12 2 STA T .3 21 7PUBLIC LA W 11 0– 31 5— AU G .1 4, 200 8‘ ‘ (i i )PRIO RI TY.—TheS e cr e ta r ys ha l l g i v e p ri o rity i nm a k ing allotments to States that meet the re qu ire - ments d escri b ed in paragraph ( 2 )( B )(ii). ‘‘(2) FED ER ALSH ARE.— ‘‘( A ) ING ENERAL.—The Federal share o f the cost of carrying out the activities under subsection (d) for any fiscal year shall not e x ceed 6 6.66 percent. ‘‘(B) D I F FERENT P ER C ENTAGES.—The Federal share under this section shall be determined in accordance w ith the following
‘‘(i) The Federal share of the cost of carrying out the activities under subsection (d) shall be 57 percent if a State applies for an allotment under this section in partnership with any number of degree-granting institutions of higher education in the State whose combined full-time enrollment represents less than a ma j ority of all students attending institutions of higher education in the State , and— ‘‘(I) philanthropic organi z ations that are located in, or that provide funding in, the State
or ‘‘(II) private corporations that are located in, or that do business in, the State. ‘‘(ii) The Federal share of the cost of carrying out the activities under subsection (d) shall be 66.66 per- cent if a State applies for an allotment under this section in partnership with any number of degree- granting institutions of higher education in the State whose combined full-time enrollment represents a majority of all students attending institutions of higher education in the State, and— ‘‘(I) philanthropic organizations that are located in, or that provide funding in, the State; or ‘‘(II) private corporations that are located in, or that do business in, the State. ‘‘( C ) N ON-FEDERAL SHARE.— ‘‘(i) IN GENERAL.—The non-Federal share under this section may be provided in cash or in kind, fairly evaluated. ‘‘(ii) IN- K IND CONTRI BU TION.—For the purpose of calculating the non-Federal share under this subpara- graph, an in-kind contribution is a non-cash contribu- tion that— ‘‘(I) has monetary value, such as the provision of— ‘‘(aa) room and board; or ‘‘(bb) transportation passes; and ‘‘(II) helps a student meet the cost of attend- ance at an institution of higher education. ‘‘(iii) E FFECT ON NEED ANALYSIS.—For the purpose of calculating a student ’ s need in accordance with part F, an in-kind contribution described in clause (ii) shall not be considered an asset or income of the student or the student’s parent. ‘‘(c) APPLICATION FOR ALLOT M ENT.— ‘‘( 1 ) IN GENERAL.—
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