; or (II) that there is some unforeseen and extreme circumstance that should warrant a waiver from such penalty or a reduction in the amount of such penalty. (c) Improving completion (1) In general (A) In general In order for an institution of higher education to participate in any student financial assistance program under this title, the institution shall comply with the improving college completion program under this subsection. (B) Election by public or other nonprofit institutions An institution of higher education that is a public or other nonprofit institution of higher education may elect for the Secretary not to impose on such institution a penalty described in paragraph (3)(E). An institution that makes such election shall not be eligible to receive a grant under the completion improvement program under subsection (d) or the completion bonus program under subsection (e). (C) Definition of institution of higher education In this subsection, the term institution of higher education means an institution of higher education (as defined in section 101(a)) or a proprietary institution of higher education (as defined in section 102(b))— (i) that predominately awards more bachelor’s degrees than associate's degrees and certificates