For	any	remaining	portion	of	a	program	that	is	more	than	half	of	an	academic	year	(as	measured	in	both	clock	or
credit	hours	and	weeks	of	instructional	time),	but	less	than	a	full	academic	year4
The	first	payment	period	is	the	period	in	which	the	student	successfully	completes	half	of	the	credit	or	clock
hours	and	half	of	the	weeks	of	instructional	time	in	the	remaining	portion	of	the	program;	and
The	second	payment	period	is	the	period	of	time	in	which	the	student	successfully	completes	the	remainder	of
the	program.
For	any	remaining	portion	of	a	program	that	is	half	of	an	academic	year	or	less,	the	payment	period	is	the	remainder
of	the	program.
Volume	3,	Chapter	1,	Example	5:	Payment	Periods	for	Half-Time	Student	in	a	Non-Term	Program
The	illustration	below	shows	how	Pell	Grants	and	Direct	Loans	would	be	disbursed	for	a	student	enrolled	half-time
in	a	program	of	48	semester	credits	that	a	full-time	student	completes	in	60	weeks	of	instructional	time.	For	this
program,	the	school	has	defined	the	academic	year	as	24	semester	credits	and	30	weeks	of	instructional	time.
Under	the	regulations,	this	half-time	student	would	receive	second	disbursements	after	completing	half	of	the
credit	hours	and	half	of	the	weeks	of	instructional	time	in	the	academic	year.	Because	the	student	in	the	example
is	enrolled	only	half	time,	it	takes	the	student	30	weeks	of	instructional	time	to	successfully	complete	12	credit
hours,	after	which	the	second	Pell	and	loan	disbursements	can	be	made.	The	student	is	eligible	for	a	new	loan	and
a	new	Pell	Grant	once	the	student	has	successfully	completed	24	credit	hours	and	60	weeks.
First	academic	year:	24	semester	hours
Æ
1st	Pell	Grant	disbursement
1st	Direct	Loan	disbursement
Æ
30	weeks	elapsed
Student	has	completed
12	credits
2nd	Pell	Grant
disbursement
2nd	Direct	Loan
disbursement
Æ
60	weeks
elapsed
24	credits
completed
End	of	first
academic	year
Second	academic	year:	24	semester	hours
Æ
New	Pell	Grant	and	loan	award	begin	after	student	completes	24
semester	hours	and	weeks	in	first	academic	year
1st	Pell	Grant	disbursement	for	2nd	year
1st	Direct	Loan	disbursement	for	2nd	year
Æ
30	weeks	elapsed	in	2nd
academic	year
Student	has	completed
36	credits
2nd	Pell	Grant
disbursement	for	2nd
year
2nd	Direct	Loan
Æ
60	weeks
elapsed	in	2nd
year
48	credits
completed
End	of	program
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