Harvard's academic programs operate on a semester calendar beginning in early September and ending in mid-May.[103] Undergraduates typically take four half-courses per term and must maintain a four-course rate average to be considered full-time.[104] 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.[105] 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.[106] Harvard has chapters of academic honor societies such as Phi Beta Kappa and various committees and departments also award several hundred named prizes annually.[107] Harvard, along with other universities, has been accused of grade inflation,[108] although there is evidence that the quality of the student body and its motivation have also increased.[109] 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" are now given only to the top 5 percent and the next 5 percent of each class.[110][111][112][113]