; and (B) by adding at the end the following: (9) Sunset No institution shall be subject to paragraph (2) after the transition period described in section 481B(e)(3). ; (2) in subsection (m), by adding at the end the following: (5) Transition period; sunset (A) Transition period During the transition period, the cohort default rate for an institution shall be calculated in the manner described in section 481B(e)(1). (B) Sunset The Secretary shall not be subject, and no institution shall be subject, to the requirements of this subsection after the transition period. (C) Definition In this paragraph, the term transition period has the meaning given the term in section 481B(e)(3). ; and (3) in subsection (o)(1), by inserting , as in effect on the day before the date of enactment of the PROSPER Act and pursuant to section 461(a) of such Act after part E . 427. Closed school and other discharges Section 437(c) ( 20 U.S.C. 1087 ) is amended— (1) in paragraph (1), by inserting and the borrower meets the applicable requirements of paragraphs (6) through (8), after such student’s lender, ; (2) in paragraph (4), by inserting before the period at the end , as in effect on the day before the date of enactment of the PROSPER Act and pursuant to section 461(a) of such Act ; and (3) by adding at the end the following: (6) Borrower qualifications for a closed school discharge (A) In general In order to qualify for the discharge of a loan under this subsection due to the closure of the institution in which the borrower was enrolled, a borrower shall submit to the Secretary a written request and sworn statement— (i) that contains true factual assertions; (ii) that is made by the borrower under penalty of perjury, and that may or may not be notarized