state student incentive grants

state student incentive grants Sec. 123. (a) Section 415A(b) of the Act is amended by striking out “July 1, 1975” and inserting in lieu thereof “October 1, 1979”, and by adding at the end thereof the following new paragraph: “(3) Sums appropriated pursuant to paragraphs (1) and (2) for any fiscal year shall remain available for payments to States for the award of student grants under this subpart until the end of the fiscal year succeeding the fiscal year for which such sums were appropriated.”. (b) Section 4150 (b) of the Act is amended by redesignating clauses (4) and (5) of such section, and all references thereto, as clauses (5) and (6), respectively, and by inserting after clause (3) thereof the following new clause: “(4) provides that, effective with respect to any academic year beginning on or after July 1, 1977, all nonprofit institutions of higher education in the State are eligible to participate in the State program;”. (c) (1) Section 415A(b) (2) of the Act is amended by inserting before the period a comma and the following: “and to make bonus allotments to States pursuant to section 415E”. (2) Section 415B(b) is amended by striking out the word “Sums” and inserting in lieu thereof the following: “Subject to the provisions of section 415E, sums”. (3) Subpart 3 of part A of title TV of the Act is amended by inserting at the end thereof the following new section: “bonus allotments for state student incentive grant programs “Sec. 415E. Whenever the sum appropriated pursuant to this subpart for any fiscal year is in excess of $75,000,000 the Commissioner shall allot, from 33% per centum of such excess sums, to each State having an agreement under section 428(b) an amount which bears the same ratio to such sum as the number of students in attendance at institutions of higher education in such State bears to the total number of students in such attendance in all such States.”.