In	Example	5,	the	student	meets	the	coursework	completion	requirements	to	receive	disbursements	at	the	beginning	of
the	first	three	subscription	periods.	However,	at	the	end	of	subscription	period	#3	the	student	has	completed	a
cumulative	total	of	21	hours,	and	24	hours	are	required	to	receive	a	disbursement	for	subscription	period	#4.	The	school
makes	the	disbursements	for	subscription	period	#4	after	the	student	has	completed	an	additional	three	hours.
As	in	Example	4,	the	school	originates	a	single-term	loan	for	subscription	period	#5,	which	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	21	hours
remaining	in	the	program	as	of	the	end	of	subscription	period	#4.
The	student	must	have	completed	a	cumulative	total	of	36	hours	to	receive	a	disbursement	for	subscription	period	#5.
During	subscription	period	#5	the	student	completes	only	an	additional	six	hours,	resulting	in	a	cumulative	total	of	33
hours	completed.	Therefore,	the	school	makes	the	disbursements	for	subscription	period	#5	as	late	disbursements	after
the	student	has	completed	an	additional	three	hours.	Because	the	loan	period	is	equal	to	a	single	payment	period	and
more	than	half	of	the	payment	period	has	elapsed,	the	school	may	disburse	the	student's	Direct	Loan	for	subscription
period	#5	in	a	single	late	disbursement.
After	the	student	has	earned	the	additional	three	hours	required	to	receive	late	disbursements	for	subscription	period	#5
(resulting	in	a	cumulative	total	of	36	hours	completed),	there	are	12	hours	remaining	in	the	program.	Note	that	there	is	no
aid	eligibility	for	the	remaining	12	hours,	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.
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