First	Academic	Year
Subscription	period	1:	Fall Subscription	period	2:	S pring
Credit	hours	associated	with	term:	12
Cumulative	hours	required	to	receive	disbursement:	0
Credit	hours	associated	with	term:	12
Cumulative	hours	required	to	receive	disbursement:	0
As	shown	above,	there	is	no	coursework	completion	requirement	for	the	student	to	receive	a	
Title	IV	disbursement	for	the
first	and	second	subscription	periods	in	the	program.
Second	Academic	Year
Subscription	period	3:	Fall Subscription	period	4:	S pring
Credit	hours	associated	with	term:	12
Cumulative	hours	required	to	receive	disbursement:	12
(=	hours	enrolled	in	subscription	period	1)
Credit	hours	associated	with	term:	12
Cumulative	hours	required	to	receive	disbursement:	24	(=
total	hours	enrolled	in	subscription	periods	1	&	2)
To	receive	a	disbursement	for	subscription	period	3,	the	student	must	have	completed	a	cumulative	number	of	credit
hours	equal	to	the	total	number	of	credit	hours	for	which	the	student	was	enrolled	in	all	previously	attended	terms,
excluding	the	number	of	hours	for	which	the	student	was	enrolled	in	the	most	recently	attended	term.	Thus,	the	student
cannot	receive	a	disbursement	for	subscription	period	3	until	they	have	completed	a	total	of	12	credit	hours,	the	number
of	hours	enrolled	in	subscription	period	1.	The	12	hours	for	which	the	student	was	enrolled	in	the	most	recently	attended
term	(subscription	period	2)	are	not	counted.
To	receive	a	disbursement	for	subscription	period	4,	the	student	must	have	completed	24	credit	hours,	the	cumulative
number	of	hours	enrolled	in	subscription	periods	1	and	2.
If	the	student	has	not	completed	the	48	hours	in	the	program	by	the	end	of	subscription	period	4,	they	could	receive	
Title
IV	funds	for	one	additional	term,	as	shown	below.
Third	Academic	Year
Subscription	period	5:	Fall Subscription	period	6:	S pring
Credit	hours	associated	with	term:	12
Cumulative	hours	required	to	receive	disbursement:	36	(=
total	hours	enrolled	in	subscription	periods	1,	2,	&	3)
Cumulative	hours	required	to	receive	disbursement:	48	(=
total	hours	enrolled	in	subscription	periods	1,	2,	3,	&	4)
NOT	ELIGIBLE	FOR	
TITLE	IV	FUNDS
To	receive	a	disbursement	for	subscription	period	5,	the	student	must	have	completed	36	credit	hours,	the	cumulative
number	of	hours	enrolled	in	subscription	periods	1,	2,	and	3.
The	student	is	not	eligible	to	receive	any	additional	Title	IV	funds	after	subscription	period	5,	because	the	cumulative
number	of	hours	required	to	receive	a	disbursement	for	the	next	subscription	period	would	be	48,	which	is	the	total
number	of	hours	in	the	program.
the	program	and	does	not	change	enrollment	status.
Volume	3,	Chapter	1,	Appendix	B,	Example	2:	Subscription-Based	Program	Course	Completion	Requirement	(Student
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