Stafford Loan Question?

[blondie]

Hi,I am currently getting ready to start my 3rd year of college, but technically I am still at sophomore status based on my credits, 59 which is one short of junior status. I took 2 summer classes at my local college to transfer there so I really have 65 but I cannot transfer them until later this month. Anyways i got my financial aid package in June, and it said I was eligible for a loan amount of 5500 (which is what they give to Juniors) but then today in the mail I get a revised one that says I am now eligible for the amount of 4500 (which is what they give to sophomores). I just want to know does it go by the year you are in college or you actual status based on your credits? The way I see it you are only offered 4 years of undergraduate financial aid, and since I am going into my 3rd year I should be able to get the amount they would give to Juniors... Anyone??

[londonplay]

Your year in college is based on credits, assuming that everyone gets it done in four years. Each year, you are eligible for more financial aid. You can get more than four years of undergraduate aid as there is a cap off amount.