; (II) in the case of a program of study that awards an associate’s degree or master’s degree, 2 years after the student completes such program; and (III) in the case of a program of study that awards a bachelor’s degree, doctoral degree, or professional degree, 4 years after the student completes such program. (ii) Exception The Secretary may, as the Secretary determines appropriate based on the characteristics of a program of study, extend an earnings measurement period described in clause (i) for a program of study that— (I) requires completion of an additional educational program after completion of the program of study in order to obtain a licensure associated with the credential awarded for such program of study; and (II) when combined with the program length of such additional educational program for licensure, has a total program length that exceeds the relevant earnings measurement period prescribed for such program of study under clause (i), except that in no case shall the annual earnings of a student be measured more than 5 years after the student completes a program of study. . (b) Applicability The amendments made by subsection (a) shall apply with respect to grants made under section 419N of the Higher Education Act of 1965 ( 20 U.S.C. 1070e ) on or after the date of enactment of this Act.