; and (C) meets any other requirements established by the institution. (4) Full-time academic workload The term full-time academic workload , when used with respect to a semester or equivalent term, means at least 12 credits (or the equivalent). (5) Institution of higher education The term institution of higher education has the meaning given the term under section 101. (6) Transfer rate The term transfer rate , when used with respect to students enrolled in a program of study at an eligible institution, means the rate at which such students transfer to a 4-year institution of higher education. 420BB. Authorization of appropriations There are authorized to be appropriated to carry out this subpart $1,000,000,000, to be available until expended for fiscal year 2021 and each of the 5 succeeding fiscal years. . 4093. Federal Pell Bonus Program Part A of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1070 et seq.) is amended by adding at the end the following: 12 Federal Pell Grant Bonus Program 420CC. Federal Pell Grant Bonus Program (a) In general The Secretary shall allot funds in an amount determined under subsection (b) to each eligible institution to support the attainment of bachelor’s degrees among low-income students, which may include providing financial aid and student support services to such students. (b) Allotment formula For each fiscal year, each eligible institution shall be allotted an amount under subsection (a) that bears the same proportion to the amount appropriated under subsection (c) for such fiscal year as the number of bachelor’s degrees awarded by the institution for the award year ending prior to the beginning of the preceding fiscal year to students who, during such award year, received a Federal Pell Grant and graduated from the program in which such students were enrolled in the normal time for completion of such program (within the meaning of section 132(i)(1)(J)(i)) bears to the total number of bachelor’s degrees awarded to such students by all eligible institutions for