dwb2023/document-loader-jul2025 huggingface dataset:
Volume	8,	Chapter	4,	Table	4:	Aggregate	Limits	for	Direct	Subsidized	Loans	and	Direct	Unsubsidized	Loans
Total	(Subsidized	and
Unsubsidized)
Maximum
Subsidized
Dependent	undergraduates	(excluding	those	whose	parents	can9t	get
Direct	PLUS	Loans)
$31,000 $23,000
Independent	undergraduates	(and	dependent	undergraduates	whose
parents	can9t	get	Direct	PLUS	Loans)
$57,500 $23,000
Graduate	and	professional	students $138,500 $65,500
Notes	on	the	aggregate	loan	limits	shown	in	Table	4:
The	<Total	(Subsidized	and	Unsubsidized)=	column	shows	the	maximum	combined	outstanding	subsidized	and
unsubsidized	loan	debt	for	a	student.	The	<Maximum	Subsidized=	column	shows	the	maximum	portion	of	the
combined	subsidized	and	unsubsidized	limit	that	may	be	subsidized.	For	example,	a	dependent	undergraduate	may
have	up	to	a	maximum	of	$31,000	in	combined	subsidized	and	unsubsidized	outstanding	loan	debt,	but	no	more
than	$23,000	of	this	amount	may	consist	of	subsidized	loans.
Capitalized	interest	(unpaid	accrued	interest	that	has	been	added	to	the	principal	balance	of	a	loan)	is	not	counted
toward	a	borrower9s	aggregate	loan	limits	(see	"Checking	Remaining	Loan	Eligibility	Under	Aggregate	Loan	Limits=
below	for	more	information).
The	$138,500	combined	subsidized	and	unsubsidized	aggregate	loan	limit	for	graduate	and	professional	students
includes	loans	received	for	undergraduate	study.
The	$65,500	subsidized	aggregate	loan	limit	for	graduate	and	professional	students	includes	subsidized	loans
received	for	prior	undergraduate	study.	It	also	includes	any	subsidized	loans	received	for	prior	graduate	or
professional	study	before	July	1,	2012,	when	graduate	and	professional	students	were	eligible	to	receive	subsidized
loans	(subsidized	loan	eligibility	for	graduate	and	professional	students	was	eliminated	effective	for	loan	periods
beginning	on	or	after	July	1,	2012).
The	loan	amounts	counted	toward	a	borrower9s	aggregate	loan	limits	include	any	outstanding	Direct	Subsidized	Loan
and	Direct	Unsubsidized	Loan	amounts,	and	also	any	outstanding	Subsidized	and	Unsubsidized	Federal	Stafford
Loans	previously	borrowed	under	the	FFEL	Program	(no	new	loans	have	been	made	under	the	FFEL	Program	since
June	30,	2010).
If	a	borrower	has	a	Direct	Consolidation	Loan	or	a	Federal	Consolidation	Loan	(a	consolidation	loan	made	under	the
FFEL	Program),	the	outstanding	amount	of	the	consolidation	loan	representing	any	Direct	Subsidized	Loans,	Direct
Unsubsidized	Loans,	Subsidized	Federal	Stafford	Loans,	or	Unsubsidized	Federal	Stafford	Loans	that	were	paid	off	by
the	consolidation	loan	is	counted	toward	the	borrower9s	aggregate	subsidized	and	unsubsidized	loan	limits
accordingly.
Aggregate	Loan	Limit	for	an	Undergraduate	Student	With	a	Graduate	Degree
Aggregate	Loan	Limits
34	CFR	685.203(d),	(e)
In	some	cases,	a	student	who	previously	received	undergraduate	and	graduate	degrees	returns	to	school	to	complete	a
second	undergraduate	program.	Only	the	loans	that	the	student	received	for	the	first	undergraduate	program	are
included	in	determining	the	student9s	remaining	eligibility	for	loans	for	the	second	undergraduate	program,	up	to	the
undergraduate	aggregate	limits.	Although	loans	received	for	graduate	study	are	not	counted	toward	a	student9s
undergraduate	aggregate	loan	limit,	the	combined	loan	amounts	received	for	undergraduate	and	graduate	programs	may
not	exceed	the	total	allowable	aggregate	loan	limits.
