; and ; and (C) by adding at the end the following: (5) work-based learning designed to give students experience in any activity described in paragraph (1), (2), (3), or (4), whether or not credit is awarded. ; and (3) by adding at the end the following: (d) Work-Based learning defined For purposes of this part, the term work-based learning means sustained interactions with industry, community, or academic professionals in real workplace settings that— (1) foster in-depth, first-hand engagement with the tasks required of a given career field that are aligned to a student’s field of study; and (2) may include internships, fellowships, and apprenticeships. . 4052. Allocation formula Section 442 of the Higher Education Act of 1965 ( 20 U.S.C. 1087–52 ) is amended to read as follows: (a) Reservations (1) Reservation for improved institutions (A) Amount of reservation for improved institutions Beginning with the first fiscal year that is 2 years after the date of the enactment of the Aim Higher Act of 2018, for a fiscal year in which the amount appropriated under section 441(b) exceeds $700,000,000, the Secretary shall— (i) reserve the lesser of— (I) an amount equal to 20 percent of the amount by which the amount appropriated under section 441(b) exceeds $700,000,000; or (II) $150,000,000