; and (B) the period during which a student may receive Federal Pell Grants shall also include the period required for the completion of the first postbaccalaureate course of study at an eligible institution that meets the definition of institution of higher education in section 101, in a case in which— (i) the student received a Federal Pell Grant during the period required for the completion of the student’s first undergraduate baccalaureate course of study for fewer than 14 semesters, or the equivalent of fewer than 14 semesters, as determined under paragraph (5); (ii) the student would otherwise be eligible for a Federal Pell Grant, but for the completion of such baccalaureate course of study; and (iii) the period during which the student receives Federal Pell Grants does not exceed the student’s duration limits under paragraph (5). ; and (2) in paragraph (5)— (A) by striking (5) The period and inserting the following: (5) Maximum period.— (A) In general Except as provided in subparagraph (B), the period ; (B) by striking 12 each place the term appears and inserting 14 ; and (C) by adding at the end the following: (B) Exception (i) In general Any Federal Pell Grant that a student received during a period described in subclause (I) or (II) of clause (ii) shall not count toward the student’s duration limits under this paragraph. (ii) Applicable periods Clause (i) shall apply with respect to any Federal Pell Grant awarded to a student to attend an institution— (I) during a period— (aa) for which the student received a loan under this title; and (bb) for which the loan described in item (aa) is forgiven under— (AA) section 437(c)(1) or 464(g)(1) due to the closing of the institution; (BB) section 493H due to the student’s successful assertion of a defense to repayment of the loan