Treatment	of	Direct	Subsidized	Loans	and	Direct	Unsubsidized	Loans	Received	for	Teacher	Certification	Coursework	or
Preparatory	Coursework
Students	receiving	Direct	Loans	for	teacher	certification	coursework	or	for	preparatory	coursework	(including	preparatory
coursework	required	for	admission	to	a	graduate	or	professional	program)	are	considered	to	be	undergraduates	for	all
Title	IV	purposes.	Therefore,	Direct	Subsidized	Loans	and	Direct	Unsubsidized	Loans	that	a	student	receives	for	teacher
certification	coursework	or	preparatory	coursework	are	counted	against	the	student's	undergraduate	aggregate	loan
limits.	(See	Chapter	1	of	this	volume	and	the	discussion	earlier	in	this	chapter	for	guidance	on	Direct	Loan	eligibility	for
Volume	8,	Chapter	4,	Example	2:	Returning	to	an	Undergraduate	Program	After	Receiving	Loans	for	Graduate	Study
An	independent	student	has	received	the	following	loan	amounts	for	a	first	undergraduate	program	and	a
graduate	program:
Subsidized: Unsubsidized: Total
Undergraduate $19,000 $26,000 $45,000
Graduate $0 $86,000 $86,000
Total $19,000 $112,000 $131,000
The	student	has	now	enrolled	in	a	second	undergraduate	program.	Only	the	loans	received	for	the	first
undergraduate	program	are	counted	toward	the	student9s	undergraduate	aggregate	loan	limit.	Because	the	total
amount	received	for	the	first	undergraduate	program	($45,000)	does	not	exceed	the	aggregate	loan	limit	for	an
independent	undergraduate	($57,500,	maximum	$23,000	subsidized),	the	student	has	remaining	loan	eligibility
for	the	second	undergraduate	program.
The	difference	between	the	independent	undergraduate	aggregate	loan	limit	and	the	total	amount	of	the	loans
received	for	the	first	undergraduate	program	is	$12,000.	However,	the	student	may	not	receive	the	full	$12,000,
because	that	amount,	when	combined	with	the	amount	received	for	the	first	undergraduate	program	and	the
amount	received	for	the	graduate	program,	would	exceed	the	combined	undergraduate	and	graduate	aggregate
loan	limit	of	$138,500:
$45,000	+	$86,000	+	$12,500	=	$143,500
Therefore,	the	student9s	remaining	loan	eligibility	for	the	second	undergraduate	program	is	$7,500	($138,500
minus	$131,000	already	received	for	the	first	undergraduate	program	and	the	graduate	program).	Not	more	than
$4,000	of	this	amount	may	be	subsidized	($23,000	undergraduate	subsidized	aggregate	loan	limit	minus	$19,000
in	subsidized	loans	received	for	the	first	undergraduate	program).
dependent	student	annual	loan	limits,	the	total	loan	amounts	received	would	have	been	$13,500	in	Direct
Subsidized	Loan	funds	and	$6,000	in	Direct	Unsubsidized	Loan	funds	($19,500	combined	subsidized	and
unsubsidized	total).
Because	the	combined	subsidized	and	unsubsidized	loan	amount	of	$32,500	that	the	student	received	for	years
one	through	three	exceeds	the	$31,000	dependent	undergraduate	aggregate	loan	limit,	it	might	appear	that	the
student	would	have	no	remaining	loan	eligibility	for	the	fourth	year	of	the	program.	However,	only	the	$19,500	in
combined	subsidized	and	unsubsidized	loan	funds	that	the	student	could	have	received	under	the	dependent
student	annual	loan	limits	are	counted	against	the	$31,000	aggregate,	leaving	the	student	with	$11,500	in
remaining	loan	eligibility	under	the	dependent	undergraduate	aggregate	loan	limit,	not	more	than	$9,500	of
which	may	be	subsidized.	Therefore,	in	the	fourth	year	of	the	program	(when	the	student9s	parent	is	eligible	to
receive	a	Direct	PLUS	Loan),	the	student	could	receive	up	to	the	full	combined	subsidized	and	unsubsidized
annual	loan	limit	for	a	dependent	fourth-year	undergraduate	(that	is,	$7,500,	not	more	than	$5,500	of	which	may
be	subsidized).
