12 2 STA T .75 1 PUBLIC LA W 11 0– 227 —M A Y 7 , 200 8regulationsp res c ri b e d b y t h e S ecretary ) in the course w or k re q uired f or the m a j or described in clause ( i) .’ ’
( 4 ) in subsection (d) — ( A ) in paragraph ( 1 )— (i) in subparagraph (A)— ( I ) by striking ‘ ‘ T he’’ and inserting ‘‘I NGE N - E RAL .—The’’; (II) in clause (ii) , by striking ‘‘or’’ after the semicolon at the end; (III) in clause (iii), by striking ‘‘subsection (c)( 3 )( C ).’’ and inserting ‘‘subparagraph (C) or ( D ) of subsection (c)(3), for each of the two years described in such subparagraphs; or’’; and (I V ) by adding at the end the following
‘‘(i v ) $ 4, 0 00 for an eligible student under sub- section (c)(3)( E ).’’; and (ii) in subparagraph ( B )— (I) by striking ‘‘ N otwithstanding’’ and inserting ‘‘ LIM I T ATI O N; RATA B LE RE DUC TION.—Notwith- standing’’; (II) by redesignating clauses (i), (ii), and (iii), as clauses (ii), (iii), and (iv), respectively; and (III) by inserting before clause (ii), as redesig- nated under subclause (II), the following: ‘‘(i) in any case in which a student attends an institution of higher education on less than a full- time basis, the amount of the grant that such student may receive shall be reduced in the same manner asa F ederal P ell G rant is reduced under section 401(b)( 2 )(B);’’; (B) by striking paragraph (2) and inserting the fol- lowing: ‘‘(2) LIMITATION S .— ‘‘(A) NO GRANTS F OR P RE V IOUS CREDIT.—The Secretary may not award a grant under this section to any student for any year of a program of undergraduate education for which the student received credit before the date of enactment of the H igher Education R econciliation Act of 200 5 . ‘‘(B) NUMBER OF GRANTS.—The Secretary may not award more than one grant to a student described in sub- section (c)(3) for each year of study described in such sub- section.’’; and (C) by adding at the end the following: and ‘‘(3) CALCULATION OF GRANT PA Y MENTS.—An institution of higher education shall make payments of a grant awarded under this section in the same manner, using the same payment periods, as such institution makes payments for Federal Pell Grants under section 401.’’; (5) by striking subsection (e)(2) and inserting the following: ‘‘(2) AVAILABILITY OF FUNDS.—Funds made available under paragraph (1) for a fiscal year shall remain available for the succeeding fiscal year.’’; ( 6 ) in subsection (f)— (A) by striking ‘‘at least one’’ and inserting ‘‘not less than one’’; and
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