; or (ii) the fair share amount for the institution determined under subsection (d); and (E) for fiscal year 2023, an amount equal to the greater of— (i) 20 percent of the 2018 amount for the institution; or (ii) the fair share amount for the institution determined under subsection (d). (2) Ratable reduction (A) In general If the amount appropriated under section 441(b) for a fiscal year and remaining after the Secretary reserves funds under subsection (a) is less than the amount required to be allocated to the institutions under this subsection, then the amount of the allocation to each institution shall be ratably reduced. (B) Additional appropriations If the amounts allocated to each institution are ratably reduced under subparagraph (A) for a fiscal year and additional amounts are appropriated for such fiscal year, the amount allocated to each institution from the additional amounts shall be increased on the same basis as the amounts under subparagraph (A) were reduced (until each institution receives the amount required to be allocated under this subsection). (c) Allocation formula for fiscal year 2024 and each succeeding fiscal year Except as provided in subsection (d)(5), from the amount appropriated under section 441(b) for fiscal year 2024 and each succeeding fiscal year and remaining after the Secretary reserves funds under subsection (a), the Secretary shall allocate to each institution the fair share amount for the institution determined under subsection (d). (d) Determination of fair share amount (1) In general Subject to paragraph (2), the fair share amount for an institution for a fiscal year shall be equal to the sum of— (A) 100 percent of the institution’s undergraduate student need described in paragraph (2) for the preceding fiscal year