With the exception of Barb Steele's observation and joke, I would say that all of these posts are inaccurate.
The spring admission is not a different program from the fall admission. You have the same requirements and the same classes. Your classes will be the same size. The diploma will come a few weeks after your official graduation date, regardless of whether you graduate in May, August, or December, and for production students, when you graduate is up to you.
You will be in the same classes with people admitted in the falls and springs before and after you. There is no difference.
Regarding financial aid, spring admits actually get a leg up on fall admits...you can apply for merit/need-based scholarships and fellowships sooner in your education: the scholarship apps are only done in the spring, so we fall folks had to go through two semesters before being eligible to apply, spring admits only have to go through one on their own before they're eligible to apply. Loans, it makes no difference whatsoever.
Curriculum-wise, the spring admits also get the entire summer to plan/produce their 508 (the films made by all production students in their second semester), instead of just winter break like fall admits.
After 508, you all blend into the same place, where you'll be taking classes with students who started before you.
People don't ask what year you are here, in my experience, they ask what semester you are in.
Spring is the same as Fall, just with less fancy orientation and fanfare in August, starting right after Christmas instead of the end of the summer, and the financial aid and 508 considerations I mentioned above.
There's no asterisk on your diploma or your ID that says you got into Spring, nor is there any shame or disapproval from Fall folks.
It's the same.