; 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. ; and (2) in subsection (b), by striking paragraph (4) and inserting the following: (4) For purposes of this title, the term eligible program includes a competency-based program that— (A) 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); or (B) as of the day before the date of enactment of the CBE Act of 2019, met the requirements of a direct assessment program under section 481(b)(4) (as such section was in effect on the day before such date of enactment). . (b) Student eligibility Section 484 of the Higher Education Act of 1965 ( 20 U.S.C. 1091 ) is amended— (1) in subsection (b), by adding at the end the following: (6) For purposes of competency-based education, in order to be eligible to receive any loan under this title for an award year, a student may be enrolled in coursework attributable only to 2 academic years within the award year. ; and (2) in subsection (c)— (A) in paragraph (1)— (i) in subparagraph (B)— (I) by striking the student has a cumulative and inserting the following: the student has— (i) a cumulative; ; (II) by striking the second and inserting each