Chapter	5	for	information	on	Direct	Loan	annual	loan	limit	proration).
Because	the	student	is	enrolled	in	the	full-time	version	of	the	program,	the	number	of	credit	hours	associated	with
subscription	period	#5	is	12.	However,	the	student	attends	only	six	hours	(the	remaining	number	of	hours	in	the	program
for	Title	IV	purposes).	The	student's	Pell	Grant	award	for	subscription	period	#5	is	determined	based	on	an	enrollment
intensity	of	50%,	and	the	student's	enrollment	status	for	that	term	is	reported	to	NSLDS	as	half-time.
Note	that	even	if	the	student	has	not	completed	the	remaining	six	hours	in	the	program	by	the	end	of	subscription	period
#5,	there	is	no	aid	eligibility	after	that	term,	because	the	cumulative	number	of	hours	that	would	be	required	to	receive	a
disbursement	for	the	next	term	is	48,	which	is	the	total	number	of	hours	in	the	program.
Volume	3,	Chapter	1,	Appendix	B,	Example	5:	Subscription-Based	Program	Disbursement	Timing
The	details	of	the	program	illustrated	in	Example	5	are	the	same	as	for	the	program	described	in	Example	4.
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