not show continuous improvement 4 years after a determination that it does not meet the institutional accountability standards adopted under subsection (b), the institution shall pay to the Secretary an amount equal to 30 percent of the total amount of funds made available under title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1070 et seq.) to students in attendance with an undergraduate enrollment status at the institution during the prior academic year, to be deposited into the fund described in subparagraph (C). (B) Waiver and payment plan (i) Waiver The Secretary may waive a requirement of an institution of higher education paying the amount owed pursuant to subparagraph (A) if the Secretary determines such a waiver is necessary to avoid extreme hardship for the students enrolled at such institution. (ii) Payment plan The Secretary may allow an institution of higher education that owes an amount under subparagraph (A) to enter into a payment plan to pay such amount. (C) Fund There shall be established a special fund in which amounts refunded by an institution of higher education under this paragraph shall be placed to be used pursuant to subsection (d). (4) Noncompliance five years out If an institution of higher education fails to achieve compliance by not later than the date that is 5 years after the date of the determination that the institution does not meet the institutional accountability standards, the institution— (A) shall not be eligible to receive funds under title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1070 et seq.) for the academic year following the date that is 5 years after the date of the determination