; and (ii) that enrolls not less than 30 first-time, full-time bachelor's degree- or equivalent-degree-seeking undergraduate students. (2) Calculation of percentages of completion (A) In general For academic year 2017–2018 and for each succeeding academic year, the Secretary shall determine, for each institution of higher education that participates in any program under this title, the percentage of first-time, full-time bachelor's degree-seeking students who enrolled at the institution who graduate within 6 years. (B) Ranking (i) In general For academic year 2017–2018 and for each succeeding academic year, the Secretary shall rank the institutions according to the percentages determined under subparagraph (A). (ii) Threshold mark For academic year 2017–2018 and for each succeeding academic year, the Secretary shall determine, based on the rankings under clause (i), the percentage, determined under subparagraph (A), at which and above which marks the top 95 percent of the institutions ranked. (iii) Rankings for peer groups of institutions (I) In general For academic year 2017–2018 and for each succeeding academic year, the Secretary shall rank the institutions according to the percentages determined under subparagraph (A) in each peer group of institutions described in subclause (II). (II) Peer groups For academic year 2017–2018 and for each succeeding academic year, the Secretary shall establish peer groups of institutions. Each peer group shall include approximately 10 to 15, but not less than 3, institutions that are included in such group based on similar institutional characteristics. Such characteristics shall include the following: (aa) The percentage of first-time, full-time students enrolled at the institution who receive a Federal Pell Grant. (bb) The average SAT or ACT score of first-time, full-time students enrolled at the institution. (cc) The average high school GPA of first-time, full-time students enrolled at the institution. (dd) The institution's average student-related expenditure. (ee) Other