; or (ii) in the case of an eligible student who is in attendance at an institution of higher education not described in clause (i), $7,395. (B) Subsequent award years For award year 2025–2026, and each subsequent award year, the total maximum Federal Pell Grant shall be equal to the total maximum Federal Pell Grant for the preceding award year (applicable to the institution at which the eligible student is in attendance)— (i) increased by the annual adjustment percentage for the award year for which the amount under this subparagraph is being determined; and (ii) rounded to the nearest $5. (C) Definition of annual adjustment percentage In this paragraph, the term annual adjustment percentage, as applied to an award year, is equal to the estimated percentage increase in the Consumer Price Index (as determined by the Secretary, using the definition in section 478(f)) for the most recent calendar year ending prior to the beginning of that award year. (6) Appropriation of funds There are authorized to be appropriated, and there are appropriated, out of any money in the Treasury not otherwise appropriated, such sums as may be necessary for fiscal year 2024 and each subsequent fiscal year to provide the maximum Federal Pell Grant for which a student shall be eligible under this section during an award year. (7) No effect on previous appropriations The amendments made to this section by the FAFSA Simplification Act shall not— (A) increase or decrease the amounts that have been appropriated or are available to carry out this section for fiscal year 2017, 2018, 2019, 2020, 2021, 2022, or 2023 as of the day before the effective date of such Act; or (B) extend the period of availability for obligation that applied to any such amount, as of the day before such effective date. ; (B) in subsection (d)(5)(A), by striking shall not exceed 12 semesters, or the equivalent of 12 semesters, as determined by the Secretary by regulation and inserting shall not exceed 7 years and 6 months