allocation of allotted funds to institutions

allocation of allotted funds to institutions Sec. 406. (a) Tine Commissioner shall from time to time set dates by which eligible institutions in any State must file applications for allocation, to such institutions, of educational opportunity grant funds from the allotment to that State (including any reallotment thereto) for any fiscal year pursuant to section 405(a), to be used for the purposes specified in the first sentence of section 401 (b). Such allocations shall be made in accordance with equitable criteria which the Commissioner shall establish and which shall be designed to achieve such distribution of such funds among eligible institutions within a State as will most effectively carry out the purposes of this part. (b) The Commissioner shall further, in accordance with regulations, allocate to eligible institutions, in any State, from funds apportioned or reapportioned pursuant to section 405(b), funds to be used for the educational opportunity grants specified in the third sentence of section 401 (b). (c) Payment, shall be made from allocations under this section to institutions as needed.