How do I know if I qualify for a 3rd year loan amount?

Question

I'm transferring in the fall to a 4 year university from my 2 year community college. My program requires 137 credit hours for my bachelor's, and when I transfer in the fall, I will have 69 hours completed. It's really important to know if I qualify for a 3rd year loan, because it increases my loan amount. Otherwise, I'm afraid I may not be able to afford to attend this school. However, when I fill out my FAFSA and loan applications in the spring, I will have only COMPLETED 57 of the 69 hours. The 69 hours won't be completed until the end of the spring semester. So, would I qualify for a 3rd year loan when I submit my loan application for the fall semester? It's important to know, becuase the loan amount increases from 2nd year to 3rd year students, and I'm depending on it to afford my tuition costs.

Answer 1

The FAFSA for 2007-08 assumes that you will be entering your third year in the Fall of 2007. The loan amount increases a bit for each year you attend college, assuming that all other factors, such as family and personal income remain the same. The form itself does not require you to provide proof of credits earned. If, in fact, you do not attend your third year, you will not receive a loan.
Remember also, a loan must be paid back, while a grant is like free money.