; (V) an Asian American and Native American Pacific Islander-serving institution (as defined in section 320(b)); or (VI) a Native American-serving, nontribal institution (as defined in section 319); and (ii) in which not less than 35 percent of the students enrolled at the institution are eligible to receive a Federal Pell Grant. (2) For-profit institution that converted to a nonprofit institution Notwithstanding paragraph (1), an institution of higher education is not an eligible institution if the institution was a for-profit institution of higher education that converted to a nonprofit institution of higher education and less than 25 years have passed since the date of such conversion. (b) Grant program authorized (1) In general The Secretary shall award grants to eligible institutions to enable the institutions to provide need-based financial aid to cover unmet need for students enrolled at the institutions. (2) Duration Grants awarded under this section shall be for a period of 5 years. (c) Application An eligible institution that desires a grant under this section shall submit an application to the Secretary at such time, in such manner, and accompanied by such information as the Secretary may require, including a plan detailing how— (1) the eligible institution will use grant funds to provide debt-free college to the students enrolled at the institution; and (2) the institution plans to meet the requirements of the grant program. (d) Awarding of grants (1) In general (A) In general A grant amount awarded to an eligible institution under this section for a year— (i) shall be in an amount equal to the amount of the institution's expenditures on student undergraduate instruction and academic support for the year