; (B) an emergency for which a governor of a State or territory has declared a state of emergency; (C) an event for which the President declared a major disaster or an emergency under section 401 or 501, respectively, of the Robert T. Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 5170 and 5191); or (D) a national emergency declared by the President under section 201 of the National Emergencies Act ( 50 U.S.C. 1601 et seq.). . 6. Exclusion of emergency financial aid from income Section 480(j) of the Higher Education Act of 1965 ( 20 U.S.C. 1087vv(j) ) is amended by adding at the end the following: (5) Notwithstanding paragraph (1), emergency financial aid grants in an amount less than or equal to $1,500 provided to a student for unexpected expenses that are a component of the student’s cost of attendance, and not otherwise considered when the determination of the student’s need is made, shall not be treated as other financial assistance for purposes of section 471(3). . 7. Adjustment of subsidized usage limits Section 455(q)(3) of the Higher Education Act of 1965 ( 20 U.S.C. 1087e(q)(3) ) is amended by adding at the end the following: (C) Special rule Notwithstanding paragraph (1) or subparagraph (A), the Secretary may exclude from a student's period of enrollment any semester, trimester, quarter, or other appropriate academic period during which the student was unable to remain enrolled in school as a result of a qualifying emergency, if the Secretary is able to administer such policy in a manner that limits complexity and the burden on the student. . 8. Institutional refund and Federal student loan flexibility (a) Waivers; canceling loan obligation