; and (B) $40,000 per student in the aggregate. (b) Matching requirement In order to receive a grant under this section, an institution of higher education shall provide matching funds for the scholarships awarded under this section in an amount equal to 25 percent of the Federal funds received. (c) Application An institution that desires a grant under this section shall submit an application to the Secretary at such time, in such manner, and containing such information as the Secretary may require. Each application shall include a description of how the institution will meet the matching requirement of subsection (b). (d) Reports Not later than 2 years after the date on which the first scholarship is awarded under this section, and each academic year thereafter, the Secretary shall submit to the Congress a report containing— (1) a description and analysis of the demographic information of students who receive scholarships under this section, including information with respect to such students regarding— (A) race; (B) ethnicity; (C) gender; and (D) eligibility to receive a Pell Grant; (2) the total number of underrepresented students in STEAM fields who obtain a degree with scholarship funds each year