treated	as	a	header	to	the	following	fall-spring	SAY.
If	a	term	other	than	the	summer	term	is	divided	into	modules,	the	modules	must	be	combined	with	each	other	or	with
other	terms	and	treated	as	a	single	standard	or	nonstandard	term	(see	Volume	3,	Chapter	1	for	more	information	on
combining	modules).	If	modules	(summer	or	otherwise)	are	grouped	together	and	treated	as	a	single	term,	the	COA
cannot	include	costs	for	a	module	for	which	the	student	is	not	expected	to	be	enrolled.	A	student	doesn9t	have	to	be
enrolled	in	each	module	but	must	be	able	to	enroll	at	least	half	time	in	the	combined	term.
The	annual	loan	limit	applies	to	the	SAY,	plus	the	summer	trailer	or	header.	For	example,	if	the	SAY	consists	of	fall	and
spring	semesters	followed	by	a	summer	trailer,	a	student	may	receive	a	full	annual	loan	limit	for	the	fall-spring-summer
period.	Once	the	calendar	period	associated	with	all	terms	in	the	SAY	and	the	summer	header	or	trailer	(if	any)	has
elapsed,	a	student	regains	eligibility	for	a	new	annual	loan	limit.
SAY	for	Programs	With	SE9W	Nonstandard	Terms	Using	an	Academic	Calendar	Comparable	to	a	Traditional	Academic
Calendar
A	program	with	SE9W	nonstandard	terms	may	use	an	SAY	if	all	the	following	requirements	are	met:
It	has	a	fixed	academic	calendar	comparable	to	a	traditional	academic	calendar	(i.e.,	terms	that	start	and	end	at
about	the	same	time	each	year,	with	the	academic	year	comprised	of	two	or	more	SE9W	nonstandard	terms	in	the
fall	through	spring);
All	the	nonstandard	terms,	including	any	summer	term,	are	SE9W;	and
The	number	of	credit	hours	and	weeks	of	instructional	time	in	the	comparable	fall-spring	academic	calendar	meet	the
regulatory	requirements	for	an	academic	year.
Borrower-Based	Academic	Year
A	BBAY	does	not	have	fixed	beginning	and	ending	dates.	Instead,	it	<floats=	with	a	student9s	(or	a	group	of	students9)
attendance	and	progression	in	a	program	of	study.	There	are	three	types	of	BBAY:
BBAY	1,	for	credit-hour	programs	using	an	SAY	with	standard	terms	or	SE9W	nonstandard	terms	(including
subscription-based	programs,	as	described	in	Volume	3,	Chapter	1).
BBAY	2,	for	credit-hour	programs	not	using	an	SAY,	with	standard	terms	or	SE9W	nonstandard	terms	(including
subscription-based	programs,	as	described	in	Volume	3,	Chapter	1).
BBAY	3,	for	clock-hour	programs,	non-term	programs,	programs	with	non-SE9W	nonstandard	terms	(see	Chapter	4
of	this	volume),	or	programs	with	standard	and	nonstandard	terms	not	described	above.
If	a	program	is	offered	in	an	SAY	calendar,	you	have	the	option	of	using	either	an	SAY	or	BBAY	1	to	monitor	the	annual
loan	limits	for	students	in	that	program.	You	must	use	a	BBAY	to	monitor	the	annual	loan	limits	for	any	academic	program
that	does	not	meet	the	definition	of	a	program	allowed	to	use	an	SAY.	However,	there	are	significant	differences	between
Volume	8,	Chapter	6,	Example	1:	SE9W	SAY
A	school	has	programs	with	an	academic	calendar	using	semester	hours	with	three	12-week	quarters,	offered
over	the	fall	through	spring	(comparable	to	a	traditional	academic	year	calendar)	and	a	10-week	term	offered	in
the	summer.	The	school	defines	the	academic	year	for	these	programs	as	36	weeks	of	instructional	time	and	24
semester	hours.	Because	the	terms	are	quarters,	but	academic	progress	is	measured	in	semester	hours,	the
terms	are	considered	nonstandard.
Because	these	terms	are	SE9W	nonstandard	terms	offered	in	a	fixed	schedule	with	an	academic	calendar
comparable	to	a	traditional	calendar,	the	school	may	use	an	SAY	(with	the	summer	term	treated	as	a	trailer	or
header)	or	BBAY	1	consisting	of	any	three	consecutive	terms	(see	below)	for	these	programs.