[Code of Federal Regulations] [Title 34, Volume 3] [Revised as of July 1, 2003] From the U.S. Government Printing Office via GPO Access [CITE: 34CFR668.4] [Page 411-413] 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 periods for an eligible program that measures progress in credit hours and has academic terms. For a student enrolled in an eligible program that measures progress in credit hours and has academic terms, the payment period is the academic term. (b) Payment periods for an eligible program that measures progress in credit hours and does not have academic terms. (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 half the number of credit hours in the program and half the number of weeks in the program; and (ii) The second payment period is the period of time in which the student completes the program. (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-- (A) The first payment period is the period of time in which the student completes half the number of credit hours in the academic year and half the number of weeks in the academic year; and (B) The second payment period is the period of time in which the student completes the academic year. (ii) For any remaining portion of an eligible program that is more than one-half an academic year but less than a full academic year in length-- (A) The first payment period is the period of time in which the student completes half the number of credit hours in the remaining portion of the program and half the number of weeks remaining in the program; and (B) The second payment period is the period of time in which the student completes the remainder of the program. [[Page 412]] (iii) For any remaining portion of an eligible program that is not more than half an academic year, the payment period is the remainder of the program. (3) For purposes of paragraphs (b)(1) and (b)(2) of this section, if an institution is unable to determine when a student has completed half of the credit hours in a program, academic year, or remainder of a program; the student is considered to begin the second payment period of the program, academic year, or remainder of a program at the later of-- (i) The date, as determined by the institution, on which the student has completed half of the academic coursework in the program, academic year, or remainder of the program; or (ii) The calendar midpoint between the first and last scheduled days of class of the program, academic year, or remainder of the program. (c) Payment periods for an eligible program that 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 half the number of clock hours in the program; and (ii) The second payment period is the period of time in which the student completes the program. (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-- (A) The first payment period is the period of time in which the student completes half the number of clock hours in the academic year; and (B) The second payment period is the period of time in which the student completes the academic year. (ii) For any remaining portion of an eligible program that is more than one-half an academic year but less than a full academic year in length-- (A) The first payment period is the period of time in which the student completes half the number of clock hours in the remaining portion of the program; and (B) The second payment period is the period of time in which the student completes the remainder of the program. (iii) For any remaining portion of an eligible program that is not more than one half of an academic year, the payment period is the remainder of the program. (d) Number of payment periods. Notwithstanding paragraphs (b) and (c) of this section, an institution may choose to have more than two payment periods. If an institution so chooses, the regulations in paragraphs (b) and (c) 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 in a program that measures progress in credit hours but does not have academic terms, each payment period must correspond to one-third of the academic year measured in both credit hours and weeks of instruction. (e) Re-entry within 180 days. If a student withdraws from a program described in paragraph (b) or (c) of this section during a payment period and then reenters the same program within 180 days, the student remains in that same payment period when he or she returns and, subject to conditions established by the Secretary or by the FFEL lender or guaranty agency, is eligible to receive any title IV, HEA program funds for which he or she was eligible prior to withdrawal, including funds that were returned by the institution or student under the provisions of Sec. 668.22. (f) Re-entry after 180 days or transfer. (1) Subject to the conditions of paragraph (f)(2) of this section, an institution calculates new payment periods for the remainder of a student's program based on paragraphs (b) through (d) of this section, for a student who withdraws from a program described in paragraph (b) or (c) of this section, and-- (i) Reenters that program after 180 days, (ii) Transfers into another program at the same institution within any time period, or (iii) Transfers into a program at another institution within any time period. [[Page 413]] (2) For a student described in paragraph (f)(1) of this section-- (i) For the purpose of calculating payment periods only, the length of the program is the number of credit hours and the number of weeks, or the number of clock hours, that the student has remaining in the program he or she enters or reenters; and (ii) If the remaining hours, and weeks if applicable, constitute one-half of an academic year or less, the remaining hours constitute one payment period. (Authority: 20 U.S.C. 1070 et seq.) [67 FR 67071, Nov. 1, 2002]