I am transferring to another university and already have a Federal Stafford Loan with my current university. Can the remaining loan money for this year be transferred to my new university?
No, the remainder of your loan must be cancelled so that the new university can originate a new loan for you. You must notify your old university in writing that you are transferring to a new university and would like to have the remainder of your loan cancelled. Be sure to notify your loan guarantor and report any changes in the anticipated graduation date. Once the remainder of the loan is cancelled, your new university can process a new loan.
