; and (2) to make funds available, in accordance with section 452, to each participating institution from a portion of the annual loan authority described in subsection (b), in an amount not to exceed the sum of an institution’s allocation of funds under subparagraph (B) of subsection (b)(1) to enable each such institution to make Federal Direct Perkins Loans to eligible students at the institution. (b) Available Direct Perkins annual loan authority (1) Availability and allocations (A) In general There are hereby made available, from funds made available for loans made under part D, not to exceed $2,400,000,000 of annual loan authority for award year 2021–2022 and each succeeding award year, to be allocated as provided in subparagraph (B). (B) Allocation formula Except as provided in paragraphs (3), (4), and (5), for each award year, the Secretary shall allocate an amount to each participating institution that is equal to— (i) 100 percent of the institutional undergraduate student need (as determined under subparagraph (C)) for the preceding award year