information.
Schools	that	use	payment	periods	as	the	basis	for	their	Return	of	
Title	IV	Funds	calculations	should	note	that	making
multiple	disbursements	within	a	payment	period	does	not	create	a	new	or	additional	payment	period.	See	Volume	5	of	the
FSA	Handbook	for	information	on	how	withdrawal	calculations	handle	multiple	disbursements.
Disbursement	Rules	for	Terms	With	Modules
When	a	student	is	enrolled	in	a	term-based	program	in	which	the	terms	are	divided	into	two	or	more	modules,	but	the
student	won9t	attend	the	first	module,	the	date	when	classes	begin	for	making	disbursements	is	the	starting	date	of	the
first	module	that	the	student	will	attend.
For	example,	the	earliest	the	school	can	pay	a	student	who	is	scheduled	to	begin	attendance	in	the	second	of	three	5-
week	modules	that	make	up	a	semester	is	10	days	before	the	first	day	of	the	second	module	(or	30	days	after	the	second
module	begins,	if	the	student	is	a	first-time,	first-year	borrower	and	the	school	does	not	meet	the	requirements	for	an
exemption	from	the	delayed	disbursement	requirement	for	such	students,	as	described	in	
Volume	4,	Chapter	2).
Volume	3,	Chapter	1,	Appendix	A:	Non-Term	Examples
Volume	3,	Chapter	1,	Appendix	A,	Example	1:	Clock-Hour	Program	Payment	Periods	3	Student	Must	Repeat	Course
A	student	enrolls	in	a	1-year	clock-hour	program	with	an	academic	year	(AY)	of	900	clock	hours	and	26	weeks	of
instructional	time.	The	program	consists	of	six	successive	graded	courses,	each	of	which	has	150	clock	hours.	The
scheduled	payment	periods	are	one-half	of	the	length	of	the	program	in	clock	hours	and	weeks	of	instructional
time:	450	clock	hours	and	13	weeks	of	instructional	time.
The	student	in	this	example	fails	the	second	course,	but	immediately	repeats	it	and	passes.	The	student
successfully	completes	all	other	courses	in	the	program.
The	school	cannot	make	the	second	Pell	and	Direct	Loan	disbursements	until	the	student	has	successfully
completed	both	the	clock	hours	and	the	weeks	of	instructional	time	in	the	first	payment	period.	Because	the
student	must	repeat	the	second	course	of	the	program	(taking	an	additional	three	weeks	to	do	so),	the	school
must	reschedule	the	date	of	the	second	Pell	and	Direct	Loan	disbursements.	The	second	disbursements	will	now
be	made	after	the	student	has	successfully	completed	450	clock	hours	and	attended	for	16	weeks	of	instructional
time,	and	the	school	will	need	to	report	the	rescheduled	second	disbursement	dates	to	COD.
Scheduled	Payment	Periods
450	clock	hours	AND	13	weeks	of	instruction 450	clock	h ours	AND	13	weeks	of	instruction
Progression	through	payment	periods	for	disbursements	(student	cannot	receive	next	disbursement
until	successful	completion	of	BOTH	hours	and	weeks	in	scheduled	payment	periods)
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