For	the	first	two	subscription	periods	of	the	program,	there	is	no	coursework	completion	requirement	for	the	student	to
receive	a	disbursement	of	Title	IV	funds.	Disbursements	are	made	at	the	beginning	of	each	subscription	period.
To	receive	a	disbursement	for	the	third	subscription	period	and	for	each	subsequent	subscription	period	in	the	program,
the	student	must	have	completed	a	cumulative	number	of	credit	hours	equal	to	the	total	number	of	hours	for	which	the
student	was	enrolled	in	all	previously	attended	subscription	periods	in	the	program,	excluding	the	number	of	hours	for
which	the	student	was	enrolled	in	the	most	recently	attended	subscription	period.
As	shown	above,	for	each	of	the	three	subscription	periods	in	the	second	academic	year	of	the	program	the	student	meets
the	course	completion	requirement	to	receive	disbursements	at	the	beginning	of	the	term.	For	example,	the	student	had
completed	a	total	of	21	credit	hours	by	the	end	of	subscription	period	#2,	which	exceeds	the	minimum	12	hours	required
to	receive	disbursements	for	subscription	period	#3.
In	the	third	academic	year	of	the	program,	the	student	meets	the	course	completion	requirement	to	receive
disbursements	at	the	beginning	of	subscription	period	#6.	However,	the	disbursements	for	subscription	period	#7	must
be	delayed	until	the	student	has	completed	an	additional	three	credit	hours.	This	is	because	the	student	must	have
completed	a	cumulative	total	of	at	least	60	credit	hours	to	receive	disbursements	for	subscription	period	#7,	but	at	the
end	of	subscription	period	#6	the	student	had	earned	only	57	hours.
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