; and (II) is an independent student, the student’s adjusted gross income for the taxable year that is 1 year prior to the taxable year that ends immediately prior to the beginning of the award year is equal to or less than the applicable amount. (B) Applicable amount In this paragraph, the term applicable amount means an amount equal to, for any award year beginning after the first award year of the program under this subpart, the income amount determined under this paragraph for the preceding award year adjusted in the same manner as income is adjusted under section 478(b). (3) Full-time equivalent eligible students The term full-time equivalent eligible students means the sum of the number of eligible students projected to enroll full time at an institution for an award year, plus the full-time equivalent of the number of eligible students projected to be enrolled part time (determined on the basis of the quotient of the sum of the credit hours of all part-time eligible students divided by 12) at such institution, for such award year. 796. Authorization of grant program Beginning with award year 2024–2025, from amounts appropriated to carry out this subpart for any fiscal year, the Secretary shall award grants to eligible institutions to enable the eligible institutions to eliminate tuition and required fees for eligible students. 797. Grant terms (a) Grant amount (1) In general For each year for which an eligible institution participates in the grant program under this subpart, such eligible institution shall receive a grant in an amount equal to— (A) in the case of an eligible institution that is a 2-year institution, the product of the number of eligible students enrolled in such institution multiplied by— (i) for the 2024–2025 award year, $4,880