§ 665. Payment. 1. Semester payment. The annual award to each\nrecipient shall be paid in separate installments on a prorated basis,\nfor each semester, quarter, or other term of attendance during the\nacademic year. For an approved two-year program of study conducted on a\nclock hour basis at a registered private business school, the award\nshall be paid in installments by payment term as such period is defined\nby the rules of the board. The board shall take into consideration in\npromulgating such rules an appropriate proration of the regular program\nof study provided during an academic year and the periods at which\nstudent progress and academic standing are evaluated. In no event shall\nthere be less than two, nor more than four, payment terms in an academic\nyear, including when such year contains a semester, quarter or other\nterm of accelerated study, provided however, that up to thirty percent\nof payments may be paid in the following academic year but no later than\nAugust first.\n 2. Payment for accelerated study. a. If the student enrolls for a term\nof study which shall be beyond the regular program of study for the\nacademic year, an additional award shall be made for each such term of\nstudy on the basis of an equivalent full semester, quarter, or term of\nattendance during the regular academic year.\n b. If the student enrolls in a term of accelerated study as described\nin paragraph a of this subdivision constituting less than the equivalent\nof a full semester, quarter, or term of attendance, but at least half of\nthe minimum of such a full-time program, as defined by the commissioner\npursuant to article thirteen, the award for such term of study shall be\none-half of the award that would otherwise have been received for\nfull-time study. The total period of study for which payment may be made\nshall not exceed the equivalent of the maximum period authorized for\nthat award. In the case of awards under subdivision four of section six\nhundred sixty-seven, the base award shall be the lesser of (i) one-half\nof the amount of the award provided for or (ii) the amount of tuition,\nand the deduction shall be at one-half the rate that would otherwise\napply to full-time study.\n c. A student shall qualify for accelerated study upon the completion\nof twenty-four credit hours, or its equivalent, from such institution in\nthe preceding two semesters, or the equivalent, prior to the term of the\napplication provided however, that the equivalent of three credits per\nsemester may be remedial courses and therefore such student shall be\neligible for an accelerated award after having earned a total of\neighteen degree credits in the preceding two semesters.\n 3. Institutional certification, audit and payment procedure.\n a. Each institution of post-secondary education shall certify to the\ncorporation that each student in attendance at that institution who has\napplied for a general award or academic performance award under this\narticle is eligible for such award in accordance with all criteria\nestablished for such award by statute and regulation. Such certification\nshall be made on forms provided by the president within such time as\nrequired by the president and shall state that, as of the date\nestablished by the institution in accordance with its refund policy and\nthe regulations of the commissioner, the student (i) has incurred a full\ntuition liability for that term of attendance, (ii) was no longer\neligible for a refund upon withdrawal from study, (iii) was in full-time\nattendance and (iv) satisfied all other eligibility requirements for\nsuch award. If any student does not satisfy the necessary eligibility\nrequirements on that date, it shall be the responsibility of the\ninstitution to so state, to specify whether such student was eligible\nprior to that date and the amount of tuition liability incurred.\n b. The comptroller shall audit institutional adherence to the\nstatutes, rules and regulatio
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