; (B) shall be required to submit a teach-out plan, as described in section 487(f) of the Higher Education Act of 1965 ( 20 U.S.C. 1094(f) ); and (C) shall be eligible to receive funds under such title IV when the institution is able to demonstrate compliance with the institutional accountability standards. (d) Authorization of reward grant program (1) In general From amounts available in the fund established pursuant to subsection (c)(3)(C), the Secretary shall award grants, on a competitive basis, to institutions of higher education that meet or exceed the institutional accountability standards adopted under subsection (b). In determining the criteria for awarding grants, the Secretary shall give due consideration to the recommendations of the Commission. (2) Use for financial aid An institution of higher education awarded a grant under paragraph (1) shall use the grant funds for need-based aid to students who are eligible for Federal Pell Grants under subpart 1 of part A of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1070a et seq.).