; or (II) in the case of a student with preliminary eligibility, or a participating eligible student who does not enroll in an eligible educational institution, the date that is 4 years after the date on which the student first agrees to participate in the postsecondary education match savings account demonstration grant program. (4) Management costs An eligible entity receiving a grant under this section may use not more than 5 percent of grant funds for management costs, which may include nonadministrative and administrative functions, including program management, reporting requirements, recruitment and enrollment of individuals, and monitoring. (f) Data sharing An eligible entity receiving a grant under this section shall enter into a data sharing agreement with eligible educational institutions in order to exchange data necessary to carry out the activities described in this section. Such data sharing shall be carried out in a manner that complies with the requirements of section 444 of the General Education Provisions Act (commonly known as the Family Educational Rights and Privacy Act of 1974 ) ( 20 U.S.C. 1232g ). (g) Annual progress reports Each eligible entity receiving a grant under this section shall prepare and submit to the Secretary an annual progress report containing the following information, in the aggregate and in a manner that protects personally identifiable information in accordance with Federal privacy laws: (1) The number and characteristics of participating students making a deposit into a postsecondary education match savings account supported under this section. (2) Data on program goals and achievements including enrollment rates, first-year retention rates, program completion, average Federal student loan debt, and share of participating eligible students borrowing Federal student loans. (3) The amount that the eligible entity has reserved in accordance with subsection (e)(1)(D). (4) The aggregate amounts deposited in postsecondary education match savings accounts by participating