans, Loan Agency, Loan Payments, Mae, Student Loans, Undergraduate Schools
Link to Blog: Mortgages
Although most lenders find out if you transfer schools, it’s best not to wait to hear from them, as they may have you in repayment status, and if you go too long without making a payment, you’ll default which will ruin your chances of federal aid in the future.
Best thing to do is call each loan servicer, inform them that you changed educational institutions, and ask if they need you to provide anything to them to keep your loans in good standing with them.
Good luck with your education!
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Alex asked: I just transferred undergraduate schools and still have some student loans from my previous …