34 CFR 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.