Annual	Loan	Limit
As	explained	in	Chapter	4	of	this	volume,	for	undergraduate	students	there	is	a	maximum	combined	annual	loan	limit	for
Direct	Subsidized	Loans	and	Direct	Unsubsidized	Loans,	and	a	maximum	portion	of	that	combined	annual	loan	limit	that	a
student	may	receive	in	Direct	Subsidized	Loans.	If	the	annual	loan	limit	for	an	undergraduate	student	must	be	prorated,
you	must	first	determine	the	combined	Direct	Subsidized	Loan	and	Direct	Unsubsidized	Loan	prorated	annual	loan	limit,
and	then	separately	determine	the	Direct	Subsidized	Loan	prorated	annual	loan	limit.	This	is	illustrated	in	the	proration
examples	below.
Prorating	Loan	Limits	for	Programs	Shorter	Than	an	Academic	Year
If	an	academic	program	is	shorter	than	a	full	academic	year	in	length,	you	must	multiply	the	applicable	loan	limit(s)	by	the
lesser	of	4
or
The	result	is	the	prorated	annual	loan	limit	for	that	program.
Proration	Examples:	Programs	Shorter	Than	an	Academic	Year
Examples	1	and	2	illustrate	how	the	prorated	annual	loan	limit	is	determined	when	a	student	is	enrolled	in	a	program	that
is	shorter	than	an	academic	year.
Semester,	trimester,	quarter,	or	clock	hours	enrolled	in	program
Semester,	trimester,	quarter,	or	clock	hours	in	academic	year
Weeks	enrolled	in	program
Weeks	in	the	academic	year
Volume	8,	Chapter	5,	Example	1:	Clock-Hour	Program	Shorter	Than	an	Academic	Year
A	dependent	student	is	enrolled	in	a	400	clock-hour,	12-week	program	(a	<short-term	program=	as	described	in
Volume	2,	Chapter	2).	The	school	defines	the	academic	year	for	this	program	as	900	clock	hours	and	26	weeks	of
instructional	time.
To	determine	the	maximum	loan	amount	the	student	can	borrow,	convert	the	fractions	based	on	weeks	and	hours
to	decimals:
12	weeks	in	program/26	weeks	in	academic	year	=	0.46
400	hours	in	program/900	hours	in	academic	year	=0.44
Multiply	the	smaller	decimal	(0.44)	by	the	combined	Direct	Subsidized	Loan	and	Direct	Unsubsidized	Loan	annual
loan	limit	for	a	first-year	dependent	undergraduate	($5,500,	not	more	than	$3,500	of	which	may	be	subsidized):
$5,500	x	0.44	=	$2,420	combined	subsidized	and	unsubsidized	prorated	annual	loan	limit
A	dependent	student	is	enrolled	in	a	two-year	credit-hour	program	offered	in	standard	terms	(quarters).	The
school	defines	the	academic	year	for	the	program	as	36	quarter	hours	and	30	weeks	of	instructional	time
(covering	three	quarters:	fall,	winter,	and	spring).
The	student	has	attended	the	program	for	six	quarters	(two	academic	years),	but	to	finish	the	program	needs	to
complete	an	additional	six	hours	(half	time)	in	the	fall	quarter	of	the	next	academic	year:
Fall
(half	time:	6	hours)
Winter
(not	enrolled)
Spring
(not	enrolled)
To	determine	the	prorated	Direct	Loan	limit	for	the	student9s	remaining	period	of	study	(one	quarter),	convert	the
fraction	based	on	the	hours	that	the	student	is	expected	to	attend	and	the	hours	in	the	academic	year	to	a
decimal:
6	hours	in	fall/36	hours	in	academic	year	=	0.17
Multiply	this	decimal	by	the	combined	Direct	Subsidized	Loan	and	Direct	Unsubsidized	Loan	annual	loan	limit	for	a
dependent	second-year	undergraduate	($6,500,	not	more	than	$4,500	of	which	may	be	subsidized):
$6,500	x	0.17	=	$1,105	combined	subsidized	and	unsubsidized	prorated	annual	loan	limit
To	determine	the	maximum	portion	of	the	$1,105	prorated	annual	loan	limit	that	the	student	may	receive	in
subsidized	loan	funds,	multiply	the	maximum	subsidized	annual	loan	limit	of	$4,500	by	the	same	decimal	(0.17):
$4,500	x	0.17	=	$765	subsidized	prorated	annual	loan	limit
The	maximum	combined	Direct	Subsidized	Loan	and	Direct	Unsubsidized	Loan	amount	the	student	can	borrow	for
the	remaining	portion	of	the	program	is	$1,105,	not	more	than	$765	of	which	may	be	subsidized.
