What happens to my student loan when transferring school

[deleted909933]

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My situation right now is that I am attending a medical school (6weeks into first year right now) But I also applied to another school in the recent cycle and I am waitlisted. In the chance that I end up getting an acceptance, what would happen to my current student loan?
I took a federal stafford unsubsidized and grad plus loan.
Will I be able to get federal student loan for the new school?
Also, will I have to pay back my student loan from the previous school straigt away, or after graduating from med school?

Thank you for the responses!!

 

[HomeSkool]

Federal loans follow the student, not the school. The federal government is your lender, so you won't owe money to your original school unless they also extended you a private loan. If you left your current school mid-term, they'd prorate your tuition and refund the rest back to the government. The Stafford loan lifetime limits would still apply -- they limit how much the government is willing to lend you with Stafford loan conditions (i.e., with a lower interest rate than GradPLUS loans) over your lifetime, regardless of which schools you attend. Your federal loans will remain deferred as long as you're enrolled at least half-time; after that, there's a six-month grace period before they enter repayment. Refer to my finance guide for more information: HomeSkool's Guide to Financing Your Medical Education.

 

[deleted909933]

Federal loans follow the student, not the school. The federal government is your lender, so you won't owe money to your original school unless they also extended you a private loan. If you left your current school mid-term, they'd prorate your tuition and refund the rest back to the government. The Stafford loan lifetime limits would still apply -- they limit how much the government is willing to lend you with Stafford loan conditions (i.e., with a lower interest rate than GradPLUS loans) over your lifetime, regardless of which schools you attend. Your federal loans will remain deferred as long as you're enrolled at least half-time; after that, there's a six-month grace period before they enter repayment. Refer to my finance guide for more information: HomeSkool's Guide to Financing Your Medical Education.

Oh wow thanks for the swift answer!

 

[watermelon master]

Once you have started orientation you cannot be accepted to another medical school

Also: what medical school starts in January?

 

[deleted909933]

Once you have started orientation you cannot be accepted to another medical school

Also: what medical school starts in January?

It’s an international med school so it is a totally different cohort from traditional us med school application. Some people do transfer to US med schools if they hear back in the middle of the semester here, so it’s not uncommon lol.

 

[aymar]

It’s an international med school so it is a totally different cohort from traditional us med school application. Some people do transfer to US med schools if they hear back in the middle of the semester here, so it’s not uncommon lol.

If it is an international school then how do you already have federal unsubsidized loans?