Page:United States Statutes at Large Volume 124.djvu/1098

124 STAT. 1072 PUBLIC LAW 111–152—MAR. 30, 2010 ‘‘(iii) the amount determined under subparagraph (C) for each succeeding award year.’’; and (C) by striking subparagraph (C) and inserting the following: ‘‘(C) ADJUSTMENT AMOUNTS.— ‘‘(i) AWARD YEAR 2013–2014 .—For award year 2013– 2014, the amount determined under this subparagraph for purposes of subparagraph (B)(iii) shall be equal to— ‘‘(I) $5,550 or the total maximum Federal Pell Grant for the preceding award year (as determined under clause (v)(II)), whichever is greater, increased by a percentage equal to the annual adjustment percentage for award year 2013–2014, reduced by ‘‘(II) $4,860 or the maximum Federal Pell Grant for which a student was eligible for the preceding award year, as specified in the last enacted appropriation Act applicable to that year, whichever is greater; and ‘‘(III) rounded to the nearest $5. ‘‘(ii) AWARD YEARS 2014–2015 THROUGH 2017–2018 .— For each of the award years 2014–2015 through 2017– 2018, the amount determined under this subparagraph for purposes of subparagraph (B)(iii) shall be equal to— ‘‘(I) the total maximum Federal Pell Grant for the preceding award year (as determined under clause (v)(II)), increased by a percentage equal to the annual adjustment percentage for the award year for which the amount under this subpara- graph is being determined, reduced by ‘‘(II) $4,860 or the maximum Federal Pell Grant for which a student was eligible for the preceding award year, as specified in the last enacted appropriation Act applicable to that year, whichever is greater; and ‘‘(III) rounded to the nearest $5. ‘‘(iii) SUBSEQUENT AWARD YEARS.—For award year 2018–2019 and each subsequent award year, the amount determined under this subparagraph for pur- poses of subparagraph (B)(iii) shall be equal to the amount determined under clause (ii) for award year 2017–2018. ‘‘(iv) DEFINITIONS.—For purposes of this subpara- graph— ‘‘(I) the term ‘annual adjustment percentage’ as applied to an award year, is equal to the esti- mated percentage change in the Consumer Price Index (as determined by the Secretary, using the definition in section 478(f)) for the most recent calendar year ending prior to the beginning of that award year; and ‘‘(II) the term ‘total maximum Federal Pell Grant’ as applied to a preceding award year, is equal to the sum of—