Volume	8,	Chapter	5,	Example	4:	Remaining	Period	=	Two	Semesters,	With	Less	Than	Half-Time	Enrollment	in	One
Term
The	student	from	Example	3	transfers	to	a	BA	program	at	a	different	school.	The	academic	year	for	the	program
contains	two	semesters,	fall	and	spring.	During	the	second	year	of	the	BA	program,	the	student	will	be	enrolled
full	time	in	the	fall	and	less	than	half	time	in	the	spring,	and	will	graduate	at	the	end	of	the	spring	term:
Fall
(full	time)
Spring
(less	than	half	time)
Although	the	student	is	not	eligible	to	receive	a	Direct	Loan	for	the	spring	term,	the	remaining	period	of	study
(two	semesters)	is	equal	to	a	full	academic	year.	Therefore,	proration	of	the	annual	loan	limit	is	not	required	if	the
student	receives	a	Direct	Loan	for	the	fall	term.
Volume	8,	Chapter	5,	Example	5:	Remaining	Period	Shorter	Than	an	Academic	Year,	With	Less	Than	Half-Time
Enrollment	in	One	Term
A	dependent	fourth-year	undergraduate	is	enrolled	in	a	program	with	a	defined	academic	year	of	36	quarter
hours	and	30	weeks	of	instructional	time,	covering	three	quarters	(fall,	winter,	and	spring).	The	student	will	attend
the	fall	and	winter	quarters,	but	not	the	spring	quarter,	and	will	graduate	at	the	end	of	the	winter	term.
The	student	will	be	enrolled	for	12	quarter	hours	(full	time)	during	the	fall	quarter,	but	will	be	enrolled	for	only
three	hours	(less	than	half	time)	in	the	winter	quarter:
Fall
(full	time:	12	hours)
Winter
(less	than	half	time:	3	hours)
Spring
(not	enrolled)
The	student9s	final	period	of	study	(two	terms)	is	shorter	than	an	academic	year,	so	the	annual	loan	limit	must	be
prorated.	However,	because	the	student	will	be	enrolled	less	than	half	time	during	the	winter	quarter	(and
therefore	ineligible	to	receive	Direct	Loan	funds	for	that	term),	the	loan	period	will	cover	the	fall	quarter	only.
Only	the	12	quarter	hours	will	be	used	for	the	fall	term	are	to	determine	the	prorated	annual	loan	limit.
To	determine	the	prorated	loan	limit	for	the	final	period	of	study,	convert	the	fraction	based	on	the	hours	that	the
student	is	expected	to	attend	in	the	fall	quarter	and	the	hours	in	the	academic	year	to	a	decimal:
12	hours	enrolled	in	fall/36	hours	in	academic	year	=	0.33
Multiply	this	decimal	by	the	combined	Direct	Subsidized	Loan	and	Direct	Unsubsidized	Loan	annual	loan	limit	for	a
dependent	fourth-year	undergraduate	($7,500,	not	more	than	$5,500	of	which	may	be	subsidized):
$7,500	x	0.33	=	$2,475	combined	subsidized	and	unsubsidized	prorated	annual	loan	limit
To	determine	the	maximum	portion	of	the	$2,475	prorated	annual	loan	limit	that	the	student	may	receive	in
subsidized	loan	funds,	multiply	the	maximum	subsidized	annual	loan	limit	of	$5,500	by	the	same	decimal	(0.33):
$5,500	x	0.33	=	$1,815	subsidized	prorated	annual	loan	limit
The	total	prorated	annual	loan	limit	for	the	fall	quarter	loan	is	$2,475,	not	more	than	$1,815	of	which	may	be
subsidized.
