year/program	less	than	an
academic	year;	and
half	of	the	clock/credit	hours	in
the	academic	year/program	less
than	an	academic	year.
For	the	remainder	of	a	program
equal	to	or	less	than	half	of	an
academic	year,	the	payment	period
is	the	remainder	of	the	program.
year/program	less	than	an
academic	year;	and
half	of	the	clock/credit	hours	in
the	academic	year/program	less
than	an	academic	year.
For	the	remainder	of	a	program
equal	to	or	less	than	half	of	an
academic	year,	the	payment	period
is	the	remainder	of	the	program.
Timing	of	Disbursements
Except	for	FWS	wages,	
Title	IV	disbursements	are	made	on	a	payment	period	basis	as	described	below.	Except	when
making	late	disbursements	or	retroactive	payments	for	completed	payment	periods	(as	discussed	in	Volume	4,	Chapter
2),	you	must	disburse	the	Title	IV	funds	during	the	payment	period	to	which	they	apply.
Disbursement	Timing	in	Term-Based	Programs	Using	Credit	Hours	(Except	Subscription-Based	Programs)
As	noted	earlier	in	the	chapter,	for	the	Pell	Grant,	TEACH	Grant,	and	FSEOG	programs	the	payment	period	is	the	academic
term	for	a	student	enrolled	in	a	credit-hour	program	that	uses	any	type	of	academic	term	(standard	or	nonstandard).	For
the	Direct	Loan	Program,	the	payment	period	is	the	academic	term	only	if	the	program	uses	standard	terms	or	uses
nonstandard	terms	that	are	substantially	equal	in	length.	If	the	program	uses	nonstandard	terms	that	are	not	substantially
equal	in	length,	a	school	must	use	the	non-term-based	rules	for	Direct	Loan	disbursement	timing,	as	discussed	in	the	next
section	below.
Except	as	noted	above	for	the	Direct	Loan	Program,	there	is	no	requirement	for	a	student	who	is	enrolled	in	a	credit-hour
term	program	that	is	not	a	subscription-based	program	to	successfully	complete	a	certain	amount	of	coursework	in	a
payment	period	before	they	can	receive	a	disbursement	of	
Title	IV	funds	in	the	next	payment	period.	For	instance,	a
student	could	receive	a	Pell	Grant	or	Direct	Loan	disbursement	in	the	spring	term	after	failing	several	courses	in	the	fall
term,	provided	that	the	student	is	still	making	satisfactory	academic	progress	under	the	school9s	policy.
Disbursement	Timing	in	Clock-Hour,	Non-Term,	and	Certain	Nonstandard	Term	Programs
A	student	who	is	enrolled	in	a	credit-hour	program	without	terms	or	in	a	clock-hour	program	must	successfully	complete
Note:	We	do	not	cover	the	requirements	for	reporting	disbursements	through	the	Common	Origination	and
Disbursement	(COD)	System	or	the	rules	for	making	early	disbursements,	late	disbursements,	or	retroactive
payments	in	this	section.	For	guidance	on	those	topics,	refer	to	Volume	4,	Chapter	2.	We	also	do	not	cover	certain
disbursement	requirements	that	are	specific	to	the	Title	IV	grant	programs	or	the	Direct	Loan	Program.	For
information	on	those	requirements,	see	Volumes	6,	7,	8,	and	9.
Disbursements	by	Payment	Period
HEA	Sec.	428G
34	CFR	668.164(b)
{"producer": "GPL Ghostscript 10.00.0", "creator": "wkhtmltopdf 0.12.6", "creationdate": "D:20250418120630Z00'00'", "moddate": "D:20250418120630Z00'00'", "source": "data/raw/Academic_Calenders_Cost_of_Attendance_and_Packaging.pdf", "total_pages": 57, "page": 15, "page_label": "16", "loader_type": "pdf", "load_timestamp": "2025-07-05T11:43:14.400166"}