; (2) by striking the second sentence; and (3) by adding at the end the following: (2) Eligibility To be eligible for a Federal Direct Consolidation Loan under this part, a borrower shall meet the eligibility criteria set forth in section 428C(a)(3), except that, notwithstanding section 428C(a)(3)(B), a borrower may obtain a Federal Direct Consolidation Loan if the borrower— (A) obtains the Federal Direct Consolidation Loan for the purpose of— (i) selecting the income-based repayment plan under section 493C(c) or fixed-income repayment plan under section 495E; or (ii) in the case of a borrower with 1 or more loans under part B, participating in the pause payment process under section 460B; and (B) meets the requirements of section 428C(a)(3)(A). . (b) Incentives for simplified repayment plans Part G of title IV ( 20 U.S.C. 1088 et seq.), as amended by section 102, is further amended by adding at the end the following: 493F. Incentives for simplified repayment plans (a) In general To facilitate the transition of borrowers to simplified repayment plan options, the Secretary shall reduce the interest rate applicable under section 455(b) or 427A to a loan under part B or D held by a borrower as of July 1, 2019 by 100 basis points (or the equivalent), if the borrower of the loan, after the date of enactment of the Affordable Loans for Any Student Act — (1) changes from a repayment plan described in subparagraphs (A) through (E) of section 455(d)(1) for such loan to an income-based repayment plan under section 493C(c) or a fixed repayment plan under section 493E