; and (ii) a determination of the number of such credits that should be allocated to the borrower. (2) Secretary approval (A) Full amount (i) In general Subject to subparagraphs (B) and (C), upon a determination that a borrower meets the requirements of clause (ii), the Secretary shall cancel an amount equal to the amount of credits allocated to the borrower under paragraph (1)(C)(ii) of the outstanding balance of principal or interest on the eligible Federal loans of such borrower. (ii) Borrower requirements A borrower meets the requirements of this clause if the borrower— (I) has entered repayment on any eligible Federal loan and such loans are less than 90 days delinquent; (II) whose total number of loan repayment credits under this section has resulted in the cancellation of less than $50,000 on the borrower’s eligible Federal loans; and (III) earned an adjusted gross income of less than $120,000 during the prior calendar year. (B) Partial amount (i) In general In the case of a borrower whose allocation amount under subparagraph (A) would result in the borrower receiving greater than a total of $50,000 in loan repayment credits under the program under this section, the Secretary shall cancel an amount described in clause (ii) of the outstanding balance on the eligible Federal loans of the borrower. (ii) Amount The amount described in this clause is an amount that would result in the borrower receiving a total of $50,000 in loan cancellation under this section. (C) Insufficient credits In the case of a State that does not have a sufficient allotment of loan repayment credits to allocate the number of credits to a borrower in an amount determined under paragraph (1)(C)(ii) for such borrower, the Secretary shall, with respect to the outstanding balance of the borrower’s eligible Federal loans— (i) cancel an amount equal to the amount of such credits that are remaining in the State’s allotment