version	of	the	program	in	subscription	period	3,	this	is	6	fewer	hours	than	the	number	of	hours	required	to	receive	a
disbursement	for	subscription	period	5	in	Example	1.)	The	student	must	have	completed	a	cumulative	total	of	36	hours	to
receive	a	disbursement	for	subscription	period	6.
If	the	student	has	not	completed	the	48	hours	in	the	program	by	the	end	of	subscription	period	6,	they	would	be	eligible
to	receive	aid	for	one	additional	subscription	period,	as	shown	below.
Fourth	Academic	Year	3	half-time	program
Subscription	period	7:	Fall Subscription	period	8:	S pring
Credit	hours	associated	with	term:	6
Cumulative	hours	required	to	receive	disbursement:	42	(=
total	hours	enrolled	in	subscription	periods	1,	2,	3,	4	&	5)
Cumulative	hours	required	to	receive	disbursement:	48	(=
total	hours	enrolled	in	subscription	periods	1,	2,	3,	4,	5,	&	6)
NOT	ELIGIBLE	FOR	
TITLE	IV	FUNDS
To	receive	a	disbursement	for	subscription	period	7,	the	student	must	have	completed	42	credit	hours,	the	cumulative
number	of	hours	enrolled	in	subscription	periods	1,	2,	3,	4,	and	5.
The	student	is	not	eligible	to	receive	any	additional	Title	IV	funds	after	subscription	period	7,	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.
Volume	3,	Chapter	1,	Appendix	B,	Example	3:	Subscription-Based	Program	Disbursement	Timing
A	school	offers	a	four-year	subscription-based	program	of	consisting	of	96	semester	hours,	with	the
academic	year	defined	as	24	semester	hours	and	30	weeks	of	instructional	time.	The	school	defines	full-time
as	12	hours.
The	student	receives	Pell	Grants	and	Direct	Loans.
Pell	Grants	are	calculated	using	Formula	1.
For	purposes	of	monitoring	Direct	Loan	annual	loan	limit	progression,	the	school	uses	a	Scheduled	Academic
Year	(SAY)	consisting	of	fall	and	spring	semesters,	with	the	summer	term	treated	as	a	trailer	to	the	SAY	(see
Volume	8,	Chapter	6	for	more	information	on	SAYs	and	monitoring	Direct	Loan	annual	loan	progression).
Attendance	in	the	summer	term	is	optional.
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