Business students may elect to take one course each semester with a grade of P (Pass) or F (Fail), with a maximum of two such courses each school year, including summer sessions. The student must exercise the election of this option within the first three weeks of the semester. Limitations on use of the Pass/Fail policy are as follows. School of Business and Economics students may not take any business or economics course Pass/Fail. Also, the Pass/Fail option cannot be used for courses that satisfy the general education requirements (I—VIII), which include the 12 credit hours required for general education electives. The option can be used only for courses that are pure electives taken outside the School of Business and Economics. A grade of P is not counted in the cumulative grade point average, but a grade of F is included. A grade of P cannot subsequently be changed to a grade of A, B, C, or D.