Sec. 6. Cohort default rate, repayment rate, and other amendments

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Section 428G of the Higher Education Act of 1965 ( 20 U.S.C. 1078–7 ) is amended— in subsection (a), by striking paragraph

(4)and inserting the following: Beginning on October 1, 2011, and ending on September 30, 2023, the special rule under paragraph

(3)shall be applied by substituting 15 percent for 10 percent . Beginning on October 1, 2023, the special rule under paragraph

(3)shall be applied by substituting 5 percent for 10 percent . ; and in subsection (b), by striking paragraph

(3)and inserting the following: Beginning on October 1, 2011, and ending on September 30, 2023, the exemption to the requirements of paragraph

(1)in the second sentence of such paragraph shall be applied by substituting 15 percent for 10 percent . Beginning on October 1, 2023, the exemption to the requirements of paragraph

(1)in the second sentence of such paragraph shall be applied by substituting 5 percent for 10 percent . . Section 487(a)(14)(C) of the Higher Education Act of 1965 ( 20 U.S.C. 1094(a)(14)(C) ) is amended by striking 10 percent and inserting 5 percent each place the term appears. Section 498A(a)(2)(A) of the Higher Education Act of 1965 ( 20 U.S.C. 1099c–1(a)(2)(A) ) is amended by striking in excess of 25 percent and inserting in excess of 20 percent . Section 435 of the Higher Education Act of 1965 ( 20 U.S.C. 1085 ) is amended— in subsection (a)(2)(B)— in clause (iii), by striking and after the semicolon; in clause (iv), by striking and any succeeding fiscal year. and inserting through fiscal year 2023; and ; and by adding at the end the following: 20 percent for fiscal year 2024 and any succeeding fiscal year. ; and in subsection (m)(1)— in subparagraph (A), in the first sentence, by inserting and beginning for the cohort that enters repayment in 2024, including borrowers who enter repayment on Federal Direct PLUS Loans (including for student and parent borrowers) received for attendance at the institution after loans under section 428, 428A, or 428H, received for attendance at the institution, ; and by adding at the end the following: Beginning for the cohort that enters repayment in 2024, references in this subsection to a student or former student shall be considered to include a parent who is a borrower of a Federal Direct PLUS Loan. .