; and (2) in subsection (e), by inserting before the period the following: , or beginning on the date on which the final adjusted cohort default rates are published by the Secretary for fiscal year 2016 under section 435(m), an adjusted cohort default rate (as determined under section 435(m)) of less than 2 percent . 4044. Student loan contract and loan disclosures (a) Student loan contract Section 432(m)(1)(D) of the Higher Education Act of 1965 ( 20 U.S.C. 1082(m)(1)(D) ) is amended by adding at the end the following: (iv) Student loan contract (I) In general Any master promissory note form described in this subparagraph that is developed or used for loans made under part D for periods of enrollment beginning on or after the date of enactment of the Aim Higher Act shall be referred to as a student loan contract . (II) Clarification on use Notwithstanding clause (i), each student loan contract for a part D loan made for periods of enrollment beginning on or after the date of enactment of the Aim Higher Act shall— (aa) not be entered into by a student unless the student has completed all required counseling related to such loan, including counseling required under section 485(l); (bb) be signed by the student entering such student loan contract after completion of such counseling