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Federal credit hour definition 34 - federal student aid, Academic year requirements programs, academic year definition fsa awards payment periods & disbursements.. https://ifap.ed.gov/fsahandbook/attachments/1516FSAHbkVol3Ch1.pdf Mapping future: glossary college financial aid, Aas: associate applied science degree. academic year (ay): student' enrollment period financial assistance/aid awarded. federal definition academic year july 1 june 30. accrued interest: interest builds gradually loan.. https://mappingyourfuture.org/services/glossary.cfm Academic credit: federal rule costly , New federal rule threatens federal officials colleges definition full-time student complete academic year. ". http://www.chronicle.com/article/Academic-Credit-New-Federal/124972/