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