; (iii) the options of the borrower to prepay the IDEA Consolidation Loan; (iv) the consequences of default on the IDEA Consolidation Loan; and (v) that by applying for an IDEA Consolidation Loan, the borrower is not obligated to agree to take the consolidation loan. (b) Interest rate (1) In general Notwithstanding section 499B(e), an IDEA Consolidation Loan for which the application is received on or after July 1, 2017, shall bear interest at an annual rate on the unpaid principal balance of the loan that is equal to the weighted average of the interest rates on the loans consolidated, rounded to the nearest higher one-eighth of one percent. Interest that accrues on such an IDEA Consolidation Loan shall not be capitalized. (2) Application of interest rate during the life of the loan The applicable rate of interest determined under paragraph (1) shall be fixed for the life of the IDEA Consolidation Loan, except that interest shall cease to accrue when the total amount of interest (both paid and unpaid) that has accrued on such Loan equals 50 percent of the total amount of the loans consolidated (as calculated on the date such Consolidation Loan is made, and equal to the sum of the unpaid principal, interest, penalties, and fees of all loans received by the borrower which are selected by the borrower for consolidation under this section). 2 IDEA Loan Repayment Program 1 Establishment of the IDEA Loan Repayment Program 499D. Duties of the Secretary of the Treasury (a) In general The Secretary of the Treasury, in consultation with the Secretary of Education, shall establish a program (hereinafter referred to as the IDEA Loan Repayment Program ) that provides for— (1) repaying loans under this part through voluntary wage withholding and quarterly estimated payments as provided in subsection (b) ; and (2) transmitting to the Secretary of Education— (A) an account of the amounts collected under subsection (b) with respect to each individual for whom a loan made under this part is in repayment status