don't have experience but i've read that when you notify the school your leaving, they cancel your loans there, and then you have to re-apply for the loans with the new school based on their financial statement for you. i wouldn't imagine you could just have one school send money to the other since theyre probably different costs.
Depending on your credit situation, it could be a walk in the park or a root canal. If your credit is good, applying and getting approved can take about an hour, the only thing you would be waiting on is for your school to certify the loan (in other words telling the lender the exact amount that you are entitled to, so you dont borrow more than you're allowed to). The certification process depends on the school. Some are really good, 2-3 days, some are snails, 7-14 days. After that, you can sleep tight, your money will be arriving at school and you'll probably get it the first week of classes.If you have any blemish on your credit, you either have to reapply with a co-signer or prove that the dark spot on your credit has been corrected by providing documentation( I had to do that) and my loan approval took about a week to go through. Now thats a root canal considering that you've spent all this time applying to schools, getting rejected/accepted and you're now faced with this new hurdle. I didnt need a co-signer though, thank God!
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