In	Example	4,	the	student	meets	the	course	completion	requirements	to	receive	disbursements	at	the	beginning	of	each
subscription	period.
For	Direct	Loan	purposes,	the	school	originates	a	single-term	loan	for	subscription	period	#5	(i.e.,	the	loan	period
beginning	and	ending	dates	correspond	to	the	beginning	and	ending	dates	of	the	subscription	period).	Because	the	school
does	not	meet	the	cohort	default	rate	standard	that	would	allow	for	a	single-term	Direct	Loan	to	be	disbursed	in	one
installment,	the	student's	Direct	Loans	for	subscription	period	#5	must	be	disbursed	in	two	substantially	equal
installments,	with	the	second	disbursement	made	at	the	calendar	midpoint	of	the	loan	period.	(Note	also	that	because	this
subscription	period	is	a	remaining	period	of	study	that	is	shorter	than	an	academic	year,	the	Direct	Loan	annual	loan	limit
must	be	prorated	based	on	the	six	hours	remaining	in	the	program	at	the	end	of	subscription	period	#4.	See	
Volume	8,
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