; and (ii) by substituting 8.25 percent for 5 percent . (F) Consolidation loans Notwithstanding the preceding paragraphs of this subsection, any Federal Direct 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 lesser of— (i) the weighted average of the interest rates on the loans consolidated, rounded to the nearest higher 1/8 of 1 percent; or (ii) 8.25 percent. . 302. Borrower modification of interest rates under title IV Section 455(b) of the Higher Education Act of 1965 ( 20 U.S.C. 1087e(b) ), as amended by section 301, is further amended by adding at the end the following: (12) Borrower modification of interest rate (A) Modification Notwithstanding any other provision of law, the borrower of a Federal Stafford Loan under section 428, a Federal Direct Stafford Loan, a Federal Unsubsidized Stafford Loan under section 428H, a Federal Direct Unsubsidized Stafford Loan, a Federal PLUS Loan under section 428B, a Federal Direct PLUS Loan, a Federal Consolidation Loan under section 428C, or a Federal Direct Consolidation Loan may elect to modify the interest rate of the loan to be equal to— (i) in the case of a Federal Direct Stafford Loan, a Federal Direct Unsubsidized Stafford Loan, a Federal Direct PLUS Loan, or a Federal Direct Consolidation Loan, the interest rate that would be applicable to such loan if such loan were first disbursed (or in the case of a Federal Direct Consolidation Loan, first applied for) on the date on which such borrower elects to modify the interest rate of such loan