; (2) a part B institution (as defined in section 322) that is determined to be in progress period status; or (3) a private, nonprofit institution of higher education— (A) that is determined to be in progress period status; and (B) at which not less than 45 percent of the total student enrollment consists of low-income students (as such term is defined in section 419N(b)(7)). (f) Funding (1) In general There are appropriated such funds as the Secretary, using the formula described in paragraph (2), determines necessary to meet the needs of all eligible institutions under this subsection. (2) Formula Not later than 1 year after the date of the enactment of this section, the Secretary shall establish through negotiated rulemaking a formula to determine the— (A) proportional amount of institutional need under this section