At	the	end	of	subscription	period	#7,	the	student	has	earned	a	cumulative	total	of	69	credit	hours.	Because	72	hours	are
required	for	the	student	to	receive	a	disbursement	in	subscription	period	#8,	the	disbursements	for	that	subscription
period	must	be	delayed	until	the	student	has	completed	an	additional	three	hours.	The	student	has	earned	a	cumulative
total	of	84	hours	at	the	end	of	subscription	period	#8,	which	is	the	number	of	hours	required	to	receive	a	disbursement	for
subscription	period	#9.	Therefore,	the	disbursements	for	the	final	subscription	period	in	the	program	can	be	made	at	the
beginning	of	the	term.
Volume	3,	Chapter	1,	Appendix	B,	Example	4:	Subscription-Based	Program	Disbursement	Timing
A	school	offers	a	two-year	subscription-based	program	of	consisting	of	48	semester	hours,	with	the	academic
year	defined	as	24	semester	hours	and	30	weeks	of	instructional	time.	The	school	defines	full-time	as	12
hours.
The	student	receives	Pell	Grants	and	Direct	Loans.
Pell	Grants	are	calculated	using	Formula	1.
For	purposes	of	monitoring	Direct	Loan	annual	loan	limit	progression,	the	school	uses	Borrower-Based
Academic	Year	2	(BBAY	2)	consisting	of	any	two	consecutive	semesters	(see	Volume	8,	Chapter	6	for	more
information	on	BBAYs	and	monitoring	Direct	Loan	annual	loan	progression).
The	school	does	not	meet	the	cohort	default	rate	standard	that	allows	Direct	Loans	for	a	single	term	loan
period	to	be	disbursed	in	one	installment	(see	the	discussion	under	"Direct	Loan	Disbursements	When	the
Loan	Period	is	a	Single	Payment	Period"	in	Volume	8,	Chapter	3).
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