How do Stafford loan limits work - per year, per credits?

Paying for College
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<p>At the start of the winter semester, I applied as a transfer to a different school for Fall 2011, when I had 16 credits in my first school. They admitted me and, because they had an early transcript, offered me $9500 in loans (the max for an independent freshman.) I completed 16 more credits in the winter semester and I'm working on 14 in the summer semester. So when I actually start at this new school, I'll have 46 credits. As I understand it that makes me eligible for sophomore-level loans (an extra $1000.)</p>

<p>What happens when I finish the next semester (16 credits) and am bumped up to junior standing? Do I become eligible for $2000 more?</p>

<p>I'm not actually interested in all those loans, but it IS nice to know that they are there if I need them. I am hoping to take classes next summer, too. I'm an older student and I want to get my degree done as fast as possible :)</p>

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<p>The loan limits are for the school year. If your standing changes during the year you become eligible for the higher limit for the year. SO when you change from freshman to soph you are eligible for the extra $1000 etc. The school will probably not automatically offer you the additional loan if the standing change happens mid year, but you can ask for it and should be able to get it (assuming your total aid does not go over the COA for the school).</p>

<p>I am also an older student. I started in the Spring a couple of years back so am in the same position with my standing usually changing mid year. I would just contact the FA dept mid year and they would change my loan offer to reflect my change from freshman to soph, soph to junior.</p>