In that case your school must pay this amount to you directly within 14 days unless you authorize the school to keep the money to pay for future institutional charges.
Another thing to consider in loan transfers. What happens if my federal student loan is moved from one service to another?
The transfer just means that a new servicer will provide the support you need to repay your loans; but is still owned by ED.
Unfortunately that doesn't apply to me. My school doesn't participate in federal student aid programs.