; (ii) one-half of an associate’s degree; or (iii) with respect to a non-degree or graduate program, the equivalent of a period described in clause (i) or (ii). (B) (i) A competency-based education program that is not a term-based program may be treated as a term-based program for purposes of establishing payment periods for disbursement of loans and grants under this title if— (I) the institution of higher education that offers such program charges a flat subscription fee for access to instruction during a period determined by the institution; and (II) the institution is able to determine the competencies a student is expected to demonstrate for such subscription period. (ii) Clause (i) shall apply even in a case in which instruction or other work with respect to a competency that is expected to be attributable to a subscription period begins prior to such subscription period. (iii) In a case in which a competency-based education program offered by an institution of higher education is treated as a term-based program under clause (i), the institution shall review the academic progress of each student enrolled in such program in accordance with section 484(c), except that such review shall occur at the end of each payment period. ; (2) by amending subsection (b) to read as follows: (b) Eligible Program (1) For purposes of this title, the term eligible program means— (A) a program of at least 300 clock hours of instruction, 8 semester hours, or 12 quarter hours, offered during a minimum of 10 weeks; or (B) a competency-based program that— (i) has been evaluated and approved by an accrediting agency or association that— (I) is recognized by the Secretary under subpart 2 of part H; and (II) has evaluation of competency-based education programs within the scope of its recognition in accordance with section 496(a)(4)(C)