PUBLIC LAW 102-325—JULY 23, 1992 106 STAT. 611 funds under this title as a result of an action pursuant to part H of this title. ". (b) PROPRIETARY INSTITUTIONS OP HIGHER EDUCATION.— Section 481(b) of the Act is amended by— 20 USC 1088. (1) in clause (1), by striking "not less than a 6-month program" and inserting "an eligible program"; (2) in clause (4)— (A) by strildng "for this purpose" and inserting "pursuant to part H of this title"; and (B) by striking "and" at the end thereof; (3) by strUdng the period at the end of clause (5) and inserting the following: ", and (6) which has at least 15 percent of its revenues from sources that are not derived from funds provided under this title, as determined in accordance with regulations prescribed by the Secretary."; and (4) by striking the last sentence. (c) POSTSECONDARY VOCATIONAL INSTITUTION.— Section 481(c)(1) of the Act is amended by striking "not less than a 6-month program" and inserting "an eligible program". (d) AWARD YEAR. —Section 481(d) of the Act is amended to read as follows: "(d) ACADEMIC AND AWARD YEAR.— (1) For the purpose of any program under this title, the term 'award year' shall be defined as the period beginning July 1 and ending June 30 of the following year. "(2) For the purpose of any program under this title, the term 'academic year* shall require a minimum of 30 weeks of instructional time in which a full-time student is expected to complete at least 24 semester or trimester hours or 36 quarter hours at an institution which measures program length in credit hours or at least 900 ^ clock hours at an institution which measures program length in clock hours.". (e) ELIGIBLE PROGRAM.— Section 481(e) of the Act is amended to read as follows: "(e) ELIGIBLE PROGRAM. —(1) For purposes of this title, the term 'eligible program' means a progrsim of at least— "(A) 600 clock hours of instruction, 16 semester hours, or 24 quarter hours, offered during a minimum of 15 weeks, in the case of a program that— "(i) provides a program of training to prepare students for gainful employment in a recognized profession; and "(ii) admits students who have not completed the equivalent of an associate degree; or. "(B) 300 clock hours of instruction, 8 semester hours, or 12 hours, offered during a minimum of 10 weeks, in the case of— "(i) an undergraduate program that requires the equivalent of an associate degree for admissions; or "(ii) a graduate or professional program. "(2) The Secretary shall develop regulations to determine the Regulations, quality of programs of less than 600 clock hours in length. Such regulations shall require, at a minimum, that the programs have a verified rate of completion of at least 70 percent and a verified rate of placement of at least 70 percent. Pursuant to these regulations and notwithstanding paragraph (1), the Secretary shall allow programs of less than 600 clock hours, but greater than 300 clock
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