690.64—Calculation of a Federal Pell Grant for a payment period which occurs in two award years.
If a student enrolls in a payment period that is scheduled to occur in two award years—
(b)
(1)
An institution must assign the payment period to the award year in which the student receives the greater payment for the payment period based on the information available at the time that the student's Federal Pell Grant is initially calculated;
(2)
The institution must reassign the payment to the award year providing the greater payment if the institution receives information that the student would receive a greater payment for the payment period by reassigning the payment to the other award year—
(ii)
Not later than the deadline date for the first award year that the Secretary establishes through publication in the Federal Register for each award year; and
(3)
The institution may reassign the payment to the award year providing the greater payment if the institution receives information that the student would receive a greater payment for the payment period by reassigning the payment to the other award year—
(ii)
Not later than the deadline date for the first award year for administrative relief based on unusual circumstances that the Secretary establishes through publication in the Federal Register for each award year;
(c)
If an institution places the payment period in the first award year, it shall pay a student with funds from the first award year; and
(d)
If an institution places the payment period in the second award year, it shall pay a student with funds from the second award year.
(Approved by the Office of Management and Budget under control number 1845-NEW5)