; (2) enhancing academic and student support services; and (3) establishing or expanding accelerated learning opportunities. (d) Amount of grant funds (1) In general Each eligible institution of higher education that receives a grant under this section shall receive annual grant funds based on a formula determined by the Secretary that equally considers— (A) the number and percentage of students enrolled at the institution who are eligible to receive a Federal Pell Grant; (B) the cohort repayment rate (as defined in section 455(r)(3)) of students enrolled at the institution who are eligible to receive a Federal Pell Grant; and (C) the institution’s student service expenditures as a percentage of the institution’s student service resources. (2) Cap Each eligible institution of higher education that receives a grant under this section shall receive grant funds for a fiscal year in an amount that is not more than 2.5 percent of the amount equal to the eligible institution's total annual revenues and investment returns less auxiliary enterprise revenues and hospital revenues, as defined in the IPEDS Finance Survey, for the most recent fiscal year upon which the eligible institution’s audited financial reports are available. (e) Supplement not supplant Funds made available under this section shall be used to supplement, and not supplant— (1) other State funds that States would otherwise expend to carry out activities under this section to improve college affordability and graduate additional low- and moderate-income students