Volume	8,	Chapter	5,	Example	6:	Remaining	Period	=	Two	Quarters,	Separated	by	a	Period	of	Non-Enrollment
A	school	has	an	academic	year	that	covers	three	quarters:	fall,	winter,	and	spring.	An	independent	fourth-year
undergraduate	will	be	enrolled	full	time	in	the	fall	and	spring	quarters,	but	will	not	attend	the	winter	quarter,	and
will	graduate	at	the	end	of	the	spring	quarter:
Fall
(full	time:	12	hours)
Winter
(not	enrolled)
Spring
(full	time:	12	hours
Because	the	fall	quarter	is	in	the	same	academic	year	as	the	student9s	final	quarter	of	attendance,	it	is	part	of	the
remaining	period	of	study,	even	though	there	is	a	term	between	the	fall	and	spring	quarters	in	which	the	student
will	not	be	enrolled.	As	explained	under	<Loan	Periods=	in	Chapter	2,	the	school	may	originate	a	single	loan	for	a
loan	period	covering	the	fall,	winter,	and	spring	quarters	(but	no	costs	associated	with	the	winter	quarter	may	be
included	when	determining	the	loan	amount	the	student	is	eligible	to	receive).
disbursed)
Reduced	Direct
Unsubsidized	Loan
Amount
$1,666
($334	reduction	from
original	amount
disbursed)
Direct	Unsubsidized
Loan	Adjusted	First
Disbursement
$833
(original	disbursement
reduced	by	$167)
Direct	Unsubsidized	Loan
Adjusted	Second
Disbursement
$833
(original	disbursement
reduced	by	$167)
Direct	Unsubsidized	Loan
Funds	Returned	to
Department
$334
Volume	8,	Chapter	5,	Example	9:	Re-Proration	of	a	Previously	Prorated	Loan	Limit	for	a	Student	Who	Graduates	Early
From	a	Clock-Hour	Program
A	dependent	student	is	enrolled	in	the	remaining	500	clock	hours	of	a	1500	clock-hour	program	that	has	a	defined
academic	year	of	900	clock	hours	and	26	weeks	of	instructional	time.	Because	the	student	is	enrolled	in	a	final
period	of	study	shorter	than	an	academic	year,	the	school	prorates	the	annual	loan	limit	based	on	the	500	hours
that	it	expects	the	student	to	complete:
($6,500	x	500)	÷	900	=	$3,611	prorated	combined	subsidized	and	unsubsidized	annual	loan	limit
($4,500	x	500)	÷	900	=	$2,500	prorated	subsidized	annual	loan	limit
The	total	prorated	loan	limit	for	the	remaining	period	of	study	is	$3,611,	not	more	than	$2,500	of	which	may	be
subsidized.	The	student	qualifies	to	receive	the	maximum	annual	combined	prorated	loan	limit	in	the	form	of	a
$2,500	Direct	Subsidized	Loan	and	a	$1,111	Direct	Unsubsidized	Loan.	Each	loan	is	paid	in	two	equal
disbursements,	as	shown	below.
Original	Direct	Subsidized
Loan	Amount
$2,500
Direct	Subsidized	Loan	First
Disbursement
$1,250
Direct	Subsidized	Loan	Second
Disbursement
$1,250
Original	Direct	Unsubsidized
Loan	Amount
$1,111
Direct	Unsubsidized	Loan	First
Disbursement
$556
Direct	Unsubsidized	Loan	Second
Disbursement
$555
The	student	successfully	meets	the	requirements	for	graduation	from	the	program	after	completing	only	400
clock	hours.	This	means	that	the	school	must	re-prorate	the	annual	loan	limit	based	on	the	400	hours	that	the
student	actually	completed:
($6,500	x	400)	÷	900	=	$2,889	re-prorated	combined	subsidized	and	unsubsidized	annual	loan	limit
($4,500	x	400)	÷	900	=	$2,000	re-prorated	subsidized	annual	loan	limit
The	total	re-prorated	loan	limit	for	the	remaining	period	of	study	is	$2,889,	not	more	than	$2,000	of	which	may	be
subsidized.	Since	the	student	originally	received	Direct	Loan	amounts	in	excess	of	the	re-prorated	loan	limit,	the
school	must	adjust	the	original	disbursements	and	return	the	difference	to	the	Department,	as	shown	below.	The
school	3	not	the	student	3	is	responsible	for	returning	the	excess	funds.
