; 50 Stat. 664, chapter 663; 29 U.S.C. 50 et seq. ). . 3. Allocation formula Section 442 of the Higher Education Act of 1965 ( 20 U.S.C. 1087–52 ) is amended to read as follows: 442. Allocation of funds (a) Reservations (1) Reservation for improved institutions (A) Amount of reservation for improved institutions Beginning with the first fiscal year that is 2 years after the date of the enactment of the Opportunities for Success Act of 2024 , for a fiscal year in which the amount appropriated under section 441(b) exceeds $700,000,000, the Secretary shall— (i) reserve the lesser of— (I) an amount equal to 20 percent of the amount by which the amount appropriated under section 441(b) exceeds $700,000,000; or (II) $150,000,000; and (ii) allocate the amount reserved under clause (i) to each improved institution in an amount equal to the greater of the following: (I) The amount that bears the same proportion to the amount reserved under clause (i) as the total amount of all Federal Pell Grant funds awarded at the improved institution for the second preceding fiscal year bears to the total amount of Federal Pell Grant funds awarded at improved institutions participating under this part for the second preceding fiscal year. (II) $5,000. (B) Improved institution described For purposes of this paragraph, an improved institution is an institution that, on the date the Secretary makes an allocation under subparagraph (A)(ii)— (i) is an institution of higher education (as defined under section 101) participating under this part; (ii) is, with respect to— (I) the completion rate or graduation rate of Federal Pell Grant recipients at the institution, in the top 75 percent of all institutions participating under this part for the preceding fiscal year; (II) the percentage of Federal Pell Grant recipients at the institution, in the top 50 percent of the institutions participating under this part for the preceding fiscal year