(A) If the total of the amounts requested for any fiscal year in such applications exceeds the total amount appropriated under section
297c1 of this title for that fiscal year, the allotment from such total amount to the loan fund of each
school of nursing shall be reduced to whichever of the following is the smaller:
(i) The amount requested in its application.
(ii) An amount which bears the same ratio to the total amount appropriated as the number of students estimated by the Secretary to be enrolled on a full-time basis in such
school during such fiscal year bears to the estimated total number of students enrolled in all such schools on a full-time basis during such year.