; divided by (bb) the median total price charged to students included in such cohort; and (II) multiplying the difference determined under subclause (I) by 100. (ii) Special circumstances for completing student cohorts (I) High-risk cohorts Notwithstanding clause (i), if the median value-added earnings of a completing student cohort under clause (i)(I)(aa) is negative, the risk-sharing percentage of the student cohort shall be 100 percent. (II) Low-risk cohorts Notwithstanding clause (i), if the median value-added earnings of a completing student cohort under clause (i)(I)(aa) exceeds the median total price of such cohort under clause (i)(I)(bb), the risk-sharing percentage of the student cohort shall be 0 percent. (iii) Non-completing student cohorts The risk-sharing percentage of a non-completing student cohort shall be determined based on the most recent data available in the award year in which the cohort is established, and— (I) for an undergraduate non-completing student cohort, shall be equal to the percentage of undergraduate students who received Federal financial assistance under this title at such institution who— (aa) did not complete an undergraduate program of study at the institution within 150 percent of the program length of such program; or (bb) only in the case of a two-year institution, did not, within 6 years after first enrolling at the two-year institution, complete a program of study at a four-year institution for which a bachelor’s degree (or substantially similar credential) is awarded