The full-time equivalent (FTE) of students is a single value providing a meaningful combination of full-time and part-time students. IPEDS data products currently have two calculations of FTE students, one using fall student headcounts and the other using 12-month instructional activity.
Student FTE is the sum of semester credit hours divided by certain denominator depending on the level of the student. Undergraduate hours divided by 15; Graduate hours divided by 12, and Law hours divided by 15. All semester credit hours, not just state-funded hours, are included.