; (2) increase postsecondary access and economic mobility; and (3) ensure that students, institutions, and taxpayers receive a financial return for investments in postsecondary education. 415B. Promise grants For award year 2026–2027 and each succeeding award year, from reserved funds remitted to the Secretary in accordance with section 454(d) and additional funds authorized under section 415E, as necessary, the Secretary shall award PROMISE grants to eligible institutions to carry out the purpose of this subpart. PROMISE grants awarded under this subpart shall be performance-based and shall be awarded to each eligible institution for a 6-year period in an amount that is determined in accordance with section 415D. 415C. Eligible institutions; application (a) Eligible institution To be eligible for a PROMISE grant under this subpart, an institution shall— (1) be an institution of higher education under section 102, except that an institution described in section 102(a)(1)(C) shall not be an eligible institution under this subpart; and (2) meet the maximum total price guarantee requirements under subsection (c). (b) Application An eligible institution seeking a PROMISE grant under this subpart (including a renewal of such a grant) shall submit to the Secretary an application, at such time as the Secretary may require, that contains the information required in this subsection. Such application shall— (1) demonstrate that the institution— (A) meets the maximum total price guarantee requirements under subsection (c); and (B) will continue to meet the maximum total price guarantee requirements for each award year during the grant period with respect to students first enrolling at the institution for each such award year