; and (B) the total amount that a teacher candidate may receive under this subpart for undergraduate or post-baccalaureate study shall not exceed $40,000. (2) Graduate students The period during which a graduate student may receive grants under this subpart shall be the period required for the completion of a master’s degree course of study pursued by the teacher candidate at the eligible institution at which the teacher candidate is in attendance, except that the total amount that a teacher candidate may receive under this subpart for graduate study shall not exceed $16,000. (3) Remedial course; study abroad Nothing in this section shall be construed to exclude from eligibility courses of study which are noncredit or remedial in nature (including courses in English language acquisition) which are determined by the eligible institution to be necessary to help the teacher candidate be prepared for the pursuit of a first undergraduate baccalaureate or post-baccalaureate degree or certificate or, in the case of courses in English language instruction, to be necessary to enable the teacher candidate to use already existing knowledge, training, or skills. Nothing in this section shall be construed to exclude from eligibility programs of study abroad that are approved for credit by the home institution at which the teacher candidate is enrolled. (e) Institutional eligibility Notwithstanding subsections (a) and (b), an institution shall not be eligible to participate in the TEACH grant program under this subpart for a period of 3 years, and shall be required to submit an application to regain eligibility after that 3 year period, if for a period of 3 consecutive years, 50 percent or more of the TEACH grant recipients who are graduates of that institution have TEACH grants converted to loans under section 420N(c)(1). 420N. Applications; eligibility (a) Applications