Reduced	Direct
Subsidized	Loan
Amount
$2,000
($500	reduction	from
original	amount
disbursed)
Direct	Subsidized	Loan
Adjusted	First
Disbursement
$1,000
(original	disbursement
reduced	by	$250)
Direct	Subsidized	Loan
Adjusted	Second
Disbursement
$1,000
(original	disbursement
reduced	by	$250)
Direct	Subsidized	Loan
Funds	Returned	to
Department
$500
Reduced	Direct
Unsubsidized	Loan
Amount
$889
($222	reduction	from
original	amount
disbursed)
Direct	Unsubsidized
Loan	Adjusted	First
Disbursement
$445
(original	disbursement
reduced	by	$111)
Direct	Unsubsidized	Loan
Adjusted	Second
Disbursement
$444
(original	disbursement
reduced	by	$111)
Direct	Unsubsidized	Loan
Funds	Returned	to
Department
$222
student	who	progressed	a	grade	level	each	academic	year,	the	student	would	be	eligible	for	up	to	the	applicable
annual	loan	limit	during	each	BBAY	1.
Volume	8,	Chapter	6,	Example	3:	BBAY	1	Where	the	SAY	Contains	Two	Semesters	(Student	Is	Not	Enrolled	in	the
Second	Term	of	the	BBAY)
Year	1:	SAY	or	BBAY	1 Year	2:	BBAY	1 Year	3:	BBAY	1
Fall	+	Spring Summer	+	Fall	(not	enrolled	in	Fall) Sp ring	+	Summer
A	student	doesn9t	have	to	attend	all	of	the	terms	in	a	BBAY	1,	but	the	BBAY	1	cannot	begin	with	a	term	that	the
student	doesn9t	attend.	In	Example	3,	the	student	is	not	enrolled	in	the	second	term	(fall)	of	year	2.
Volume	8,	Chapter	6,	Example	4:	BBAY	1	Where	the	SAY	Contains	Two	Semesters	(Student	Is	Not	Enrolled	in	a	Term
That	Would	Otherwise	Be	the	First	Term	in	the	BBAY)
Year	1:	SAY	or	BBAY	1 Year	2:	BBAY	1 Year	3:	BBAY	1
Fall	+	Spring Summer	+	Fall Spring	(not	enrolled) Summ er	+	Fall
In	Example	4,	if	the	student	does	not	attend	a	term	that	otherwise	would	have	been	the	beginning	of	a	BBAY	1	(in
this	case,	spring),	then	the	student9s	next	BBAY	1	cannot	begin	until	the	next	term	that	the	student	attends	(in
this	case,	summer).	As	with	Examples	2	and	3,	the	annual	loan	limit	applies	to	each	BBAY	1.
Volume	8,	Chapter	6,	Example	5:	BBAY	1	Where	the	SAY	Contains	Three	Quarters
Year	1:	SAY	or	BBAY	1 Year	2:	BBAY	1
Fall	+	Winter	+	Spring Summer	+	Fall	+	Winter
The	same	concepts	apply	to	quarter-term	programs.	For	instance,	in	Example	5,	the	fall,	winter,	and	spring	terms
constitute	the	school9s	SAY.	If	the	student	attends	the	summer	session	at	the	school,	it	can	be	the	first	term	of	a
BBAY	1	that	also	includes	the	following	fall	and	winter	terms.
SAY	and	BBAY	Summary
For	reference,	the	table	below	compares	the	main	features	of	SAY,	BBAY	1,	BBAY	2,	and	BBAY	3	(as	discussed	in	more
detail	earlier	in	the	chapter)	in	a	side-by-side	format.
