; or (ii) only in the case of a two-year institution or a less than two-year institution— (I) transfer to a four-year institution; and (II) within 4 years after first enrolling at the two-year or less than two-year institution, complete a program of study at the four-year institution for which a bachelor’s degree (or substantially similar credential) is awarded. (2) Definition of low-income In this section, the term low-income , when used with respect to a student, means that the student’s family income does not exceed the maximum income in the lowest income category described in section 132(c)(2)(A)(i). (b) Maximum grant amount Notwithstanding subsection (a), the maximum amount an eligible institution may receive annually for a grant under this subpart shall be the amount equal to— (1) the average, for the 3 most recent award years, of the number of students enrolled in the institution in an award year who receive Federal financial aid under this title; multiplied by (2) $5,000. (c) Flexible use of funds A PROMISE grant awarded under this subpart shall be used by an eligible institution to carry out the purposes of this subpart, including— (1) carrying out activities included in the institution’s application for such grant related to postsecondary affordability, access, and student success; (2) evaluating the effectiveness of the activities carried out with such grant in accordance with section 415C(b)(3)(A)