Section 690.64 - Determining the award year for a Federal Pell Grant payment period that 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 must determine for each Federal Pell Grant recipient the award year in which the payment period will be placed;(3) If an institution places the payment period in the first award year, it must pay a student with funds from the first award year; and(4) If an institution places the payment period in the second award year, it must pay a student with funds from the second award year.(b) An institution may not make a payment which will result in the student receiving more than one and one-half of his or her Scheduled Federal Pell Grant for an award year.77 FR 25901, May 2, 2012, as amended at 86 FR 59626, Oct. 28, 2021 As amended at 86 FR 59626, 10/28/2021