Sec. 462. Perkins allocation of funds
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Section 462 ( 20 U.S.C. 1087bb ) is amended— by striking subsection
(a)and inserting the following: From the amount appropriated pursuant to section 461(b), for each fiscal year, the Secretary shall allocate to each eligible institution an amount equal to not less than 90 percent and not more than 110 percent of the amount that the eligible institution received under this subsection and subsection
(b)(as such subsections were in effect with respect to allocations for such fiscal year) for the previous fiscal year for which that institution received funds under this section. If the amount appropriated for any fiscal year is less than the amount required to be allocated to all institutions under paragraph (1), then the amount of the allocation to each such institution shall be ratably reduced. In the case of an institution that has not received a previous allocation under this section, the Secretary shall allocate funds under this section solely on the basis of the self-help need determination described under subsection (c). ; and in subsection (c)— in paragraph (2), by striking To determine the self-help need of an institution's eligible undergraduate students, and inserting Until such time as the Secretary establishes a revised method to determine the self-help need of an institution's eligible undergraduate students, in accordance with paragraph (5), ; in paragraph (3), by striking To determine the self-help need of an institution's eligible graduate and professional students, and inserting Until such time as the Secretary establishes a revised method to determine the self-help need of an institution's eligible graduate and professional students, in accordance with paragraph (5), ; and by adding at the end the following: Not later than 1 year after the date of enactment of the Higher Education Affordability Act , the Secretary shall establish revised methods for determining the self-help need of an institution's eligible undergraduate students, as described in paragraph (2), and eligible graduate and professional students, as described in paragraph (3), which shall take into account the number of low- and moderate-income students that an eligible institution serves. The Secretary shall promulgate any regulations necessary to carry out the revised methods of determining an eligible institution's self-help need under this subsection. .
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Sec. 462
Perkins allocation of funds
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