; and (D) in subsection (f)(2), by inserting until fiscal year 2022, after subsequent years . 3. College opportunity bonus program Subpart 1 of part A of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1070a et seq.) is amended by adding at the end the following: 401B. College opportunity bonus program (a) Program authority (1) In general Beginning with fiscal year 2022 and each succeeding fiscal year, the Secretary shall award grants to eligible institutions of higher education that are distributed under a formula determined by the Secretary under subsection (d). (2) Eligible institution In this section, the term eligible institution of higher education means an institution of higher education that has a cohort repayment rate (as defined in section 455(r)(3)) that is greater than 25 percent. (b) Grants The Secretary shall award grants to eligible institutions of higher education that the Secretary determines have a strong record of making college more affordable and increasing college access and success for low-income and moderate-income students. (c) Uses of funds Each eligible institution of higher education that receives a grant under this section may use the grant funds to support reforms to further increase college access and success for low- and moderate-income students, by making key investments and adopting best practices, including by considering best practices reported under section 5 of the Student Protection and Success Act , and by— (1) awarding additional need-based financial aid to students enrolled at the institution who are eligible to receive a Federal Pell Grant; (2) enhancing academic and student support services