1.	The	academic	calendar	consists	of	two	semesters	or	trimesters	(fall	and	spring)	or	three	quarters	(fall,	winter,
and	spring),	none	of	which	overlap	any	other	term	in	the	program	(including	a	summer	term,	which	need	not
meet	the	definition	of	a	standard	term);	or
2.	The	academic	calendar	consists	of	any	two	semesters	or	trimesters	or	any	three	quarters	where4
The	school	starts	the	terms	for	different	cohorts	of	students	on	a	periodic	basis	(e.g.,	monthly);
The	program	is	offered	exclusively	in	semesters,	trimesters,	or	quarters;	and
Students	are	not	allowed	to	be	enrolled	simultaneously	in	overlapping	terms	and	must	stay	with	the	cohort
in	which	they	start	unless	they	withdraw	from	a	term	(or	skip	a	term)	and	re-enroll	in	a	subsequent	term.
For	Formula	1,	the	term	is	the	payment	period,	and	you	divide	the	student9s	annual	award	by	the	number	of	terms	in	the
program9s	academic	year.	You	can	combine	modules	into	a	standard	term	that	meets	the	requirements	for	Formula	1.
(See	the	discussion	under	"Combining	modules	into	a	standard	term"	in	Volume	3,	Chapter	1	for	examples.)	You	must	use
the	same	formula	for	a	program	for	all	payment	periods	in	an	award	year.
Pell	Formula	1	Examples
Pell	Formula	1
34	CFR	690.63(a)(1)
34	CFR	690.63(b)
Note:	Examples	use	fictional	maximum	($7,500)	and	minimum	($750)	Pell	Grant	award	amounts	for
demonstration	purposes	only.	Award	amounts	in	examples	in	this	volume	should	not	be	used	in	packaging	Pell
Grants	for	the	2025-26	award	year.
Volume	7,	Chapter	4,	Example	1:	Traditional	Academic	Calendar
In	Formula	1,	the	annual	award	is	simply	divided	by	the	number	of	terms	in	the	fall	through	spring	at	a	school	with
a	traditional	academic	calendar.
Full-time	definition:	30	weeks	of	instruction;	12	credits	per	term
Scheduled	Pell	Grant	award:	$7,500
Semester	Disbursement	Schedule
Fall Spring
Credit	Hours	(Enrollment	Intensity	%) 12	(100%) 15	(100%)
Annual	Pell	Award $3,750 $3,750
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