Even better, you can move your domain over to squarespace. A domain and hosting are in no way tied to each other, at least not from a technical point of view.

Ask the squarespace guys how to transfer the domain from hostgator. After that's done, you can cancel your hostgator plan.

Hi, I'm a student and I'm going to be working with squarespace.

I currently have a domain name and hosting with hostgator.

My question is, can I keep my domain name and have it forward people to my new squarespace website if i cancel my hosting plan with Hostgator?