((a)) ** Application** Any eligible institution may apply for a grant under this part by submitting an application to the Secretary at such time and in such manner as the Secretary may require. Such application shall demonstrate how the grant funds will be used to improve postbaccalaureate education opportunities for Hispanic and low-income students.

((b)) ** Duration** Grants under this part shall be awarded for a period not to exceed five years.

((c)) ** Limitation** The Secretary may not award more than one grant under this part in any fiscal year to any Hispanic-serving institution.