; and (II) the disclosures described in subclauses (II) and (III) of subparagraph (B)(iv). (D) Required contents for both components Each component of the offer described in clauses (i) and (ii) of subparagraph (A) shall include the following content: (i) Academic period An indication of the academic period covered by the financial aid offer, an explanation that the financial aid offered may change for academic periods not covered by the aid offer or by program, and an indication, as applicable, about whether the costs identified under such offer are estimated based on the previous year, or are set, for the academic period covered by such offer. (ii) Enrollment intensity An indication of whether cost and aid estimates are based on full-time or part-time enrollment. (iii) Institutional grant aid In the case of an institution of higher education that adjusts awards of institutional grant aid based on student receipt of financial assistance not received under this title— (I) a statement that eligibility for institutional grant aid may be impacted by the receipt of financial assistance not received under this title (including all scholarships, grants, loans, or other assistance known to the institution at the time the determination of the student’s need is made); and (II) the institutional policies relating to how receipt of such assistance may impact eligibility for, and the amount of, institutional grant aid. (iv) Next step instructions Next step instructions, including— (I) the process and deadlines for accepting (and declining) the financial aid offered in the offer