No, you cannot transfer FA directly to another school. The amounts and types of aid vary depending on a number of factors, including the cost to attend. If you are transferring to a community college from a 4 year school, chances are that the tuition is much lower and the amounts of aid that you qualify for will be reduced. Go to www.fafsa.ed.gov and under column 3, select the 3rd option - 'make changes to a processed fafsa.' Here, you can enter the school code of the school that you want to transfer to. If you are currently receiving aid for the current term, you will have to wait until the end of that financial aid term in order to get it at the new school because you cannot have overlapping federal loans. If you run into the overlapping loans issues, you can use an alternative source such as CitiAssist or SallieMae for a term until the other loan term ends.