; increased by (II) a percentage equal to the annual adjustment percentage for the award year for which the amount under this subparagraph is being determined; and (III) rounded to the nearest $5. . 3. Year-Round Federal Pell Grant students (a) In general Section 401(b) of the Higher Education Act of 1965 ( 20 U.S.C. 1070a(b) ) is amended by adding at the end the following: (8) (A) In this paragraph, the term eligible student means a student who— (i) has received a Federal Pell Grant for an award year and is enrolled in an eligible program for one or more additional payment periods during the same award year that are not otherwise fully covered by the student's Federal Pell Grant; (ii) continues to meets all eligibility requirements to receive a Federal Pell Grant under this section