Volume	8,	Chapter	6:	SAY	and	BBAY	Comparison	Table
SAY
Used	for	credit-hour
programs	with	standard
terms	or	SE9W	nonstandard
terms	offered	in	a	traditional
academic	calendar.
BBAY	1
Alternative	to	SAY	for
credit-hour	programs
with	standard	terms
or	SE9W	nonstandard
terms	that	are	also
offered	in	an	SAY.
BBAY	2
Must	be	used	for
credit-hour	programs
with	standard	terms
or	SE9W	nonstandard
terms	that	are	not
offered	in	an	SAY.
BBAY	3
Must	be	used	for	clock-hour
programs,	non-term
programs,	programs	with
non-SE9W	nonstandard
terms,	and	programs	that
mix	standard	and
nonstandard	terms	and	do
not	qualify	to	use	an	SAY.
SAY	uses:
Traditional	academic
calendar	with	at	least	2
semesters	or	trimesters	or
3	quarters	in	fall	through
spring,	or
Comparable	academic
calendar	with	SE9W
nonstandard	terms,	if	all
terms	(including	summer)
are	SE9W,	and	if	number	of
hours	or	weeks	in
comparable	fall-spring
calendar	meets	regulatory
academic	year	minimums.
N/A N/A N/A
Generally	begins	and	ends	at
same	time	each	year.
Doesn9t	begin	and
end	at	same	time
each	year;	<floats=
with	student9s
enrollment.
May	be	used	as
alternative	to	SAY
for	all	students,
certain	students,	or
certain	programs.
May	alternate	SAY
and	BBAY	1	(but
Doesn9t	begin	and	end	at
same	time	each	year;
<floats=	with	student9s
enrollment.
Doesn9t	begin	and	end	at
same	time	each	year.
Begins	when	student
enrolls	at	least	half-time
and	<floats=	with	student9s
enrollment.
instance,	a	student	who	successfully	completes	only	33	quarter	hours	in	the	first	30	weeks	of	instructional	time
must	successfully	complete	an	additional	three	quarter	hours	before	the	second	BBAY	3	begins	and	the	student
becomes	eligible	for	a	new	annual	loan	limit	at	the	second-year	undergraduate	level.
academic	years
may	not	overlap).
Student	not	required	to	be
enrolled	in	first	term.
Student	must	be
enrolled	in	first	term
(may	be	less	than
half	time).
May	include	terms
student	does	not
attend	(except	first
term)	if	student
could	have	enrolled
at	least	half	time.
Student	must	be
enrolled	in	first	term
(may	be	less	than
half	time).
May	include	terms
student	does	not
attend	(except	first
term)	if	student
could	have	enrolled
at	least	half	time.
N/A
Must	at	least	meet	program9s
Title	IV	academic	year	in	weeks
and	hours.
Length	of	BBAY	1
must	equal	number
of	terms	in
program9s	SAY,
excluding	summer
trailer	and	header.
BBAY	1	that
includes	summer
term	may	contain
fewer	than
regulatory	minimum
number	of	hours
and	weeks	in
academic	year.
Must	meet	at	least
minimum	requirements
for	hours	and	weeks	in
program9s	
Title	IV
academic	year,	and	must
consist	of:
At	least	2
consecutive
semesters	or
trimesters;
At	least	3
consecutive
quarters;	or
At	least	number	of
consecutive	SE9W
nonstandard	terms
covered	by
program9s	
Title	IV
academic	year.
Must	meet	at	least	minimum
requirements	for	hours	and
weeks	in	program9s	
Title	IV
academic	year.
Summer	term	may	be	<trailer=
or	<header=:
By	strict	policy;
By	program;	or
By	student	on	a	case-by-
case	basis.
N/A N/A N/A
Total	loan	amount	received
within	SAY	plus	summer	trailer
or	header	may	not	exceed
annual	loan	limit.
Total	loan	amount
received	within	BBAY	1
may	not	exceed	annual
loan	limit.
Total	loan	amount
received	within	BBAY	2
may	not	exceed	annual
loan	limit.
Total	loan	amount	received
within	BBAY	3	may	not	exceed
annual	loan	limit.
Student	becomes	eligible	for Student	becomes	eligibl e Student	becomes	eligible Student	becomes	eligible	f or