[Code of Federal Regulations]
[Title 34, Volume 3]
[Revised as of July 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 34CFR691.64]

[Page 920-921]
 
                           TITLE 34--EDUCATION
 
 CHAPTER VI--OFFICE OF POSTSECONDARY EDUCATION, DEPARTMENT OF EDUCATION
 
PART 691_ACADEMIC COMPETITIVENESS GRANT (ACG) AND NATIONAL SCIENCE AND 
 
                    Subpart F_Determination of Awards
 
Sec. 691.64  Calculation of a grant for a payment period which occurs in two 

award years.

    (a) If a student enrolls in a payment period that is scheduled to 
occur in two award years--
    (1) The entire payment period must be considered to occur within one 
award year;
    (2) The institution shall determine for each ACG or National SMART 
Grant recipient the award year in which the payment period will be 
placed subject to the restrictions set forth in paragraphs (a)(3) and 
(a)(6) of this section;
    (3) The institution shall place a payment period with more than six

[[Page 921]]

months scheduled to occur within one award year in that award year;
    (4) If the institution places the payment period in the first award 
year, it shall pay a student with funds from the first award year;
    (5) If the institution places the payment period in the second award 
year, it shall pay a student with funds from the second award year; and
    (6) The institution must assign the payment period for both the ACG 
or National SMART Grant and the Federal Pell Grant to the same award 
year.
    (b) An institution may not make a payment that results in the 
student receiving more than his or her ACG or National SMART Grant 
Scheduled Award for an academic year of the student's eligible program.

(Authority: 20 U.S.C. 1070a-1)