N.Y. Comp. Codes R. & Regs. tit. 8, § 2206.2 – Payment terms.

(a) The annual award for which a student is eligible will be paid, where applicable, on a prorated basis for each semester, quarter, uniterm or other term of attendance, as designated by the corporation.
1. (1) For an approved two-year program of study conducted on a clock hour basis at a registered private business school, the annual award shall be paid in installments by payment term.
2. (2) For programs which are divided by the school into terms of 10, 11, 12, 13 or 14 weeks, this period shall be the payment term and shall be designated as a quarter, and there shall be a maximum of four quarters in each academic year. For such programs, one fourth of the annual award shall be paid for each quarter of attendance. Provided however, that in the event the commissioner determines that a student is enrolled in accelerated study pursuant to Education Law, section 665(2), one third of the annual award shall be paid for each quarter of attendance.
3. (3) For programs which are divided by the school into terms of 15, 16, 17 or 18 weeks, this period shall be the payment term and shall be designated as a semester, and there shall be a maximum of three semesters in each academic year. For such programs, one third of the annual award shall be paid for each semester of attendance; provided, however, that in the event the commissioner determines that a student is enrolled in accelerated study pursuant to Education Law, section 665(2), one half of the annual award shall be paid for each semester of attendance.
4. (4) Programs which are not organized as described in either paragraph (2) or paragraph (3) of this subdivision, shall be paid on a semester basis as described in paragraph (3) of this subdivision. The length of such semester shall be determined by dividing the total number of weeks in the program by four. If the total number of weeks in program is not evenly divisible by four, one week shall be added in turn to each of the four semesters beginning with the first semester of instruction, until all the remaining weeks have been made part of a semester.
(b)