; and (5) provide incentives for local educational agencies and institutions of higher education to encourage student participation in early college fast track pathways and early high school graduation fast track pathways. 416E. Federal Pell Grant awards (a) In general Notwithstanding the requirement under subsections (a)(1) and (d) of section 484 that a student not be enrolled in an elementary school or secondary school to be eligible to receive a Federal Pell Grant under subpart 1, for the award years beginning on July 1, 2024, the Secretary shall, in each State within an eligible entity awarded a grant under this subpart, award high school students who meet the eligibility requirements described in section 416C(f)(2)(E) and participate in an early college fast track pathway, a Federal Pell Grant based on the determination of the student aid index for such student. (b) Two Semester cap waiver For a period not to exceed 2 semesters (or the equivalent of 2 semesters for students who are not enrolled full time, consistent with regulations promulgated by the Secretary described under section 401(d)(5)), Federal Pell Grants awarded to eligible students under subsection (a) shall not count toward the 12-semester eligibility period for Federal Pell Grants described under section 401(d)(5). (c) Amount of pell grant Notwithstanding paragraphs (3) and (5) of section 401(b) and section 472, the amount of the Federal Pell Grant received under subsection (a) shall not exceed the cost of tuition, fees (excluding fees associated with Advanced Placement, International Baccalaureate, and similar examinations), books, and supplies. (d) Applicability The Secretary shall continue awarding Federal Pell Grants to students pursuant to this section in a State whose grant under this subpart has expired based upon the eligible entity’s continued compliance with the requirements of this subpart as determined by the Secretary. 416F. Evaluation The Secretary, in partnership with the Director of the Institute of Education Sciences, shall