[Code of Federal Regulations]
[Title 34, Volume 3]
[Revised as of July 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 34CFR668.4]

[Page 414-415]
 
                           TITLE 34--EDUCATION
 
                         DEPARTMENT OF EDUCATION
 
PART 668--STUDENT ASSISTANCE GENERAL PROVISIONS--Table of Contents
 
                           Subpart A--General
 
Sec. 668.4  Payment period.

    (a) Payment period for an eligible program that has academic terms 
and measures progress in credit hours. For a student enrolled in an 
eligible program that is offered in semesters, trimesters, quarters, or 
other academic terms and measures progress in credit hours, the payment 
period is the semester, trimester, quarter, or other academic term.
    (b) Payment periods for an eligible program that measures progress 
in credit hours and does not have academic terms or measures progress in 
clock hours. (1) For a student enrolled in an eligible program that is 
one academic year or less in length--
    (i) The first payment period is the period of time in which the 
student completes the first half of the program as measured in credit or 
clock hours; and
    (ii) The second payment period is the period of time in which the 
student completes the second half of the program as measured in credit 
or clock hours.
    (2) For a student enrolled in an eligible program that is more than 
one academic year in length--
    (i) For the first academic year and any subsequent full academic 
year as measured in credit or clock hours--
    (A) The first payment period is the period of time in which the 
student completes the first half of the academic year as measured in 
credit or clock hours; and
    (B) The second payment period is the period of time in which the 
student completes the second half of that academic year;
    (ii) For any remaining portion of an eligible program that is more 
than one-half an academic year but less than a complete academic year--
    (A) The first payment period is the period of time in which a 
student completes the first half of the remaining portion of the 
eligible program as measured in credit or clock hours; and
    (B) The second payment period is the period of time in which the 
student completes the remainder of the eligible program; and
    (iii) For any remaining portion of an eligible program that is not 
more than half an academic year as measured in credit or clock hours, 
the payment period is the remainder of that eligible program.
    (3) For purposes of paragraphs (b)(1) and (b)(2) of this section, if 
a student is enrolled in an eligible program that measures progress in 
credit hours and the student cannot earn half the credit hours in the 
program under paragraph (b)(1) of this section or half of the remaining 
portion of the eligible program under paragraph (b)(2)(i) and (b)(2)(ii) 
of this section until after the calendar midpoint between the first and 
last scheduled days of class, the second payment period begins on the 
later of--
    (i) The calendar midpoint between the first and last scheduled days 
of class of the program or academic year; or
    (ii) The date, as determined by the institution, that the student 
has completed half of the academic coursework.
    (4) If, in an academic year, in a program of less than an academic 
year, or in the remaining portion of an eligible program under paragraph 
(b)(2) of this section, an institution chooses to have more than two 
payment periods, the

[[Page 415]]

rules in paragraphs (b)(1) through (b)(3) of this section are modified 
to reflect the increased number of payment periods. For example, if an 
institution chooses to have three payment periods in an academic year, 
each payment period must correspond to one-third of the academic year.

(Authority: 20 U.S.C. 1070 et seq.)

[61 FR 60602, Nov. 29, 1996]