Can I still transfer my student loan to my undergraduate degree? Can. Student loans are a form of funding for students from poor families to complete their studies, with loose repayment methods and conditions. Being owed a student loan does not affect a student's eligibility to apply for a transfer from a professional degree to a bachelor's degree. The application for a transfer from a professional degree to a bachelor's degree is mainly determined based on the student's academic performance and degree requirements, not based on his or her loan situation.