; and (II) who are independent students, whose adjusted gross income for the taxable year that is 1 year prior to the taxable year that ends immediately prior to the beginning of the award year is equal to or less than the applicable amount. (B) (i) In this paragraph, the term applicable amount means an amount equal to, for any award year beginning after the calendar year that precedes the calendar year in which the first award year of the program under this section begins, the greater of— (I) the amount determined under this subparagraph for the preceding award year, or (II) an amount equal to the product of— (aa) $125,000, and (bb) the ratio of— (AA) the national average wage index (as defined in section 209(k)(1) of the Social Security Act ( 42 U.S.C. 409(k)(1) )) for the calendar year preceding the calendar year in which the applicable award year begins, to (BB) the national average wage index (as so defined) for 2016. (ii) If any amount determined under clause (i) is not a multiple of $100, such amount shall be rounded to the nearest multiple of $100. (4) Maintain State operating expenditures per full-time equivalent student for public institutions of higher education in the State, or operating expenditures per full-time equivalent student for Tribal Colleges and Universities of the eligible Indian entity, excluding the amount of funds provided under this section, at a level that is equal to or exceeds the level of such support for award year 2015–2016. (5) Maintain State expenditures on need-based financial aid programs for enrollment in public institutions of higher education in the State or expenditures on need-based financial aid programs for enrollment in Tribal Colleges and Universities of the eligible Indian entity at a level that is equal to or exceeds the level of such support for award year 2015–2016. (6) Ensure public institutions of higher education in the State or Tribal Colleges and Universities of the eligible Indian entity maintain funding for institutional need-based student financial aid in