; State share (a) Federal share (1) In general (A) Amount Subject to paragraph (2), the amount of the Federal share of a grant under this subpart shall be based on a formula that provides, for each eligible student enrolled in a community college operated or controlled by a State, a Tribal College or University, or a public 4-year institution of higher education in a State, a per-student amount (based on full-time equivalent enrollment) that is equal to the applicable percentage described in subparagraph (B), or the percentage described in paragraph (2) with respect to a Tribal College or University, of— (i) for the 2024–2025 award year, not less than the sum of the product of $4,880 multiplied by the number of eligible students enrolled at such a community college or 2-year Tribal College or University and the product of $10,200 multiplied by the number of eligible students enrolled at such a public 4-year institution of higher education or 4-year Tribal College or University; and (ii) for each subsequent award year, the amount determined under this paragraph for the preceding award year, increased by the lesser of— (I) a percentage equal to the estimated percentage increase in the Consumer Price Index (as determined by the Secretary) since the date of such determination; or (II) 3 percent. (B) Applicable percent The applicable percent for a State receiving a grant under this subpart shall be— (i) for the 2024–2025 award year, 100 percent; (ii) for the 2025–2026 award year, 95 percent; (iii) for the 2026–2027 award year, 90 percent; (iv) for the 2027–2028 award year, 85 percent