In this subsection, “State Funds per full–time equivalent student appropriation to the 4–year public institutions of higher education” shall be calculated in accordance with this paragraph using the General Fund and Higher Education Investment Fund actual expenditures for the second previous fiscal year. The total number of full–time equivalent students is based on credit hour production for the second previous fiscal year. The number of undergraduate full–time equivalent students shall be calculated using total undergraduate credit hour production divided by 30. Except as provided in subsubparagraph 2 of this subparagraph, the number of graduate full–time equivalent students shall be calculated based on a methodology agreed to by the University System of Maryland Office, Morgan State University, and St. Mary’s College of Maryland, in consultation with the Commission. If a methodology is not agreed to on or before September 16, 2024, the Commission shall determine the methodology used to calculate the number of graduate full–time equivalent students. The Commission shall certify the number of full–time equivalent students for each institution on or before October 1 each year. Except as provided in subparagraph (ii) of this paragraph, in fiscal year 2025 and each fiscal year thereafter, the Maryland Higher Education Commission shall compute the amount of the annual apportionment for each institution that qualifies under this subtitle by multiplying the number of full–time equivalent undergraduate students enrolled at the institution during the fall semester of the fiscal year preceding the fiscal year for which the aid apportionment is made, as determined by the Maryland Higher Education Commission, by an amount not less than 16.1% of the State Funds per full–time equivalent student appropriation to the 4–year public institutions of higher education in this State. In each of fiscal years 2027 through 2029, the annual apportionment for each institution that qualifies under this subtitle is: Capitol Technology University – $914,981; Goucher College – $3,168,940; Hood College – $3,611,811; Johns Hopkins University – $20,554,298; Loyola University of Maryland – $12,550,328; Maryland Institute College of Art – $3,745,718; McDaniel College – $5,945,264; Mount St. Mary’s University – $5,476,872; Notre Dame of Maryland University – $2,037,187; St. John’s College – $1,701,410; Stevenson University – $9,206,521; Washington Adventist University – $1,367,650; and Washington College – $3,041,744. Full–time equivalent students enrolled in seminarian or theological programs shall be excluded from the computation required by subsection (a) of this section. Full–time equivalent students enrolled in programs that are part of an agreement or contract with for–profit educational services entities shall be excluded from the computation required by subsection (a) of this section. Payments of State general funds under Subtitle 3 of this title shall be excluded from the computation required by subsection (a) of this section. For purposes of this section, the State’s General Fund appropriation per full–time equivalent student to the 4–year public institutions of higher education in the State for a fiscal year shall include: Noncapital appropriations from the Higher Education Investment Fund; and Appropriations, regardless of where they are budgeted, designated for the general operation of 4–year public institutions of higher education in the State, including personnel–related appropriations.