Harvard's academic programs operate on a semester calendar beginning in early September and ending in mid-May. Undergraduates typically take four half-courses per term and must maintain a four-course rate average to be considered full-time. In many concentrations, students can elect to pursue a basic program or an honors-eligible program requiring a senior thesis and/or advanced course work. Students graduating in the top 4–5% of the class are awarded degrees summa cum laude, students in the next 15% of the class are awarded magna cum laude, and the next 30% of the class are awarded cum laude. Harvard has chapters of academic honor societies such as Phi Beta Kappa and various committees and departments also award several hundred named prizes annually. Harvard, along with other universities, has been accused of grade inflation, although there is evidence that the quality of the student body and its motivation have also increased. Harvard College reduced the number of students who receive Latin honors from 90% in 2004 to 60% in 2005. Moreover, the honors of "John Harvard Scholar" and "Harvard College Scholar" will now be given only to the top 5 percent and the next 5 percent of each class.